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.
Cutera Inc
Physical assets are 31.7% of total assets, a mixed footprint. Capex is 3.85x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -10.07x, which is below 1.
Fixed-asset turnover is 4.49x. Compare it with other names in the same basket.
Physical asset ratio
31.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.33MpropertyPlantAndEquipmentNetInventory$62.60MinventoryTotal assets$346.29MtotalAssetsResult 31.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.49xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$212.37MtotalRevenueNet PP&E$47.33MpropertyPlantAndEquipmentNetResult 4.49x
Revenue per dollar of the physical asset base.
Capex / D&A
3.85xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$33.01McapitalExpendituresD&A$8.58MdepreciationAndAmortizationResult 3.85x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$8.71Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$346.29MtotalAssetsGoodwill$1.34MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$518.12MtotalLiabTangible book-$173.17MShares19,885,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$8.71
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-$8.712023-12-31A 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
-10.07xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$140.94MebitdaCapex$33.01McapitalExpendituresInterest$14.02MinterestExpenseShort-term debt$3.27MshortTermDebtEBITDA − capex-$173.95MPrincipal due is short-term debt.Result -10.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-8,736.1%Free cash flow yield · 2023-12-31Latest free cash flow / current market capFree cash flow-$170.88MfreeCashFlowMarket cap$1.96MMarketCapitalizationResult -8,736.1%
Latest free cash flow divided by current market cap ($1.96M).
ROIC
—ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$156.23MoperatingIncomeTax expense$1.53MincomeTaxExpensePretax income-$161.30MincomeBeforeTaxTax rate—Equity-$171.83MtotalStockholderEquityDebt$431.91MshortLongTermDebtTotalCash$143.61McashInvested capital$116.47MROIC 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 -3.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2016 | 18.4%Physical asset ratio · 2016-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.91MpropertyPlantEquipmentInventory$14.98MinventoryTotal assets$91.85MtotalAssetsResult 18.4% | 61.91xFixed asset turnover · 2016-12-31Revenue / net PP&ERevenue$118.06MtotalRevenueNet PP&E$1.91MpropertyPlantEquipmentResult 61.91x | 0.55xCapex / D&A · 2016-12-31Capital expenditures / depreciation and amortizationCapex$537.00KcapitalExpendituresD&A$982.00KdepreciationAndAmortizationResult 0.55x | $4.34Tangible book / share · 2016-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$91.85MtotalAssetsGoodwill$1.34MgoodWillIntangibles$2.00KintangibleAssetsLiabilities$30.84MtotalLiabTangible book$59.67MShares13,753,000commonStockSharesOutstandingResult $4.34 | 1.20xFixed-charge coverage · 2016-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.38MebitdaCapex$537.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$2.37MshortTermDebtEBITDA − capex$2.84MPrincipal due is short-term debt.Result 1.20x | $1.46MFree cash flow · 2016-12-31Reported free cash flowOperating cash flow$1.99MtotalCashFromOperatingActivitiesCapex$537.00KcapitalExpendituresFree cash flow$1.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.46M | 30.2%ROIC · 2016-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.40MoperatingIncomeTax expense$143.00KincomeTaxExpensePretax income$2.72MincomeBeforeTaxTax rate5.3%Equity$61.01MtotalStockholderEquityDebt$582.00KshortLongTermDebtTotalCash$54.07McashAndShortTermInvestmentsInvested capital$7.52MResult 30.2% | 1.26xEBIT / PP&E · 2016-12-31Operating income / net PP&EOperating income$2.40MoperatingIncomeNet PP&E$1.91MpropertyPlantEquipmentResult 1.26x |
| 2017 | 27.8%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.10MpropertyPlantEquipmentInventory$28.78MinventoryTotal assets$111.24MtotalAssetsResult 27.8% | 72.28xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$151.49MtotalRevenueNet PP&E$2.10MpropertyPlantEquipmentResult 72.28x | 0.84xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$855.00KcapitalExpendituresD&A$1.02MdepreciationAndAmortizationResult 0.84x | $4.22Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$111.24MtotalAssetsGoodwill$1.34MgoodWillIntangibles$1.34MintangibleAssetsLiabilities$46.35MtotalLiabTangible book$62.22MShares14,728,000commonStockSharesOutstandingResult $4.22 | 2.48xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.09MebitdaCapex$855.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$2.92MshortTermDebtEBITDA − capex$7.24MPrincipal due is short-term debt.Result 2.48x | $13.43MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow$14.29MtotalCashFromOperatingActivitiesCapex$855.00KcapitalExpendituresFree cash flow$13.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.43M | 37.6%ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.08MoperatingIncomeTax expense-$18.03MincomeTaxExpensePretax income$11.96MincomeBeforeTaxTax rate0.0%Equity$64.89MtotalStockholderEquityDebt$460.00KshortLongTermDebtTotalCash$35.91McashAndShortTermInvestmentsInvested capital$29.44MResult 37.6% | 5.28xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income$11.08MoperatingIncomeNet PP&E$2.10MpropertyPlantEquipmentResult 5.28x |
| 2018 | 31.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.67MpropertyPlantEquipmentInventory$28.01MinventoryTotal assets$97.64MtotalAssetsResult 31.4% | 60.90xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$162.72MtotalRevenueNet PP&E$2.67MpropertyPlantEquipmentResult 60.90x | 0.49xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.49McapitalExpendituresD&A$3.04MdepreciationAndAmortizationResult 0.49x | $3.27Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$97.64MtotalAssetsGoodwill$1.34MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$51.25MtotalLiabTangible book$45.05MShares13,771,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $3.27 | -3.58xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$12.18MebitdaCapex$1.49McapitalExpendituresInterest$884.00KinterestExpenseShort-term debt$2.94MshortTermDebtEBITDA − capex-$13.67MPrincipal due is short-term debt.Result -3.58x | -$1.18MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$307.00KtotalCashFromOperatingActivitiesCapex$1.49McapitalExpendituresFree cash flow-$1.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.18M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.39MoperatingIncomeTax expense$17.26MincomeTaxExpensePretax income-$13.52MincomeBeforeTaxTax rate—Equity$46.39MtotalStockholderEquityDebt$553.00KshortLongTermDebtTotalCash$35.58McashAndShortTermInvestmentsInvested capital$11.36MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.01xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$13.39MoperatingIncomeNet PP&E$2.67MpropertyPlantEquipmentResult -5.01x |
| 2019 | 39.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.52MpropertyPlantAndEquipmentNetInventory$33.92MinventoryTotal assets$113.74MtotalAssetsResult 39.1% | 17.27xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$181.71MtotalRevenueNet PP&E$10.52MpropertyPlantAndEquipmentNetResult 17.27x | 0.22xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$991.00KcapitalExpendituresD&A$4.46MdepreciationAndAmortizationResult 0.22x | $3.07Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$113.74MtotalAssetsGoodwill$1.34MgoodWillIntangibles$1.34MintangibleAssetsLiabilities$67.80MtotalLiabTangible book$43.26MShares14,096,000commonStockSharesOutstandingResult $3.07 | -3.25xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.52MebitdaCapex$991.00KcapitalExpendituresInterest$199.00KinterestExpenseShort-term debt$3.34MshortTermDebtEBITDA − capex-$11.51MPrincipal due is short-term debt.Result -3.25x | -$3.21MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$2.22MtotalCashFromOperatingActivitiesCapex$991.00KcapitalExpendituresFree cash flow-$3.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.21M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.06MoperatingIncomeTax expense$85.00KincomeTaxExpensePretax income-$12.26MincomeBeforeTaxTax rate—Equity$45.94MtotalStockholderEquityDebt$7.91MshortLongTermDebtTotalCash$33.92McashAndShortTermInvestmentsInvested capital$19.93MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.15xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$12.06MoperatingIncomeNet PP&E$10.52MpropertyPlantAndEquipmentNetResult -1.15x |
| 2020 | 36.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.38MpropertyPlantEquipmentInventory$28.51MinventoryTotal assets$132.73MtotalAssetsResult 36.1% | 7.62xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$147.68MtotalRevenueNet PP&E$19.38MpropertyPlantEquipmentResult 7.62x | 0.20xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.28McapitalExpendituresD&A$6.51MdepreciationAndAmortizationResult 0.20x | $3.25Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$132.73MtotalAssetsGoodwill$1.34MgoodWillIntangibles$1.34MintangibleAssetsLiabilities$75.85MtotalLiabTangible book$54.20MShares16,690,999commonStockSharesOutstandingResult $3.25 | -4.32xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$16.90MebitdaCapex$1.28McapitalExpendituresInterest$579.00KinterestExpenseShort-term debt$3.63MshortLongTermDebtEBITDA − capex-$18.18MPrincipal due is the current portion of debt.Result -4.32x | -$18.24MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$16.96MtotalCashFromOperatingActivitiesCapex$1.28McapitalExpendituresFree cash flow-$18.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$18.24M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$22.83MoperatingIncomeTax expense$470.00KincomeTaxExpensePretax income-$23.41MincomeBeforeTaxTax rate—Equity$56.88MtotalStockholderEquityDebt$10.82MlongTermDebt + shortLongTermDebtCash$47.05McashInvested capital$20.65MReported 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 — | -1.18xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$22.83MoperatingIncomeNet PP&E$19.38MpropertyPlantEquipmentResult -1.18x |
| 2021 | 20.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.65MpropertyPlantEquipmentInventory$39.50MinventoryTotal assets$280.29MtotalAssetsResult 20.4% | 13.11xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$231.27MtotalRevenueNet PP&E$17.65MpropertyPlantEquipmentResult 13.11x | 0.18xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.02McapitalExpendituresD&A$5.49MdepreciationAndAmortizationResult 0.18x | $2.93Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$280.29MtotalAssetsGoodwill$1.34MgoodWillIntangibles$1.34MintangibleAssetsLiabilities$223.72MtotalLiabTangible book$53.89MShares18,362,000commonStockSharesOutstandingResult $2.93 | -0.17xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$58.00KebitdaCapex$1.02McapitalExpendituresInterest$2.51MinterestExpenseShort-term debt$2.97MshortTermDebtEBITDA − capex-$957.00KPrincipal due is short-term debt.Result -0.17x | $220.00KFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.24MtotalCashFromOperatingActivitiesCapex$1.02McapitalExpendituresFree cash flow$220.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $220.00K | -1.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.29MoperatingIncomeTax expense$1.32MincomeTaxExpensePretax income$3.39MincomeBeforeTaxTax rate39.1%Equity$56.57MtotalStockholderEquityDebt$150.15MshortLongTermDebtTotalCash$164.16McashInvested capital$42.55MResult -1.8% | -0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.29MoperatingIncomeNet PP&E$17.65MpropertyPlantEquipmentResult -0.07x |
| 2022 | 22.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$53.20MpropertyPlantEquipmentInventory$63.63MinventoryTotal assets$520.99MtotalAssetsResult 22.4% | 4.74xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$252.40MtotalRevenueNet PP&E$53.20MpropertyPlantEquipmentResult 4.74x | 2.68xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$22.70McapitalExpendituresD&A$8.47MdepreciationAndAmortizationResult 2.68x | -$0.95Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$520.99MtotalAssetsGoodwill$1.34MgoodWillIntangibles$1.34MintangibleAssetsLiabilities$536.17MtotalLiabTangible book-$17.86MShares18,747,000commonStockSharesOutstandingResult -$0.95 | -9.82xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$65.22MebitdaCapex$22.70McapitalExpendituresInterest$5.66MinterestExpenseShort-term debt$3.30MshortTermDebtEBITDA − capex-$87.91MPrincipal due is short-term debt.Result -9.82x | -$89.69MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$67.00MtotalCashFromOperatingActivitiesCapex$22.70McapitalExpendituresFree cash flow-$89.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$89.69M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.19MoperatingIncomeTax expense$1.64MincomeTaxExpensePretax income-$80.70MincomeBeforeTaxTax rate—Equity-$15.18MtotalStockholderEquityDebt$430.62MshortLongTermDebtTotalCash$317.31McashAndShortTermInvestmentsInvested capital$98.13MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$38.19MoperatingIncomeNet PP&E$53.20MpropertyPlantEquipmentResult -0.72x |
| 2023 | 31.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.33MpropertyPlantAndEquipmentNetInventory$62.60MinventoryTotal assets$346.29MtotalAssetsResult 31.7% | 4.49xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$212.37MtotalRevenueNet PP&E$47.33MpropertyPlantAndEquipmentNetResult 4.49x | 3.85xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$33.01McapitalExpendituresD&A$8.58MdepreciationAndAmortizationResult 3.85x | -$8.71Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$346.29MtotalAssetsGoodwill$1.34MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$518.12MtotalLiabTangible book-$173.17MShares19,885,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$8.71 | -10.07xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$140.94MebitdaCapex$33.01McapitalExpendituresInterest$14.02MinterestExpenseShort-term debt$3.27MshortTermDebtEBITDA − capex-$173.95MPrincipal due is short-term debt.Result -10.07x | -$170.88MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$137.87MtotalCashFromOperatingActivitiesCapex$33.01McapitalExpendituresFree cash flow-$170.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$170.88M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$156.23MoperatingIncomeTax expense$1.53MincomeTaxExpensePretax income-$161.30MincomeBeforeTaxTax rate—Equity-$171.83MtotalStockholderEquityDebt$431.91MshortLongTermDebtTotalCash$143.61McashInvested capital$116.47MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.30xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$156.23MoperatingIncomeNet PP&E$47.33MpropertyPlantAndEquipmentNetResult -3.30x |
- 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.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2023)
Net PP&E: $47.33M
Inventory: $62.60M
Total assets: $346.29M
Goodwill: $1.34M
Intangibles: $0.00
Liabilities: $518.12M
Tangible book: -$173.17M
Shares: 19,885,000
Revenue: $212.37M
Capex: $33.01M
D&A: $8.58M
EBITDA: -$140.94M
Interest: $14.02M
Short-term debt: $3.27M
Free cash flow: -$170.88M
Operating income: -$156.23M
Invested capital: $116.47M
Tax rate: —