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.
Vertical Aerospace Ltd
Physical assets are 5.1% of total assets, a light footprint. Capex is 0.15x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.00x.
Physical asset ratio
5.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.39MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$104.99MtotalAssetsInventory was not reported and is treated as zero.Result 5.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$5.39MpropertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$283.64KcapitalExpendituresD&A$1.96MdepreciationAndAmortizationResult 0.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.95Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.99MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$226.22MtotalLiabTangible book-$121.23MShares127,178,482commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.95
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$0.42Latest quoteTangible book / share-$0.952025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $0.42.
Fixed-charge coverage
1.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$204.74MebitdaCapex$283.64KcapitalExpendituresInterest$192.00KinterestExpenseShort-term debt$188.53MshortLongTermDebtEBITDA − capex$204.45MPrincipal due is the current portion of debt.Result 1.08x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-108.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$78.40MfreeCashFlowMarket cap$72.04MMarketCapitalizationResult -108.8%
Latest free cash flow divided by current market cap ($72.04M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$127.44MoperatingIncomeTax expense-$30.34MincomeTaxExpensePretax income$202.59MincomeBeforeTaxTax rate0.0%Equity-$121.23MtotalStockholderEquityDebt$191.39MshortLongTermDebtTotalCash$70.18McashInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -23.64x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 22.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.75MpropertyPlantAndEquipmentNetInventory-$1.10MinventoryTotal assets$7.31MtotalAssetsResult 22.6% | 0.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$70.00KtotalRevenueNet PP&E$2.75MpropertyPlantAndEquipmentNetResult 0.03x | 6.37xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.10McapitalExpendituresD&A$330.00KdepreciationAndAmortizationResult 6.37x | $0.21Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.31MtotalAssetsGoodwill$1.47MgoodWillIntangibles$587.00KintangibleAssetsLiabilities$3.14MtotalLiabTangible book$2.10MShares9,990,443commonStockSharesOutstandingResult $0.21 | -34.87xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.14MebitdaCapex$2.10McapitalExpendituresInterest$46.00KinterestExpenseShort-term debt$219.00KshortTermDebtEBITDA − capex-$9.24MPrincipal due is short-term debt.Result -34.87x | -$9.39MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$7.28MtotalCashFromOperatingActivitiesCapex$2.10McapitalExpendituresFree cash flow-$9.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.39M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.45MoperatingIncomeTax expense-$30.00KincomeTaxExpensePretax income-$7.51MincomeBeforeTaxTax rate—Equity$4.16MtotalStockholderEquityDebt$1.17MshortLongTermDebtTotalCash$1.03McashInvested capital$4.30MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.71xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$7.45MoperatingIncomeNet PP&E$2.75MpropertyPlantAndEquipmentNetResult -2.71x |
| 2020 | -3.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.48MpropertyPlantEquipmentInventory-$2.80MinventoryTotal assets$8.89MtotalAssetsResult -3.5% | 0.04xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$87.00KtotalRevenueNet PP&E$2.48MpropertyPlantEquipmentResult 0.04x | 0.57xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$388.00KcapitalExpendituresD&A$682.00KdepreciationAndAmortizationResult 0.57x | -$0.78Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.89MtotalAssetsGoodwill$1.47MgoodWillIntangibles$557.00KintangibleAssetsLiabilities$9.82MtotalLiabTangible book-$2.97MShares3,816,287commonStockSharesOutstandingResult -$0.78 | -1.54xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.86MebitdaCapex$388.00KcapitalExpendituresInterest$1.01MinterestExpenseShort-term debt$6.31MshortLongTermDebtEBITDA − capex-$11.25MPrincipal due is the current portion of debt.Result -1.54x | -$12.40MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$12.01MtotalCashFromOperatingActivitiesCapex$388.00KcapitalExpendituresFree cash flow-$12.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$12.40M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.52MoperatingIncomeTax expense$4.00KincomeTaxExpensePretax income-$12.32MincomeBeforeTaxTax rate—Equity-$938.00KtotalStockholderEquityDebt$7.33MshortLongTermDebtTotalCash$839.00KcashInvested capital$5.55MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.64xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$11.52MoperatingIncomeNet PP&E$2.48MpropertyPlantEquipmentResult -4.64x |
| 2021 | -1.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.80MpropertyPlantEquipmentInventory-$6.09MinventoryTotal assets$233.33MtotalAssetsResult -1.0% | 0.03xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$132.00KtotalRevenueNet PP&E$3.80MpropertyPlantEquipmentResult 0.03x | 1.15xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.09McapitalExpendituresD&A$942.00KdepreciationAndAmortizationResult 1.15x | $4.62Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$233.33MtotalAssetsGoodwill$1.47MgoodWillIntangibles$2.74MintangibleAssetsLiabilities$171.77MtotalLiabTangible book$57.35MShares12,413,092commonStockSharesOutstandingResult $4.62 | -171.91xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$244.28MebitdaCapex$1.09McapitalExpendituresInterest$575.00KinterestExpenseShort-term debt$852.31KshortTermDebtEBITDA − capex-$245.37MPrincipal due is short-term debt.Result -171.91x | -$38.98MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$37.89MtotalCashFromOperatingActivitiesCapex$1.09McapitalExpendituresFree cash flow-$38.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.98M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$277.24MoperatingIncomeTax expense-$2.43MincomeTaxExpensePretax income-$245.22MincomeBeforeTaxTax rate—Equity$61.56MtotalStockholderEquityDebt$114.74MshortLongTermDebtTotalCash$212.66McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -72.90xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$277.24MoperatingIncomeNet PP&E$3.80MpropertyPlantEquipmentResult -72.90x |
| 2022 | -43.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.81MpropertyPlantAndEquipmentNetInventory-$71.58MinventoryTotal assets$151.24MtotalAssetsResult -43.5% | 0.00xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$5.81MpropertyPlantAndEquipmentNetResult 0.00x | 0.92xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.01McapitalExpendituresD&A$2.18MdepreciationAndAmortizationResult 0.92x | $0.29Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$151.24MtotalAssetsGoodwill$0.00goodWillIntangibles$2.05MintangibleAssetsLiabilities$143.92MtotalLiabTangible book$5.27MShares17,947,038commonStockSharesOutstandingResult $0.29 | -0.61xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.15MebitdaCapex$2.01McapitalExpendituresInterest$15.04MinterestExpenseShort-term debt$115.25MshortLongTermDebtEBITDA − capex-$79.16MPrincipal due is the current portion of debt.Result -0.61x | -$105.72MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$103.71MtotalCashFromOperatingActivitiesCapex$2.01McapitalExpendituresFree cash flow-$105.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$105.72M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$98.11MoperatingIncomeTax expense-$5.54MincomeTaxExpensePretax income-$94.38MincomeBeforeTaxTax rate—Equity$7.32MtotalStockholderEquityDebt$233.66MshortLongTermDebtTotalCash$122.81McashAndShortTermInvestmentsInvested capital$118.16MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -16.88xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$98.11MoperatingIncomeNet PP&E$5.81MpropertyPlantAndEquipmentNetResult -16.88x |
| 2023 | 15.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.27MpropertyPlantAndEquipmentNetInventory$6.73MinventoryTotal assets$84.09MtotalAssetsResult 15.5% | 0.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$6.27MpropertyPlantAndEquipmentNetResult 0.00x | 0.83xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.26McapitalExpendituresD&A$2.71MdepreciationAndAmortizationResult 0.83x | -$2.66Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$84.09MtotalAssetsGoodwill$0.00goodWillIntangibles$1.02MintangibleAssetsLiabilities$133.86MtotalLiabTangible book-$50.80MShares19,125,061commonStockSharesOutstandingResult -$2.66 | -3.87xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.53MebitdaCapex$2.26McapitalExpendituresInterest$16.36MinterestExpenseShort-term debt$643.00KshortTermDebtEBITDA − capex-$65.80MPrincipal due is short-term debt.Result -3.87x | -$76.96MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$74.70MtotalCashFromOperatingActivitiesCapex$2.26McapitalExpendituresFree cash flow-$76.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$76.96M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$101.95MoperatingIncomeTax expense-$22.66MincomeTaxExpensePretax income-$82.61MincomeBeforeTaxTax rate—Equity-$49.78MtotalStockholderEquityDebt$2.62MshortLongTermDebtTotalCash$48.68McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -16.25xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$101.95MoperatingIncomeNet PP&E$6.27MpropertyPlantAndEquipmentNetResult -16.25x |
| 2024 | 10.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.05MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$47.73MtotalAssetsInventory was not reported and is treated as zero.Result 10.6% | 0.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$5.05MpropertyPlantAndEquipmentNetResult 0.00x | 0.16xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$428.00KcapitalExpendituresD&A$2.70MdepreciationAndAmortizationResult 0.16x | -$24.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.73MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$132.00KintangibleAssetsLiabilities$547.07MtotalLiabTangible book-$499.47MShares20,315,572commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$24.59 | -0.10xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$73.44MebitdaCapex$428.00KcapitalExpendituresInterest$705.05MinterestExpenseShort-term debt$581.00KshortTermDebtEBITDA − capex-$73.87MPrincipal due is short-term debt.Result -0.10x | -$46.72MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$46.29MtotalCashFromOperatingActivitiesCapex$428.00KcapitalExpendituresFree cash flow-$46.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$46.72M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$61.17MoperatingIncomeTax expense$45.00KincomeTaxExpensePretax income-$781.20MincomeBeforeTaxTax rate—Equity-$499.34MtotalStockholderEquityDebt$2.20MshortLongTermDebtTotalCash$22.56McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -12.12xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$61.17MoperatingIncomeNet PP&E$5.05MpropertyPlantAndEquipmentNetResult -12.12x |
| 2025 | 5.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.39MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$104.99MtotalAssetsInventory was not reported and is treated as zero.Result 5.1% | 0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$5.39MpropertyPlantAndEquipmentNetResult 0.00x | 0.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$283.64KcapitalExpendituresD&A$1.96MdepreciationAndAmortizationResult 0.15x | -$0.95Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.99MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$226.22MtotalLiabTangible book-$121.23MShares127,178,482commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.95 | 1.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$204.74MebitdaCapex$283.64KcapitalExpendituresInterest$192.00KinterestExpenseShort-term debt$188.53MshortLongTermDebtEBITDA − capex$204.45MPrincipal due is the current portion of debt.Result 1.08x | -$78.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$78.11MtotalCashFromOperatingActivitiesCapex$283.64KcapitalExpendituresFree cash flow-$78.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$78.40M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$127.44MoperatingIncomeTax expense-$30.34MincomeTaxExpensePretax income$202.59MincomeBeforeTaxTax rate0.0%Equity-$121.23MtotalStockholderEquityDebt$191.39MshortLongTermDebtTotalCash$70.18McashInvested capital—Result — | -23.64xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$127.44MoperatingIncomeNet PP&E$5.39MpropertyPlantAndEquipmentNetResult -23.64x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $5.39M
Inventory: $0.00
Total assets: $104.99M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $226.22M
Tangible book: -$121.23M
Shares: 127,178,482
Revenue: $0.00
Capex: $283.64K
D&A: $1.96M
EBITDA: $204.74M
Interest: $192.00K
Short-term debt: $188.53M
Free cash flow: -$78.40M
Operating income: -$127.44M
Invested capital: —
Tax rate: 0.0%