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.
Immunovant Inc
Physical assets are 0.1% of total assets, a light footprint. Capex is 0.02x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Fixed-asset turnover is 0.00x. Compare it with other names in the same basket.
Physical asset ratio
0.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$515.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$957.57MtotalAssetsInventory was not reported and is treated as zero.Result 0.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.00xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$515.00KpropertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.02xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$8.00KcapitalExpendituresD&A$409.00KdepreciationAndAmortizationResult 0.02x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.67Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$957.57MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$104.98MtotalLiabTangible book$852.59MShares182,421,233commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.24xPrice / tangible bookPrice / tangible book per sharePrice$29.17Latest quoteTangible book / share$4.672026-03-31Result 6.24x
Price $29.17.
Fixed-charge coverage
—Fixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$504.98MebitdaCapex$8.00KcapitalExpendituresInterest—Not reportedShort-term debt$72.00KshortTermDebtEBITDA − capex-$504.99MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-6.8%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-$407.32MfreeCashFlowMarket cap$6.03BMarketCapitalizationResult -6.8%
Latest free cash flow divided by current market cap ($6.03B).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$532.90MoperatingIncomeTax expense$215.00KincomeTaxExpensePretax income-$505.39MincomeBeforeTaxTax rate—Equity$852.59MtotalStockholderEquityDebt$72.00KshortLongTermDebtTotalCash$902.11McashInvested 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 -1,034.76x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 13.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$54.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$405.00KtotalAssetsInventory was not reported and is treated as zero.Result 13.3% | —Fixed asset turnover · 2019-03-31Revenue / net PP&ERevenue—Not reportedNet PP&E$54.00KpropertyPlantEquipmentResult — | 5,200.00xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$52.00KcapitalExpendituresD&A$10.00depreciationAndAmortizationResult 5,200.00x | $0.00Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$405.00KtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$380.45KtotalLiabTangible book$24.55KShares14,375,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.00 | -0.27xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$28.42KebitdaCapex$52.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$300.00KshortTermDebtEBITDA − capex-$80.42KPrincipal due is short-term debt.Result -0.27x | -$28.60MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-$28.55MtotalCashFromOperatingActivitiesCapex$52.00KcapitalExpendituresFree cash flow-$28.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$28.60M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$450.00operatingIncomeTax expense$19.00KincomeTaxExpensePretax income-$450.00incomeBeforeTaxTax rate—Equity$24.55KtotalStockholderEquityDebt$300.00KshortLongTermDebtTotalCash$325.00KcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income-$450.00operatingIncomeNet PP&E$54.00KpropertyPlantEquipmentResult -0.01x |
| 2020 | 0.1%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$65.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$109.39MtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 0.00xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$65.00KpropertyPlantEquipmentResult 0.00x | 1.48xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$31.00KcapitalExpendituresD&A$21.00KdepreciationAndAmortizationResult 1.48x | $2.18Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$109.39MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$15.32MtotalLiabTangible book$94.07MShares43,199,191commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.18 | -17.22xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$65.65MebitdaCapex$31.00KcapitalExpendituresInterest$625.00KinterestExpenseShort-term debt$3.19MshortTermDebtEBITDA − capex-$65.68MPrincipal due is short-term debt.Result -17.22x | -$53.39MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow-$53.36MtotalCashFromOperatingActivitiesCapex$31.00KcapitalExpendituresFree cash flow-$53.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$53.39M | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$59.68MoperatingIncomeTax expense$97.00KincomeTaxExpensePretax income-$66.29MincomeBeforeTaxTax rate—Equity$94.07MtotalStockholderEquityDebt$3.19MshortLongTermDebtTotalCash$100.57McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -918.12xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income-$59.68MoperatingIncomeNet PP&E$65.00KpropertyPlantEquipmentResult -918.12x |
| 2021 | 0.8%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$3.48MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$412.49MtotalAssetsResult 0.8% | 0.00xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$3.48MpropertyPlantAndEquipmentNetResult 0.00x | 3.23xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$210.00KcapitalExpendituresD&A$65.00KdepreciationAndAmortizationResult 3.23x | $4.46Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$412.49MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$21.01MtotalLiabTangible book$391.48MShares87,756,513commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.46 | -91.83xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$108.05MebitdaCapex$210.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$1.18MshortTermDebtEBITDA − capex-$108.26MPrincipal due is short-term debt.Result -91.83x | -$83.54MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow-$83.33MtotalCashFromOperatingActivitiesCapex$210.00KcapitalExpendituresFree cash flow-$83.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$83.54M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$108.12MoperatingIncomeTax expense-$358.00KincomeTaxExpensePretax income-$107.79MincomeBeforeTaxTax rate—Equity$391.48MtotalStockholderEquityDebt$3.42MshortLongTermDebtTotalCash$400.15McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -31.04xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-$108.12MoperatingIncomeNet PP&E$3.48MpropertyPlantAndEquipmentNetResult -31.04x |
| 2022 | 0.5%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.63MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$515.56MtotalAssetsResult 0.5% | 0.00xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$2.63MpropertyPlantAndEquipmentNetResult 0.00x | 2.02xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$254.00KcapitalExpendituresD&A$126.00KdepreciationAndAmortizationResult 2.02x | $4.28Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$515.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$45.74MtotalLiabTangible book$469.83MShares109,679,256commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.28 | -87.19xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$156.69MebitdaCapex$254.00KcapitalExpendituresInterest$655.00KinterestExpenseShort-term debt$1.15MshortTermDebtEBITDA − capex-$156.94MPrincipal due is short-term debt.Result -87.19x | -$106.37MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow-$106.11MtotalCashFromOperatingActivitiesCapex$254.00KcapitalExpendituresFree cash flow-$106.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$106.37M | —ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$156.03MoperatingIncomeTax expense-$84.00KincomeTaxExpensePretax income-$156.81MincomeBeforeTaxTax rate—Equity$469.83MtotalStockholderEquityDebt$2.36MshortLongTermDebtTotalCash$493.82McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -59.26xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income-$156.03MoperatingIncomeNet PP&E$2.63MpropertyPlantAndEquipmentNetResult -59.26x |
| 2023 | 0.4%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.51MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$405.84MtotalAssetsResult 0.4% | 0.00xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.51MpropertyPlantAndEquipmentNetResult 0.00x | 1.02xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$197.00KcapitalExpendituresD&A$193.00KdepreciationAndAmortizationResult 1.02x | $2.95Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$405.84MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$43.34MtotalLiabTangible book$362.49MShares123,075,329commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.95 | -14.53xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$198.28MebitdaCapex$197.00KcapitalExpendituresInterest$12.48MinterestExpenseShort-term debt$1.17MshortTermDebtEBITDA − capex-$198.47MPrincipal due is short-term debt.Result -14.53x | -$188.39MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-$188.19MtotalCashFromOperatingActivitiesCapex$197.00KcapitalExpendituresFree cash flow-$188.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$188.39M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$208.28MoperatingIncomeTax expense$9.00KincomeTaxExpensePretax income-$210.95MincomeBeforeTaxTax rate—Equity$362.49MtotalStockholderEquityDebt$1.22MshortLongTermDebtTotalCash$376.53McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -138.39xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income-$208.28MoperatingIncomeNet PP&E$1.51MpropertyPlantAndEquipmentNetResult -138.39x |
| 2024 | -3.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$595.00KpropertyPlantAndEquipmentNetInventory-$24.90MinventoryTotal assets$666.71MtotalAssetsResult -3.6% | 0.00xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$595.00KpropertyPlantAndEquipmentNetResult 0.00x | 1.56xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$360.00KcapitalExpendituresD&A$231.00KdepreciationAndAmortizationResult 1.56x | $4.47Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$666.71MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$48.96MtotalLiabTangible book$617.76MShares138,100,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.47 | -5.17xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$258.54MebitdaCapex$360.00KcapitalExpendituresInterest$49.90MinterestExpenseShort-term debt$138.00KshortTermDebtEBITDA − capex-$258.90MPrincipal due is short-term debt.Result -5.17x | -$214.59MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow-$214.23MtotalCashFromOperatingActivitiesCapex$360.00KcapitalExpendituresFree cash flow-$214.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$214.59M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$270.21MoperatingIncomeTax expense$567.00KincomeTaxExpensePretax income-$258.77MincomeBeforeTaxTax rate—Equity$617.76MtotalStockholderEquityDebt$138.00KshortLongTermDebtTotalCash$635.37McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -454.13xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$270.21MoperatingIncomeNet PP&E$595.00KpropertyPlantAndEquipmentNetResult -454.13x |
| 2025 | 0.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$942.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$776.22MtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 0.00xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$942.00KpropertyPlantAndEquipmentNetResult 0.00x | 2.01xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$759.00KcapitalExpendituresD&A$377.00KdepreciationAndAmortizationResult 2.01x | $4.67Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$776.22MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$68.78MtotalLiabTangible book$707.45MShares151,574,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.67 | —Fixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$412.57MebitdaCapex$759.00KcapitalExpendituresInterest—Not reportedShort-term debt$98.00KshortTermDebtEBITDA − capex-$413.33MPrincipal due is short-term debt.Result — | -$376.63MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-$375.87MtotalCashFromOperatingActivitiesCapex$759.00KcapitalExpendituresFree cash flow-$376.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$376.63M | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$438.15MoperatingIncomeTax expense$891.00KincomeTaxExpensePretax income-$412.95MincomeBeforeTaxTax rate—Equity$707.45MtotalStockholderEquityDebt$98.00KshortLongTermDebtTotalCash$713.97McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -465.13xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income-$438.15MoperatingIncomeNet PP&E$942.00KpropertyPlantAndEquipmentNetResult -465.13x |
| 2026 | 0.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$515.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$957.57MtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 0.00xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$515.00KpropertyPlantAndEquipmentNetResult 0.00x | 0.02xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$8.00KcapitalExpendituresD&A$409.00KdepreciationAndAmortizationResult 0.02x | $4.67Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$957.57MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$104.98MtotalLiabTangible book$852.59MShares182,421,233commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.67 | —Fixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$504.98MebitdaCapex$8.00KcapitalExpendituresInterest—Not reportedShort-term debt$72.00KshortTermDebtEBITDA − capex-$504.99MPrincipal due is short-term debt.Result — | -$407.32MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow-$407.31MtotalCashFromOperatingActivitiesCapex$8.00KcapitalExpendituresFree cash flow-$407.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$407.32M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$532.90MoperatingIncomeTax expense$215.00KincomeTaxExpensePretax income-$505.39MincomeBeforeTaxTax rate—Equity$852.59MtotalStockholderEquityDebt$72.00KshortLongTermDebtTotalCash$902.11McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1,034.76xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$532.90MoperatingIncomeNet PP&E$515.00KpropertyPlantAndEquipmentNetResult -1,034.76x |
- 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 (2026)
Net PP&E: $515.00K
Inventory: $0.00
Total assets: $957.57M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $104.98M
Tangible book: $852.59M
Shares: 182,421,233
Revenue: $0.00
Capex: $8.00K
D&A: $409.00K
EBITDA: -$504.98M
Interest: —
Short-term debt: $72.00K
Free cash flow: -$407.32M
Operating income: -$532.90M
Invested capital: —
Tax rate: —