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.
Innate Pharma
Physical assets are 6.9% of total assets, a light footprint. Capex is 0.46x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -5.14x, which is below 1.
Fixed-asset turnover is 0.64x. Compare it with other names in the same basket.
Physical asset ratio
6.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.35MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$62.69MtotalAssetsInventory was not reported and is treated as zero.Result 6.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.64xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.79MtotalRevenueNet PP&E$4.35MpropertyPlantAndEquipmentNetResult 0.64x
Revenue per dollar of the physical asset base.
Capex / D&A
0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.35McapitalExpendituresD&A$5.09MdepreciationAndAmortizationResult 0.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$84.39MtotalLiabTangible book-$21.69MShares89,415,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.50Latest quoteTangible book / share-$0.242025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.50.
Fixed-charge coverage
-5.14xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.65MebitdaCapex$2.35McapitalExpendituresInterest$440.00KinterestExpenseShort-term debt$8.52MshortLongTermDebtEBITDA − capex-$46.00MPrincipal due is the current portion of debt.Result -5.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-20.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$34.91MfreeCashFlowMarket cap$169.78MMarketCapitalizationResult -20.6%
Latest free cash flow divided by current market cap ($169.78M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$53.43MoperatingIncomeTax expense-$5.96MincomeTaxExpensePretax income-$49.18MincomeBeforeTaxTax rate—Equity-$21.69MtotalStockholderEquityDebt$22.56MshortLongTermDebtTotalCash$34.30McashAndShortTermInvestmentsInvested 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 -12.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.22MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$451.22MtotalAssetsResult 2.3% | 7.82xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$79.89MtotalRevenueNet PP&E$10.22MpropertyPlantEquipmentResult 7.82x | 0.19xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.43McapitalExpendituresD&A$7.40MdepreciationAndAmortizationResult 0.19x | $1.41Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$451.22MtotalAssetsGoodwill$0.00goodWillIntangibles$84.53MintangibleAssetsLiabilities$283.98MtotalLiabTangible book$82.71MShares58,776,712commonStockSharesOutstandingResult $1.41 | 22.42xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.55MebitdaCapex$1.43McapitalExpendituresInterest$102.00KinterestExpenseShort-term debt$394.00KshortLongTermDebtEBITDA − capex$11.12MPrincipal due is the current portion of debt.Result 22.42x | -$33.96MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$32.53MtotalCashFromOperatingActivitiesCapex$1.43McapitalExpendituresFree cash flow-$33.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.96M | 241.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.15MoperatingIncomeTax expense-$333.00KincomeTaxExpensePretax income$2.72MincomeBeforeTaxTax rate0.0%Equity$167.24MtotalStockholderEquityDebt$2.43MlongTermDebt + shortLongTermDebtCash$167.53McashAndShortTermInvestmentsInvested capital$2.13MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 241.1% | 0.50xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$5.15MoperatingIncomeNet PP&E$10.22MpropertyPlantEquipmentResult 0.50x |
| 2019 | 4.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.67MpropertyPlantEquipmentInventory$5.60MinventoryTotal assets$401.36MtotalAssetsResult 4.3% | 5.91xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$68.97MtotalRevenueNet PP&E$11.67MpropertyPlantEquipmentResult 5.91x | 3.96xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$65.40McapitalExpendituresD&A$16.53MdepreciationAndAmortizationResult 3.96x | $1.80Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$401.36MtotalAssetsGoodwill$0.00goodWillIntangibles$96.97MintangibleAssetsLiabilities$183.95MtotalLiabTangible book$120.45MShares66,908,389commonStockSharesOutstandingResult $1.80 | -27.46xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.10MebitdaCapex$65.40McapitalExpendituresInterest$229.45KinterestExpenseShort-term debt$1.49MshortLongTermDebtEBITDA − capex-$47.30MPrincipal due is the current portion of debt.Result -27.46x | -$30.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$34.92MtotalCashFromOperatingActivitiesCapex$65.40McapitalExpendituresFree cash flow-$30.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$30.48M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.05MoperatingIncomeTax expense$206.00KincomeTaxExpensePretax income-$20.76MincomeBeforeTaxTax rate—Equity$217.42MtotalStockholderEquityDebt$18.72MshortLongTermDebtTotalCash$218.87McashAndShortTermInvestmentsInvested capital$17.27MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$27.05MoperatingIncomeNet PP&E$11.67MpropertyPlantEquipmentResult -2.32x |
| 2020 | 4.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.69MpropertyPlantEquipmentInventory$3.28MinventoryTotal assets$307.42MtotalAssetsResult 4.9% | 5.97xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$69.77MtotalRevenueNet PP&E$11.69MpropertyPlantEquipmentResult 5.97x | 0.20xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$11.28McapitalExpendituresD&A$56.80MdepreciationAndAmortizationResult 0.20x | $1.39Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$307.42MtotalAssetsGoodwill$1.00KgoodWillIntangibles$46.29MintangibleAssetsLiabilities$151.45MtotalLiabTangible book$109.69MShares78,934,960commonStockSharesOutstandingResult $1.39 | 18.77xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$57.88MebitdaCapex$11.28McapitalExpendituresInterest$341.00KinterestExpenseShort-term debt$2.14MshortTermDebtEBITDA − capex$46.59MPrincipal due is short-term debt.Result 18.77x | -$63.09MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$51.81MtotalCashFromOperatingActivitiesCapex$11.28McapitalExpendituresFree cash flow-$63.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$63.09M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.08MoperatingIncomeTax expense$6.76MincomeTaxExpensePretax income-$829.00KincomeBeforeTaxTax rate—Equity$155.98MtotalStockholderEquityDebt$19.09MshortLongTermDebtTotalCash$151.64McashAndShortTermInvestmentsInvested capital$23.43MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.09xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.08MoperatingIncomeNet PP&E$11.69MpropertyPlantEquipmentResult 0.09x |
| 2021 | 2.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.17MpropertyPlantEquipmentInventory-$4.95MinventoryTotal assets$267.50MtotalAssetsResult 2.0% | 1.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$12.11MtotalRevenueNet PP&E$10.17MpropertyPlantEquipmentResult 1.19x | 0.29xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.33McapitalExpendituresD&A$4.60MdepreciationAndAmortizationResult 0.29x | $0.80Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$267.50MtotalAssetsGoodwill$2.00KgoodWillIntangibles$44.19MintangibleAssetsLiabilities$160.06MtotalLiabTangible book$63.25MShares79,542,627commonStockSharesOutstandingResult $0.80 | -1.43xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.23MebitdaCapex$1.33McapitalExpendituresInterest$312.00KinterestExpenseShort-term debt$30.75MshortTermDebtEBITDA − capex-$44.56MPrincipal due is short-term debt.Result -1.43x | -$59.79MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$58.46MtotalCashFromOperatingActivitiesCapex$1.33McapitalExpendituresFree cash flow-$59.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$59.79M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$47.83MoperatingIncomeTax expense$13.66MincomeTaxExpensePretax income-$45.48MincomeBeforeTaxTax rate—Equity$107.44MtotalStockholderEquityDebt$44.25MshortLongTermDebtTotalCash$119.84McashAndShortTermInvestmentsInvested capital$31.86MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.70xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$47.83MoperatingIncomeNet PP&E$10.17MpropertyPlantEquipmentResult -4.70x |
| 2022 | 4.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.54MpropertyPlantEquipmentInventory-$2.00KinventoryTotal assets$207.86MtotalAssetsResult 4.1% | 6.75xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$57.67MtotalRevenueNet PP&E$8.54MpropertyPlantEquipmentResult 6.75x | 0.02xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.12McapitalExpendituresD&A$45.41MdepreciationAndAmortizationResult 0.02x | $0.66Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$207.86MtotalAssetsGoodwill-$41.00MgoodWillIntangibles$42.55MintangibleAssetsLiabilities$153.71MtotalLiabTangible book$52.60MShares79,639,826commonStockSharesOutstandingResult $0.66 | -8.64xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$12.28MebitdaCapex$1.12McapitalExpendituresInterest$288.00KinterestExpenseShort-term debt$1.26MshortLongTermDebtEBITDA − capex-$13.40MPrincipal due is the current portion of debt.Result -8.64x | -$20.28MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$19.15MtotalCashFromOperatingActivitiesCapex$1.12McapitalExpendituresFree cash flow-$20.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.28M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$57.43MoperatingIncomeTax expense$41.13MincomeTaxExpensePretax income-$57.97MincomeBeforeTaxTax rate—Equity$54.15MtotalStockholderEquityDebt$42.25MshortLongTermDebtTotalCash$101.49McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$57.43MoperatingIncomeNet PP&E$8.54MpropertyPlantEquipmentResult -6.72x |
| 2023 | 1.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.32MpropertyPlantAndEquipmentNetInventory-$3.37MinventoryTotal assets$175.19MtotalAssetsResult 1.7% | 8.21xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$51.90MtotalRevenueNet PP&E$6.32MpropertyPlantAndEquipmentNetResult 8.21x | 0.46xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.35McapitalExpendituresD&A$5.09MdepreciationAndAmortizationResult 0.46x | $0.51Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$175.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$416.00KintangibleAssetsLiabilities$132.29MtotalLiabTangible book$42.48MShares84,111,111commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.51 | -0.46xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.84MebitdaCapex$2.35McapitalExpendituresInterest$640.00KinterestExpenseShort-term debt$8.45MshortLongTermDebtEBITDA − capex-$4.19MPrincipal due is the current portion of debt.Result -0.46x | -$34.91MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$32.56MtotalCashFromOperatingActivitiesCapex$2.35McapitalExpendituresFree cash flow-$34.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$34.91M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.67MoperatingIncomeTax expense-$9.73MincomeTaxExpensePretax income-$7.57MincomeBeforeTaxTax rate—Equity$51.90MtotalStockholderEquityDebt$39.89MshortLongTermDebtTotalCash$92.46McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.00xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$12.67MoperatingIncomeNet PP&E$6.32MpropertyPlantAndEquipmentNetResult -2.00x |
| 2024 | 4.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$111.06MtotalAssetsInventory was not reported and is treated as zero.Result 4.6% | 2.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$12.62MtotalRevenueNet PP&E$5.13MpropertyPlantAndEquipmentNetResult 2.46x | 0.20xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$391.00KcapitalExpendituresD&A$1.99MdepreciationAndAmortizationResult 0.20x | $0.11Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$111.06MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$102.23MtotalLiabTangible book$8.83MShares81,052,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.11 | -5.25xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$46.91MebitdaCapex$391.00KcapitalExpendituresInterest$566.00KinterestExpenseShort-term debt$8.44MshortLongTermDebtEBITDA − capex-$47.30MPrincipal due is the current portion of debt.Result -5.25x | -$7.29MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$6.90MtotalCashFromOperatingActivitiesCapex$391.00KcapitalExpendituresFree cash flow-$7.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.29M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$51.58MoperatingIncomeTax expense$0.00taxProvisionPretax income-$49.47MincomeBeforeTaxTax rate—Equity$8.83MtotalStockholderEquityDebt$31.00MshortLongTermDebtTotalCash$80.77McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$51.58MoperatingIncomeNet PP&E$5.13MpropertyPlantAndEquipmentNetResult -10.05x |
| 2025 | 6.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.35MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$62.69MtotalAssetsInventory was not reported and is treated as zero.Result 6.9% | 0.64xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.79MtotalRevenueNet PP&E$4.35MpropertyPlantAndEquipmentNetResult 0.64x | 0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.35McapitalExpendituresD&A$5.09MdepreciationAndAmortizationResult 0.46x | -$0.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$84.39MtotalLiabTangible book-$21.69MShares89,415,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.24 | -5.14xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.65MebitdaCapex$2.35McapitalExpendituresInterest$440.00KinterestExpenseShort-term debt$8.52MshortLongTermDebtEBITDA − capex-$46.00MPrincipal due is the current portion of debt.Result -5.14x | -$34.91MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$32.56MtotalCashFromOperatingActivitiesCapex$2.35McapitalExpendituresFree cash flow-$34.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$34.91M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$53.43MoperatingIncomeTax expense-$5.96MincomeTaxExpensePretax income-$49.18MincomeBeforeTaxTax rate—Equity-$21.69MtotalStockholderEquityDebt$22.56MshortLongTermDebtTotalCash$34.30McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -12.27xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$53.43MoperatingIncomeNet PP&E$4.35MpropertyPlantAndEquipmentNetResult -12.27x |
- 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: $4.35M
Inventory: $0.00
Total assets: $62.69M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $84.39M
Tangible book: -$21.69M
Shares: 89,415,000
Revenue: $2.79M
Capex: $2.35M
D&A: $5.09M
EBITDA: -$43.65M
Interest: $440.00K
Short-term debt: $8.52M
Free cash flow: -$34.91M
Operating income: -$53.43M
Invested capital: —
Tax rate: —