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.
Ironwood Pharmaceuticals Inc
Physical assets are 3.2% of total assets, a light footprint. Capex is 0.02x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.45x, which is below 1.
Fixed-asset turnover is 23.23x. Compare it with other names in the same basket.
Physical asset ratio
3.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.75MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$396.90MtotalAssetsInventory was not reported and is treated as zero.Result 3.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
23.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$296.15MtotalRevenueNet PP&E$12.75MpropertyPlantAndEquipmentNetResult 23.23x
Revenue per dollar of the physical asset base.
Capex / D&A
0.02xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$34.00KcapitalExpendituresD&A$1.88MdepreciationAndAmortizationResult 0.02x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.48Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$396.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.04MintangibleAssetsLiabilities$658.74MtotalLiabTangible book-$263.88MShares177,764,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$1.48
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$3.50Latest quoteTangible book / share-$1.482025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $3.50.
Fixed-charge coverage
0.45xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$104.65MebitdaCapex$34.00KcapitalExpendituresInterest$32.75MinterestExpenseShort-term debt$199.68MshortLongTermDebtEBITDA − capex$104.62MPrincipal due is the current portion of debt.Result 0.45x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
21.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$127.01MfreeCashFlowMarket cap$598.17MMarketCapitalizationResult 21.2%
Latest free cash flow divided by current market cap ($598.17M).
ROIC
59.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$118.76MoperatingIncomeTax expense$46.01MincomeTaxExpensePretax income$70.03MincomeBeforeTaxTax rate40.0%Equity-$261.83MtotalStockholderEquityDebt$597.80MshortLongTermDebtTotalCash$215.46McashInvested capital$120.51MThe effective tax rate was above 40% and was capped at 40%.Result 59.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 9.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.27MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$332.05MtotalAssetsResult 5.2% | 20.07xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$346.64MtotalRevenueNet PP&E$17.27MpropertyPlantEquipmentResult 20.07x | 0.72xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$8.62McapitalExpendituresD&A$11.97MdepreciationAndAmortizationResult 0.72x | -$1.29Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$332.05MtotalAssetsGoodwill$785.00KgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$528.42MtotalLiabTangible book-$197.16MShares152,634,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$1.29 | -1.79xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$144.45MebitdaCapex$8.62McapitalExpendituresInterest$37.72MinterestExpenseShort-term debt$47.55MshortLongTermDebtEBITDA − capex-$153.07MPrincipal due is the current portion of debt.Result -1.79x | -$79.50MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$70.88MtotalCashFromOperatingActivitiesCapex$8.62McapitalExpendituresFree cash flow-$79.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$79.50M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$238.89MoperatingIncomeTax expense-$5.75MincomeTaxExpensePretax income-$282.37MincomeBeforeTaxTax rate—Equity-$196.37MtotalStockholderEquityDebt$413.92MshortLongTermDebtTotalCash$173.17McashInvested capital$44.38MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -13.83xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$238.89MoperatingIncomeNet PP&E$17.27MpropertyPlantEquipmentResult -13.83x |
| 2019 | 7.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.17MpropertyPlantAndEquipmentNetInventory$648.00KinventoryTotal assets$402.75MtotalAssetsResult 7.7% | 14.20xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$428.41MtotalRevenueNet PP&E$30.17MpropertyPlantAndEquipmentNetResult 14.20x | 1.29xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$7.19McapitalExpendituresD&A$5.58MdepreciationAndAmortizationResult 1.29x | -$0.60Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$402.75MtotalAssetsGoodwill$785.00KgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$496.00MtotalLiabTangible book-$94.04MShares156,023,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$0.60 | 3.22xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$128.55MebitdaCapex$7.19McapitalExpendituresInterest$36.60MinterestExpenseShort-term debt$1.15MshortTermDebtEBITDA − capex$121.37MPrincipal due is short-term debt.Result 3.22x | $3.54MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$10.73MtotalCashFromOperatingActivitiesCapex$7.19McapitalExpendituresFree cash flow$3.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.54M | 44.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$120.12MoperatingIncomeTax expense$74.26MincomeTaxExpensePretax income$58.94MincomeBeforeTaxTax rate40.0%Equity-$93.25MtotalStockholderEquityDebt$431.22MshortLongTermDebtTotalCash$177.02McashInvested capital$160.95MThe effective tax rate was above 40% and was capped at 40%.Result 44.8% | 3.98xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$120.12MoperatingIncomeNet PP&E$30.17MpropertyPlantAndEquipmentNetResult 3.98x |
| 2020 | 4.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.51MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$559.24MtotalAssetsResult 4.6% | 15.27xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$389.52MtotalRevenueNet PP&E$25.51MpropertyPlantAndEquipmentNetResult 15.27x | 0.52xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.84McapitalExpendituresD&A$3.56MdepreciationAndAmortizationResult 0.52x | $0.39Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$559.24MtotalAssetsGoodwill$785.00KgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$496.60MtotalLiabTangible book$61.86MShares160,655,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $0.39 | 4.30xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$141.90MebitdaCapex$1.84McapitalExpendituresInterest$29.48MinterestExpenseShort-term debt$3.13MshortTermDebtEBITDA − capex$140.06MPrincipal due is short-term debt.Result 4.30x | $166.99MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$168.84MtotalCashFromOperatingActivitiesCapex$1.84McapitalExpendituresFree cash flow$166.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $166.99M | 91.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$142.94MoperatingIncomeTax expense$2.69MincomeTaxExpensePretax income$108.86MincomeBeforeTaxTax rate2.5%Equity$62.64MtotalStockholderEquityDebt$453.70MshortLongTermDebtTotalCash$364.30McashInvested capital$152.04MResult 91.7% | 5.60xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$142.94MoperatingIncomeNet PP&E$25.51MpropertyPlantAndEquipmentNetResult 5.60x |
| 2021 | 2.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.93MpropertyPlantEquipmentInventory$1.25MinventoryTotal assets$1.13BtotalAssetsResult 2.1% | 18.05xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$413.75MtotalRevenueNet PP&E$22.93MpropertyPlantEquipmentResult 18.05x | 0.18xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$265.00KcapitalExpendituresD&A$1.50MdepreciationAndAmortizationResult 0.18x | $3.69Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.13BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$521.02MtotalLiabTangible book$605.91MShares164,418,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.69 | 1.58xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$233.72MebitdaCapex$265.00KcapitalExpendituresInterest$31.15MinterestExpenseShort-term debt$116.86MshortLongTermDebtEBITDA − capex$233.45MPrincipal due is the current portion of debt.Result 1.58x | $261.63MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$261.90MtotalCashFromOperatingActivitiesCapex$265.00KcapitalExpendituresFree cash flow$261.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $261.63M | 50.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$232.26MoperatingIncomeTax expense-$327.79MincomeTaxExpensePretax income$200.66MincomeBeforeTaxTax rate0.0%Equity$605.91MtotalStockholderEquityDebt$475.80MshortLongTermDebtTotalCash$620.13McashInvested capital$461.58MResult 50.3% | 10.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$232.26MoperatingIncomeNet PP&E$22.93MpropertyPlantEquipmentResult 10.13x |
| 2022 | 2.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.31MpropertyPlantAndEquipmentNetInventory$1.25MinventoryTotal assets$1.10BtotalAssetsResult 2.0% | 20.22xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$410.60MtotalRevenueNet PP&E$20.31MpropertyPlantAndEquipmentNetResult 20.22x | 0.10xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$136.00KcapitalExpendituresD&A$1.42MdepreciationAndAmortizationResult 0.10x | $3.50Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.10BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$448.14MtotalLiabTangible book$652.38MShares186,312,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.50 | 24.51xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$261.44MebitdaCapex$136.00KcapitalExpendituresInterest$7.60MinterestExpenseShort-term debt$3.07MshortTermDebtEBITDA − capex$261.30MPrincipal due is short-term debt.Result 24.51x | $273.63MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$273.76MtotalCashFromOperatingActivitiesCapex$136.00KcapitalExpendituresFree cash flow$273.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $273.63M | 42.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$250.34MoperatingIncomeTax expense$77.36MincomeTaxExpensePretax income$252.42MincomeBeforeTaxTax rate30.6%Equity$652.38MtotalStockholderEquityDebt$415.92MshortLongTermDebtTotalCash$656.20McashInvested capital$412.09MResult 42.1% | 12.33xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$250.34MoperatingIncomeNet PP&E$20.31MpropertyPlantAndEquipmentNetResult 12.33x |
| 2023 | 3.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.17MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$471.07MtotalAssetsResult 3.9% | 24.36xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$442.74MtotalRevenueNet PP&E$18.17MpropertyPlantAndEquipmentNetResult 24.36x | 0.17xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$273.00KcapitalExpendituresD&A$1.58MdepreciationAndAmortizationResult 0.17x | -$2.25Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$471.07MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.68MintangibleAssetsLiabilities$817.37MtotalLiabTangible book-$349.98MShares155,435,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$2.25 | 0.89xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$197.41MebitdaCapex$273.00KcapitalExpendituresInterest$21.63MinterestExpenseShort-term debt$199.56MshortLongTermDebtEBITDA − capex$197.14MPrincipal due is the current portion of debt.Result 0.89x | $183.15MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$183.43MtotalCashFromOperatingActivitiesCapex$273.00KcapitalExpendituresFree cash flow$183.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $183.15M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$945.43MoperatingIncomeTax expense$83.49MincomeTaxExpensePretax income-$948.07MincomeBeforeTaxTax rate—Equity-$346.30MtotalStockholderEquityDebt$715.54MshortLongTermDebtTotalCash$92.15McashInvested capital$277.09MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -52.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$945.43MoperatingIncomeNet PP&E$18.17MpropertyPlantAndEquipmentNetResult -52.03x |
| 2024 | 4.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.52MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$350.91MtotalAssetsInventory was not reported and is treated as zero.Result 4.4% | 22.64xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$351.41MtotalRevenueNet PP&E$15.52MpropertyPlantAndEquipmentNetResult 22.64x | 0.07xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$142.00KcapitalExpendituresD&A$2.01MdepreciationAndAmortizationResult 0.07x | -$1.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$350.91MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.86MintangibleAssetsLiabilities$652.24MtotalLiabTangible book-$304.20MShares160,084,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$1.90 | 2.69xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$97.73MebitdaCapex$142.00KcapitalExpendituresInterest$33.03MinterestExpenseShort-term debt$3.19MshortTermDebtEBITDA − capex$97.59MPrincipal due is short-term debt.Result 2.69x | $103.41MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$103.55MtotalCashFromOperatingActivitiesCapex$142.00KcapitalExpendituresFree cash flow$103.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $103.41M | 26.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.12MoperatingIncomeTax expense$64.32MincomeTaxExpensePretax income$65.20MincomeBeforeTaxTax rate40.0%Equity-$301.34MtotalStockholderEquityDebt$599.48MshortLongTermDebtTotalCash$88.56McashInvested capital$209.59MThe effective tax rate was above 40% and was capped at 40%.Result 26.7% | 6.00xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$93.12MoperatingIncomeNet PP&E$15.52MpropertyPlantAndEquipmentNetResult 6.00x |
| 2025 | 3.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.75MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$396.90MtotalAssetsInventory was not reported and is treated as zero.Result 3.2% | 23.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$296.15MtotalRevenueNet PP&E$12.75MpropertyPlantAndEquipmentNetResult 23.23x | 0.02xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$34.00KcapitalExpendituresD&A$1.88MdepreciationAndAmortizationResult 0.02x | -$1.48Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$396.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.04MintangibleAssetsLiabilities$658.74MtotalLiabTangible book-$263.88MShares177,764,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$1.48 | 0.45xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$104.65MebitdaCapex$34.00KcapitalExpendituresInterest$32.75MinterestExpenseShort-term debt$199.68MshortLongTermDebtEBITDA − capex$104.62MPrincipal due is the current portion of debt.Result 0.45x | $127.01MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$127.04MtotalCashFromOperatingActivitiesCapex$34.00KcapitalExpendituresFree cash flow$127.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $127.01M | 59.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$118.76MoperatingIncomeTax expense$46.01MincomeTaxExpensePretax income$70.03MincomeBeforeTaxTax rate40.0%Equity-$261.83MtotalStockholderEquityDebt$597.80MshortLongTermDebtTotalCash$215.46McashInvested capital$120.51MThe effective tax rate was above 40% and was capped at 40%.Result 59.1% | 9.32xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$118.76MoperatingIncomeNet PP&E$12.75MpropertyPlantAndEquipmentNetResult 9.32x |
- 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.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $12.75M
Inventory: $0.00
Total assets: $396.90M
Goodwill: $0.00
Intangibles: $2.04M
Liabilities: $658.74M
Tangible book: -$263.88M
Shares: 177,764,000
Revenue: $296.15M
Capex: $34.00K
D&A: $1.88M
EBITDA: $104.65M
Interest: $32.75M
Short-term debt: $199.68M
Free cash flow: $127.01M
Operating income: $118.76M
Invested capital: $120.51M
Tax rate: 40.0%