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.
Madrigal Pharmaceuticals Inc
Physical assets are 6.5% of total assets, a light footprint. Capex is 0.31x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -11.36x, which is below 1.
Fixed-asset turnover is 148.87x. Compare it with other names in the same basket.
Physical asset ratio
6.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.44MpropertyPlantAndEquipmentNetInventory$74.84MinventoryTotal assets$1.26BtotalAssetsResult 6.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
148.87xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$958.40MtotalRevenueNet PP&E$6.44MpropertyPlantAndEquipmentNetResult 148.87x
Revenue per dollar of the physical asset base.
Capex / D&A
0.31xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$467.00KcapitalExpendituresD&A$1.51MdepreciationAndAmortizationResult 0.31x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$26.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.38MintangibleAssetsLiabilities$656.90MtotalLiabTangible book$595.31MShares22,434,310commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $26.54
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
16.22xPrice / tangible bookPrice / tangible book per sharePrice$430.36Latest quoteTangible book / share$26.542025-12-31Result 16.22x
Price $430.36.
Fixed-charge coverage
-11.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$264.47MebitdaCapex$467.00KcapitalExpendituresInterest$22.31MinterestExpenseShort-term debt$1.02MshortTermDebtEBITDA − capex-$264.94MPrincipal due is short-term debt.Result -11.36x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$190.02MfreeCashFlowMarket cap$9.97BMarketCapitalizationResult -1.9%
Latest free cash flow divided by current market cap ($9.97B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$300.10MoperatingIncomeTax expense—Not reportedPretax income-$288.28MincomeBeforeTaxTax rate—Equity$602.69MtotalStockholderEquityDebt$354.36MshortLongTermDebtTotalCash$983.56McashAndShortTermInvestmentsInvested 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 -46.61x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$227.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$485.43MtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 0.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$227.00KpropertyPlantEquipmentResult 0.00x | 0.23xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$22.00KcapitalExpendituresD&A$96.00KdepreciationAndAmortizationResult 0.23x | $32.24Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$485.43MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$8.44MtotalLiabTangible book$476.98MShares14,797,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $32.24 | -5.29xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA-$40.59MebitdaCapex$22.00KcapitalExpendituresInterest$7.67MinterestExpenseEBITDA − capex-$40.61MShort-term debt was not reported, so the denominator is interest only.Result -5.29x | -$25.53MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$25.51MtotalCashFromOperatingActivitiesCapex$22.00KcapitalExpendituresFree cash flow-$25.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.53M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$40.68MoperatingIncomeTax expense$7.87MincomeTaxExpensePretax income-$32.81MincomeBeforeTaxTax rate—Equity$476.98MtotalStockholderEquityDebt—Not reportedCash$483.72McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -179.22xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$40.68MoperatingIncomeNet PP&E$227.00KpropertyPlantEquipmentResult -179.22x |
| 2019 | 0.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.86MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$442.06MtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 0.00xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.86MpropertyPlantAndEquipmentNetResult 0.00x | 1.54xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$172.00KcapitalExpendituresD&A$112.00KdepreciationAndAmortizationResult 1.54x | $27.06Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$442.06MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$25.49MtotalLiabTangible book$416.57MShares15,395,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $27.06 | -8.38xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$94.86MebitdaCapex$172.00KcapitalExpendituresInterest$11.02MinterestExpenseShort-term debt$315.00KshortTermDebtEBITDA − capex-$95.03MPrincipal due is short-term debt.Result -8.38x | -$41.80MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$41.62MtotalCashFromOperatingActivitiesCapex$172.00KcapitalExpendituresFree cash flow-$41.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$41.80M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$94.97MoperatingIncomeTax expense-$11.14MincomeTaxExpensePretax income-$83.95MincomeBeforeTaxTax rate—Equity$416.57MtotalStockholderEquityDebt$676.00KshortLongTermDebtTotalCash$439.05McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -51.09xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$94.97MoperatingIncomeNet PP&E$1.86MpropertyPlantAndEquipmentNetResult -51.09x |
| 2020 | 0.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$287.00MtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 0.00xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.83MpropertyPlantAndEquipmentNetResult 0.00x | 0.71xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$334.00KcapitalExpendituresD&A$471.00KdepreciationAndAmortizationResult 0.71x | $15.54Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$287.00MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$47.03MtotalLiabTangible book$239.97MShares15,447,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.54 | -44.45xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$206.20MebitdaCapex$334.00KcapitalExpendituresInterest$4.33MinterestExpenseShort-term debt$318.00KshortTermDebtEBITDA − capex-$206.54MPrincipal due is short-term debt.Result -44.45x | -$157.90MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$157.56MtotalCashFromOperatingActivitiesCapex$334.00KcapitalExpendituresFree cash flow-$157.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$157.90M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$206.67MoperatingIncomeTax expense-$4.80MincomeTaxExpensePretax income-$202.24MincomeBeforeTaxTax rate—Equity$239.97MtotalStockholderEquityDebt$786.00KshortLongTermDebtTotalCash$284.15McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -112.81xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$206.67MoperatingIncomeNet PP&E$1.83MpropertyPlantAndEquipmentNetResult -112.81x |
| 2021 | 0.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.65MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$273.33MtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.65MpropertyPlantEquipmentResult 0.00x | 0.52xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$209.00KcapitalExpendituresD&A$405.00KdepreciationAndAmortizationResult 0.52x | $11.86Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$273.33MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$77.23MtotalLiabTangible book$196.11MShares16,535,188commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.86 | -166.98xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$242.08MebitdaCapex$209.00KcapitalExpendituresInterest$1.04MinterestExpenseShort-term debt$410.00KshortTermDebtEBITDA − capex-$242.29MPrincipal due is short-term debt.Result -166.98x | -$184.13MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$183.92MtotalCashFromOperatingActivitiesCapex$209.00KcapitalExpendituresFree cash flow-$184.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$184.13M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$242.48MoperatingIncomeTax expense-$768.00KincomeTaxExpensePretax income-$241.85MincomeBeforeTaxTax rate—Equity$196.11MtotalStockholderEquityDebt$797.00KshortLongTermDebtTotalCash$270.35McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -147.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$242.48MoperatingIncomeNet PP&E$1.65MpropertyPlantEquipmentResult -147.14x |
| 2022 | 0.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.20MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$362.57MtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 0.00xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.20MpropertyPlantAndEquipmentNetResult 0.00x | 0.46xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$217.00KcapitalExpendituresD&A$467.00KdepreciationAndAmortizationResult 0.46x | $11.52Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$362.57MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$165.18MtotalLiabTangible book$197.39MShares17,137,201commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.52 | -63.76xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$290.92MebitdaCapex$217.00KcapitalExpendituresInterest$3.96MinterestExpenseShort-term debt$602.00KshortTermDebtEBITDA − capex-$291.14MPrincipal due is short-term debt.Result -63.76x | -$225.07MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$224.86MtotalCashFromOperatingActivitiesCapex$217.00KcapitalExpendituresFree cash flow-$225.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$225.07M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$293.57MoperatingIncomeTax expense$3.96MincomeTaxExpensePretax income-$295.35MincomeBeforeTaxTax rate—Equity$197.39MtotalStockholderEquityDebt$49.89MshortLongTermDebtTotalCash$358.77McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -244.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$293.57MoperatingIncomeNet PP&E$1.20MpropertyPlantAndEquipmentNetResult -244.03x |
| 2023 | 0.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.27MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$640.55MtotalAssetsResult 0.5% | 0.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$3.27MpropertyPlantAndEquipmentNetResult 0.00x | 2.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.48McapitalExpendituresD&A$527.00KdepreciationAndAmortizationResult 2.81x | $21.69Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$640.55MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$235.21MtotalLiabTangible book$405.33MShares18,688,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $21.69 | -27.33xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$360.39MebitdaCapex$1.48McapitalExpendituresInterest$12.71MinterestExpenseShort-term debt$527.00KshortTermDebtEBITDA − capex-$361.87MPrincipal due is short-term debt.Result -27.33x | -$325.71MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$324.23MtotalCashFromOperatingActivitiesCapex$1.48McapitalExpendituresFree cash flow-$325.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$325.71M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$380.50MoperatingIncomeTax expense—Not reportedPretax income-$373.63MincomeBeforeTaxTax rate—Equity$405.33MtotalStockholderEquityDebt$117.19MshortLongTermDebtTotalCash$634.13McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -116.50xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$380.50MoperatingIncomeNet PP&E$3.27MpropertyPlantAndEquipmentNetResult -116.50x |
| 2024 | 3.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.59MpropertyPlantAndEquipmentNetInventory$34.07MinventoryTotal assets$1.04BtotalAssetsResult 3.7% | 39.24xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$180.13MtotalRevenueNet PP&E$4.59MpropertyPlantAndEquipmentNetResult 39.24x | 1.33xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.46McapitalExpendituresD&A$1.10MdepreciationAndAmortizationResult 1.33x | $35.24Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.04BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.73MintangibleAssetsLiabilities$287.86MtotalLiabTangible book$749.65MShares21,272,962commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $35.24 | -28.85xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$450.13MebitdaCapex$1.46McapitalExpendituresInterest$14.67MinterestExpenseShort-term debt$983.00KshortTermDebtEBITDA − capex-$451.59MPrincipal due is short-term debt.Result -28.85x | -$457.03MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$455.57MtotalCashFromOperatingActivitiesCapex$1.46McapitalExpendituresFree cash flow-$457.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$457.03M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$497.88MoperatingIncomeTax expense-$465.89MincomeTaxExpensePretax income-$465.89MincomeBeforeTaxTax rate—Equity$754.38MtotalStockholderEquityDebt$119.57MshortLongTermDebtTotalCash$926.25McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -108.45xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$497.88MoperatingIncomeNet PP&E$4.59MpropertyPlantAndEquipmentNetResult -108.45x |
| 2025 | 6.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.44MpropertyPlantAndEquipmentNetInventory$74.84MinventoryTotal assets$1.26BtotalAssetsResult 6.5% | 148.87xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$958.40MtotalRevenueNet PP&E$6.44MpropertyPlantAndEquipmentNetResult 148.87x | 0.31xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$467.00KcapitalExpendituresD&A$1.51MdepreciationAndAmortizationResult 0.31x | $26.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.38MintangibleAssetsLiabilities$656.90MtotalLiabTangible book$595.31MShares22,434,310commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $26.54 | -11.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$264.47MebitdaCapex$467.00KcapitalExpendituresInterest$22.31MinterestExpenseShort-term debt$1.02MshortTermDebtEBITDA − capex-$264.94MPrincipal due is short-term debt.Result -11.36x | -$190.02MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$189.55MtotalCashFromOperatingActivitiesCapex$467.00KcapitalExpendituresFree cash flow-$190.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$190.02M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$300.10MoperatingIncomeTax expense—Not reportedPretax income-$288.28MincomeBeforeTaxTax rate—Equity$602.69MtotalStockholderEquityDebt$354.36MshortLongTermDebtTotalCash$983.56McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -46.61xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$300.10MoperatingIncomeNet PP&E$6.44MpropertyPlantAndEquipmentNetResult -46.61x |
- 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 (2025)
Net PP&E: $6.44M
Inventory: $74.84M
Total assets: $1.26B
Goodwill: $0.00
Intangibles: $7.38M
Liabilities: $656.90M
Tangible book: $595.31M
Shares: 22,434,310
Revenue: $958.40M
Capex: $467.00K
D&A: $1.51M
EBITDA: -$264.47M
Interest: $22.31M
Short-term debt: $1.02M
Free cash flow: -$190.02M
Operating income: -$300.10M
Invested capital: —
Tax rate: —