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.
Mersana Therapeutics Inc
Physical assets are 4.7% of total assets, a light footprint. Capex is 0.08x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -3.87x, which is below 1.
Fixed-asset turnover is 5.97x. Compare it with other names in the same basket.
Physical asset ratio
4.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.78MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$144.66MtotalAssetsInventory was not reported and is treated as zero.Result 4.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.97xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$40.50MtotalRevenueNet PP&E$6.78MpropertyPlantAndEquipmentNetResult 5.97x
Revenue per dollar of the physical asset base.
Capex / D&A
0.08xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$132.00KcapitalExpendituresD&A$1.63MdepreciationAndAmortizationResult 0.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.94Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$144.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$154.17MtotalLiabTangible book-$9.51MShares4,901,583commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.94
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-$1.942024-12-31A live quote was not available, so price / tangible book could not be calculated.Tangible book per share is not positive, so the multiple is left blank.Result —
Quote unavailable.
Fixed-charge coverage
-3.87xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.27MebitdaCapex$132.00KcapitalExpendituresInterest$3.87MinterestExpenseShort-term debt$12.50MshortLongTermDebtEBITDA − capex-$63.40MPrincipal due is the current portion of debt.Result -3.87x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-56.7%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow-$82.47MfreeCashFlowMarket cap$145.36MMarketCapitalizationResult -56.7%
Latest free cash flow divided by current market cap ($145.36M).
ROIC
—ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$73.34MoperatingIncomeTax expense$418.00KincomeTaxExpensePretax income-$68.77MincomeBeforeTaxTax rate—Equity-$9.51MtotalStockholderEquityDebt$28.60MshortLongTermDebtTotalCash$134.62McashAndShortTermInvestmentsInvested 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 -10.81x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 1.8%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.32MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$130.72MtotalAssetsResult 1.8% | 7.57xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$17.55MtotalRevenueNet PP&E$2.32MpropertyPlantEquipmentResult 7.57x | 1.23xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$1.14McapitalExpendituresD&A$928.00KdepreciationAndAmortizationResult 1.23x | $77.67Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$130.72MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$60.72MtotalLiabTangible book$69.99MShares901,173commonStockSharesOutstandingResult $77.67 | —Fixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$37.78MebitdaCapex$1.14McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$38.92MResult — | -$43.82MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow-$42.68MtotalCashFromOperatingActivitiesCapex$1.14McapitalExpendituresFree cash flow-$43.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$43.82M | —ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.62MoperatingIncomeTax expense$0.00incomeTaxExpensePretax income-$38.71MincomeBeforeTaxTax rate—Equity$69.99MtotalStockholderEquityDebt$0.00longTermDebtCash$114.73McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -17.08xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income-$39.62MoperatingIncomeNet PP&E$2.32MpropertyPlantEquipmentResult -17.08x |
| 2018 | -1.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.69MpropertyPlantEquipmentInventory-$4.17MinventoryTotal assets$78.50MtotalAssetsResult -1.9% | 3.93xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$10.59MtotalRevenueNet PP&E$2.69MpropertyPlantEquipmentResult 3.93x | 1.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.37McapitalExpendituresD&A$1.26MdepreciationAndAmortizationResult 1.09x | $9.55Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.50MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$69.71MtotalLiabTangible book$8.80MShares921,290commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.55 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$64.40MebitdaCapex$1.37McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$65.77MResult — | -$56.59MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$55.22MtotalCashFromOperatingActivitiesCapex$1.37McapitalExpendituresFree cash flow-$56.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$56.59M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$65.66MoperatingIncomeTax expense$1.40MincomeTaxExpensePretax income-$64.26MincomeBeforeTaxTax rate—Equity$8.80MtotalStockholderEquityDebt—Not reportedCash$70.13McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -24.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$65.66MoperatingIncomeNet PP&E$2.69MpropertyPlantEquipmentResult -24.37x |
| 2019 | 4.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.76MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$107.54MtotalAssetsInventory was not reported and is treated as zero.Result 4.4% | 8.85xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$42.12MtotalRevenueNet PP&E$4.76MpropertyPlantEquipmentResult 8.85x | 0.49xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$605.00KcapitalExpendituresD&A$1.25MdepreciationAndAmortizationResult 0.49x | $45.02Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$107.54MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$29.22MtotalLiabTangible book$78.32MShares1,739,685commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $45.02 | -30.34xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.73MebitdaCapex$605.00KcapitalExpendituresInterest$234.00KinterestExpenseShort-term debt$667.00KshortLongTermDebtEBITDA − capex-$27.33MPrincipal due is the current portion of debt.Result -30.34x | -$68.35MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$67.74MtotalCashFromOperatingActivitiesCapex$605.00KcapitalExpendituresFree cash flow-$68.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$68.35M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.20MoperatingIncomeTax expense-$1.01MincomeTaxExpensePretax income-$28.21MincomeBeforeTaxTax rate—Equity$78.32MtotalStockholderEquityDebt$4.87MlongTermDebt + shortLongTermDebtCash$99.79McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.34xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$30.20MoperatingIncomeNet PP&E$4.76MpropertyPlantEquipmentResult -6.34x |
| 2020 | 4.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.67MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$273.40MtotalAssetsInventory was not reported and is treated as zero.Result 4.6% | 0.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$828.00KtotalRevenueNet PP&E$12.67MpropertyPlantAndEquipmentNetResult 0.07x | 0.47xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$473.00KcapitalExpendituresD&A$1.01MdepreciationAndAmortizationResult 0.47x | $92.74Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$273.40MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$45.31MtotalLiabTangible book$228.09MShares2,459,408commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $92.74 | -46.36xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$87.10MebitdaCapex$473.00KcapitalExpendituresInterest$359.00KinterestExpenseShort-term debt$1.53MshortTermDebtEBITDA − capex-$87.57MPrincipal due is short-term debt.Result -46.36x | -$75.17MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$74.70MtotalCashFromOperatingActivitiesCapex$473.00KcapitalExpendituresFree cash flow-$75.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$75.17M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$155.15MoperatingIncomeTax expense$359.00KincomeTaxExpensePretax income-$88.05MincomeBeforeTaxTax rate—Equity$228.09MtotalStockholderEquityDebt$4.98MlongTermDebt + shortLongTermDebtCash$255.09McashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -12.25xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$155.15MoperatingIncomeNet PP&E$12.67MpropertyPlantAndEquipmentNetResult -12.25x |
| 2021 | 7.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.86MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$206.11MtotalAssetsInventory was not reported and is treated as zero.Result 7.2% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$43.00KtotalRevenueNet PP&E$14.86MpropertyPlantEquipmentResult 0.00x | 0.76xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$648.00KcapitalExpendituresD&A$855.00KdepreciationAndAmortizationResult 0.76x | $43.12Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$206.11MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$84.37MtotalLiabTangible book$121.74MShares2,823,238commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $43.12 | -47.22xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$167.94MebitdaCapex$648.00KcapitalExpendituresInterest$1.27MinterestExpenseShort-term debt$2.30MshortTermDebtEBITDA − capex-$168.59MPrincipal due is short-term debt.Result -47.22x | -$140.64MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$139.99MtotalCashFromOperatingActivitiesCapex$648.00KcapitalExpendituresFree cash flow-$140.64MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$140.64M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$168.86MoperatingIncomeTax expense-$855.00KincomeTaxExpensePretax income-$170.06MincomeBeforeTaxTax rate—Equity$121.74MtotalStockholderEquityDebt$24.63MlongTermDebt + shortLongTermDebtCash$177.95McashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -11.37xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$168.86MoperatingIncomeNet PP&E$14.86MpropertyPlantEquipmentResult -11.37x |
| 2022 | 4.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.46MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$334.34MtotalAssetsInventory was not reported and is treated as zero.Result 4.3% | 1.84xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$26.58MtotalRevenueNet PP&E$14.46MpropertyPlantEquipmentResult 1.84x | 2.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.20McapitalExpendituresD&A$927.00KdepreciationAndAmortizationResult 2.37x | $24.57Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$334.34MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$242.28MtotalLiabTangible book$92.06MShares3,746,170commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $24.57 | -33.00xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$199.96MebitdaCapex$2.20McapitalExpendituresInterest$3.33MinterestExpenseShort-term debt$2.80MshortTermDebtEBITDA − capex-$202.15MPrincipal due is short-term debt.Result -33.00x | -$51.56MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$49.36MtotalCashFromOperatingActivitiesCapex$2.20McapitalExpendituresFree cash flow-$51.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$51.56M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$203.77MoperatingIncomeTax expense$3.33MincomeTaxExpensePretax income-$204.21MincomeBeforeTaxTax rate—Equity$92.06MtotalStockholderEquityDebt$36.30MshortLongTermDebtTotalCash$280.71McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -14.09xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$203.77MoperatingIncomeNet PP&E$14.46MpropertyPlantEquipmentResult -14.09x |
| 2023 | 5.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$226.06MtotalAssetsInventory was not reported and is treated as zero.Result 5.1% | 3.20xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$36.86MtotalRevenueNet PP&E$11.53MpropertyPlantAndEquipmentNetResult 3.20x | 1.43xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.17McapitalExpendituresD&A$1.52MdepreciationAndAmortizationResult 1.43x | $7.95Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$226.06MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$189.16MtotalLiabTangible book$36.90MShares4,644,516commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.95 | -27.33xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$166.08MebitdaCapex$2.17McapitalExpendituresInterest$4.07MinterestExpenseShort-term debt$2.08MshortLongTermDebtEBITDA − capex-$168.25MPrincipal due is the current portion of debt.Result -27.33x | -$171.05MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$168.88MtotalCashFromOperatingActivitiesCapex$2.17McapitalExpendituresFree cash flow-$171.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$171.05M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$170.96MoperatingIncomeTax expense$1.35MincomeTaxExpensePretax income-$171.67MincomeBeforeTaxTax rate—Equity$36.90MtotalStockholderEquityDebt$33.83MshortLongTermDebtTotalCash$209.08McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -14.83xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$170.96MoperatingIncomeNet PP&E$11.53MpropertyPlantAndEquipmentNetResult -14.83x |
| 2024 | 4.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.78MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$144.66MtotalAssetsInventory was not reported and is treated as zero.Result 4.7% | 5.97xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$40.50MtotalRevenueNet PP&E$6.78MpropertyPlantAndEquipmentNetResult 5.97x | 0.08xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$132.00KcapitalExpendituresD&A$1.63MdepreciationAndAmortizationResult 0.08x | -$1.94Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$144.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$154.17MtotalLiabTangible book-$9.51MShares4,901,583commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.94 | -3.87xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.27MebitdaCapex$132.00KcapitalExpendituresInterest$3.87MinterestExpenseShort-term debt$12.50MshortLongTermDebtEBITDA − capex-$63.40MPrincipal due is the current portion of debt.Result -3.87x | -$82.47MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$82.34MtotalCashFromOperatingActivitiesCapex$132.00KcapitalExpendituresFree cash flow-$82.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$82.47M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$73.34MoperatingIncomeTax expense$418.00KincomeTaxExpensePretax income-$68.77MincomeBeforeTaxTax rate—Equity-$9.51MtotalStockholderEquityDebt$28.60MshortLongTermDebtTotalCash$134.62McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.81xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$73.34MoperatingIncomeNet PP&E$6.78MpropertyPlantAndEquipmentNetResult -10.81x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2024)
Net PP&E: $6.78M
Inventory: $0.00
Total assets: $144.66M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $154.17M
Tangible book: -$9.51M
Shares: 4,901,583
Revenue: $40.50M
Capex: $132.00K
D&A: $1.63M
EBITDA: -$63.27M
Interest: $3.87M
Short-term debt: $12.50M
Free cash flow: -$82.47M
Operating income: -$73.34M
Invested capital: —
Tax rate: —