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.
Pliant Therapeutics Inc
Physical assets are 11.1% of total assets, a light footprint. Capex is 0.22x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -36.31x, which is below 1.
Fixed-asset turnover is 0.00x. Compare it with other names in the same basket.
Physical asset ratio
11.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.01MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$225.23MtotalAssetsInventory was not reported and is treated as zero.Result 11.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$25.01MpropertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.22xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$374.00KcapitalExpendituresD&A$1.70MdepreciationAndAmortizationResult 0.22x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.95Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$225.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$44.02MtotalLiabTangible book$181.21MShares61,366,887commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.95
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.29xPrice / tangible bookPrice / tangible book per sharePrice$0.86Latest quoteTangible book / share$2.952025-12-31Result 0.29x
Price $0.86.
Fixed-charge coverage
-36.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$145.09MebitdaCapex$374.00KcapitalExpendituresInterest$2.56MinterestExpenseShort-term debt$1.45MshortTermDebtEBITDA − capex-$145.46MPrincipal due is short-term debt.Result -36.31x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-241.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$128.71MfreeCashFlowMarket cap$53.25MMarketCapitalizationResult -241.7%
Latest free cash flow divided by current market cap ($53.25M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$150.07MoperatingIncomeTax expense—Not reportedPretax income-$149.34MincomeBeforeTaxTax rate—Equity$181.21MtotalStockholderEquityDebt$29.11MshortLongTermDebtTotalCash$190.94McashAndShortTermInvestmentsInvested capital$19.37MROIC 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 -6.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 6.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.26MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$66.53MtotalAssetsInventory was not reported and is treated as zero.Result 6.4% | 0.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$4.26MpropertyPlantEquipmentResult 0.00x | 3.49xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.32McapitalExpendituresD&A$666.00KdepreciationAndAmortizationResult 3.49x | -$0.05Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$66.53MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$67.41MtotalLiabTangible book-$882.00KShares16,510,084commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.05 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$30.25MebitdaCapex$2.32McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$32.57MResult — | -$30.65MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$28.33MtotalCashFromOperatingActivitiesCapex$2.32McapitalExpendituresFree cash flow-$30.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$30.65M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.92MoperatingIncomeTax expense$639.00KincomeTaxExpensePretax income-$30.28MincomeBeforeTaxTax rate—Equity-$882.00KtotalStockholderEquityDebt$525.00KshortLongTermDebtTotalCash$60.95McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.26xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$30.92MoperatingIncomeNet PP&E$4.26MpropertyPlantEquipmentResult -7.26x |
| 2019 | 3.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.08MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$119.06MtotalAssetsInventory was not reported and is treated as zero.Result 3.4% | 13.99xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$57.05MtotalRevenueNet PP&E$4.08MpropertyPlantEquipmentResult 13.99x | 0.87xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$964.00KcapitalExpendituresD&A$1.11MdepreciationAndAmortizationResult 0.87x | -$0.01Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$119.06MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$119.50MtotalLiabTangible book-$435.00KShares35,551,346commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.01 | -5.01xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA-$118.00KebitdaCapex$964.00KcapitalExpendituresInterest$216.00KinterestExpenseEBITDA − capex-$1.08MShort-term debt was not reported, so the denominator is interest only.Result -5.01x | -$3.71MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$2.75MtotalCashFromOperatingActivitiesCapex$964.00KcapitalExpendituresFree cash flow-$3.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.71M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.23MoperatingIncomeTax expense-$816.00KincomeTaxExpensePretax income-$631.00KincomeBeforeTaxTax rate—Equity-$435.00KtotalStockholderEquityDebt$444.00KshortLongTermDebtTotalCash$102.77McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.30xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$1.23MoperatingIncomeNet PP&E$4.08MpropertyPlantEquipmentResult -0.30x |
| 2020 | 1.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.32MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$295.53MtotalAssetsInventory was not reported and is treated as zero.Result 1.5% | 9.68xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$41.82MtotalRevenueNet PP&E$4.32MpropertyPlantEquipmentResult 9.68x | 1.17xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.53McapitalExpendituresD&A$1.31MdepreciationAndAmortizationResult 1.17x | $7.96Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$295.53MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$12.47MtotalLiabTangible book$283.06MShares35,552,795commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.96 | -114.39xFixed-charge coverage · 2020-12-31(EBITDA − capex) / interestEBITDA-$40.34MebitdaCapex$1.53McapitalExpendituresInterest$366.00KinterestExpenseEBITDA − capex-$41.87MShort-term debt was not reported, so the denominator is interest only.Result -114.39x | -$38.80MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$37.27MtotalCashFromOperatingActivitiesCapex$1.53McapitalExpendituresFree cash flow-$38.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.80M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$41.65MoperatingIncomeTax expense-$1.79MincomeTaxExpensePretax income-$41.53MincomeBeforeTaxTax rate—Equity$283.06MtotalStockholderEquityDebt$283.00KshortLongTermDebtTotalCash$276.89McashAndShortTermInvestmentsInvested capital$6.45MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -9.64xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$41.65MoperatingIncomeNet PP&E$4.32MpropertyPlantEquipmentResult -9.64x |
| 2021 | 4.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.94MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$221.22MtotalAssetsResult 4.9% | 0.69xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.57MtotalRevenueNet PP&E$10.94MpropertyPlantEquipmentResult 0.69x | 1.27xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.95McapitalExpendituresD&A$1.54MdepreciationAndAmortizationResult 1.27x | $5.55Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$221.22MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$22.16MtotalLiabTangible book$199.06MShares35,846,421commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.55 | -9.53xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$18.45MebitdaCapex$1.95McapitalExpendituresInterest$272.00KinterestExpenseShort-term debt$1.87MshortTermDebtEBITDA − capex-$20.40MPrincipal due is short-term debt.Result -9.53x | -$77.40MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$75.44MtotalCashFromOperatingActivitiesCapex$1.95McapitalExpendituresFree cash flow-$77.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$77.40M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.99MoperatingIncomeTax expense-$1.81MincomeTaxExpensePretax income-$19.71MincomeBeforeTaxTax rate—Equity$199.06MtotalStockholderEquityDebt$7.19MshortLongTermDebtTotalCash$200.60McashAndShortTermInvestmentsInvested capital$5.66MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.83xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$19.99MoperatingIncomeNet PP&E$10.94MpropertyPlantEquipmentResult -1.83x |
| 2022 | 2.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.91MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$350.61MtotalAssetsResult 2.8% | 0.98xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$9.69MtotalRevenueNet PP&E$9.91MpropertyPlantAndEquipmentNetResult 0.98x | 0.97xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.76McapitalExpendituresD&A$1.82MdepreciationAndAmortizationResult 0.97x | $7.46Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$350.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$37.27MtotalLiabTangible book$313.34MShares42,015,908commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.46 | -37.71xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$120.71MebitdaCapex$1.76McapitalExpendituresInterest$791.00KinterestExpenseShort-term debt$2.46MshortTermDebtEBITDA − capex-$122.47MPrincipal due is short-term debt.Result -37.71x | -$96.39MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$94.63MtotalCashFromOperatingActivitiesCapex$1.76McapitalExpendituresFree cash flow-$96.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$96.39M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$127.20MoperatingIncomeTax expense-$1.82MincomeTaxExpensePretax income-$123.32MincomeBeforeTaxTax rate—Equity$313.34MtotalStockholderEquityDebt$9.93MlongTermDebt + shortLongTermDebtCash$331.19McashAndShortTermInvestmentsInvested 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 — | -12.84xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$127.20MoperatingIncomeNet PP&E$9.91MpropertyPlantAndEquipmentNetResult -12.84x |
| 2023 | 0.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.78MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$512.15MtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 0.33xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.58MtotalRevenueNet PP&E$4.78MpropertyPlantAndEquipmentNetResult 0.33x | 0.50xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$921.00KcapitalExpendituresD&A$1.84MdepreciationAndAmortizationResult 0.50x | $8.07Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$512.15MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$38.58MtotalLiabTangible book$473.58MShares58,719,083commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.07 | -61.57xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$158.23MebitdaCapex$921.00KcapitalExpendituresInterest$1.27MinterestExpenseShort-term debt$1.32MshortTermDebtEBITDA − capex-$159.15MPrincipal due is short-term debt.Result -61.57x | -$117.28MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$116.36MtotalCashFromOperatingActivitiesCapex$921.00KcapitalExpendituresFree cash flow-$117.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$117.28M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$184.15MoperatingIncomeTax expense$1.67MincomeTaxExpensePretax income-$161.34MincomeBeforeTaxTax rate—Equity$473.58MtotalStockholderEquityDebt$11.37MshortLongTermDebtTotalCash$494.25McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -38.54xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$184.15MoperatingIncomeNet PP&E$4.78MpropertyPlantAndEquipmentNetResult -38.54x |
| 2024 | 8.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.77MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$396.95MtotalAssetsInventory was not reported and is treated as zero.Result 8.3% | 0.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$32.77MpropertyPlantAndEquipmentNetResult 0.00x | 1.81xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$3.85McapitalExpendituresD&A$2.13MdepreciationAndAmortizationResult 1.81x | $5.02Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$396.95MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$92.87MtotalLiabTangible book$304.08MShares60,538,639commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.02 | -58.61xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$205.16MebitdaCapex$3.85McapitalExpendituresInterest$3.02MinterestExpenseShort-term debt$542.00KshortTermDebtEBITDA − capex-$209.00MPrincipal due is short-term debt.Result -58.61x | -$159.35MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$155.50MtotalCashFromOperatingActivitiesCapex$3.85McapitalExpendituresFree cash flow-$159.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$159.35M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$228.37MoperatingIncomeTax expense—Not reportedPretax income-$210.30MincomeBeforeTaxTax rate—Equity$304.08MtotalStockholderEquityDebt$30.21MlongTermDebt + shortLongTermDebtCash$355.72McashAndShortTermInvestmentsInvested 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 — | -6.97xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$228.37MoperatingIncomeNet PP&E$32.77MpropertyPlantAndEquipmentNetResult -6.97x |
| 2025 | 11.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.01MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$225.23MtotalAssetsInventory was not reported and is treated as zero.Result 11.1% | 0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$25.01MpropertyPlantAndEquipmentNetResult 0.00x | 0.22xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$374.00KcapitalExpendituresD&A$1.70MdepreciationAndAmortizationResult 0.22x | $2.95Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$225.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$44.02MtotalLiabTangible book$181.21MShares61,366,887commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.95 | -36.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$145.09MebitdaCapex$374.00KcapitalExpendituresInterest$2.56MinterestExpenseShort-term debt$1.45MshortTermDebtEBITDA − capex-$145.46MPrincipal due is short-term debt.Result -36.31x | -$128.71MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$128.34MtotalCashFromOperatingActivitiesCapex$374.00KcapitalExpendituresFree cash flow-$128.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$128.71M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$150.07MoperatingIncomeTax expense—Not reportedPretax income-$149.34MincomeBeforeTaxTax rate—Equity$181.21MtotalStockholderEquityDebt$29.11MshortLongTermDebtTotalCash$190.94McashAndShortTermInvestmentsInvested capital$19.37MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.00xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$150.07MoperatingIncomeNet PP&E$25.01MpropertyPlantAndEquipmentNetResult -6.00x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $25.01M
Inventory: $0.00
Total assets: $225.23M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $44.02M
Tangible book: $181.21M
Shares: 61,366,887
Revenue: $0.00
Capex: $374.00K
D&A: $1.70M
EBITDA: -$145.09M
Interest: $2.56M
Short-term debt: $1.45M
Free cash flow: -$128.71M
Operating income: -$150.07M
Invested capital: $19.37M
Tax rate: —