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.
Protagonist Therapeutics Inc
Physical assets are 1.7% of total assets, a light footprint. Capex is 1.24x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash.
Fixed-asset turnover is 3.94x. Compare it with other names in the same basket.
Physical asset ratio
1.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.69MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$669.89MtotalAssetsInventory was not reported and is treated as zero.Result 1.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$46.02MtotalRevenueNet PP&E$11.69MpropertyPlantAndEquipmentNetResult 3.94x
Revenue per dollar of the physical asset base.
Capex / D&A
1.24xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.59McapitalExpendituresD&A$1.28MdepreciationAndAmortizationResult 1.24x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$669.89MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$55.19MtotalLiabTangible book$614.71MShares63,573,048commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.59xPrice / tangible bookPrice / tangible book per sharePrice$141.12Latest quoteTangible book / share$9.672025-12-31Result 14.59x
Price $141.12.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$128.03MebitdaCapex$1.59McapitalExpendituresInterest—Not reportedShort-term debt$2.28MshortTermDebtEBITDA − capex-$129.62MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$56.08MfreeCashFlowMarket cap$9.08BMarketCapitalizationResult 0.6%
Latest free cash flow divided by current market cap ($9.08B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$158.13MoperatingIncomeTax expense$838.00KincomeTaxExpensePretax income-$129.31MincomeBeforeTaxTax rate—Equity$614.71MtotalStockholderEquityDebt$10.32MshortLongTermDebtTotalCash$567.36McashAndShortTermInvestmentsInvested capital$57.67MROIC 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 -13.53x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$861.00KpropertyPlantEquipmentInventory$2.14MinventoryTotal assets$139.47MtotalAssetsResult 2.2% | 35.92xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.93MtotalRevenueNet PP&E$861.00KpropertyPlantEquipmentResult 35.92x | 0.92xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$486.00KcapitalExpendituresD&A$527.00KdepreciationAndAmortizationResult 0.92x | $5.03Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$139.47MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$26.96MtotalLiabTangible book$112.52MShares22,364,515commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.03 | -39.80xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$41.74MebitdaCapex$486.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$1.06MshortTermDebtEBITDA − capex-$42.23MPrincipal due is short-term debt.Result -39.80x | -$50.43MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$49.95MtotalCashFromOperatingActivitiesCapex$486.00KcapitalExpendituresFree cash flow-$50.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$50.43M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$42.27MoperatingIncomeTax expense-$799.00KincomeTaxExpensePretax income-$39.72MincomeBeforeTaxTax rate—Equity-$140.47MtotalStockholderEquityDebt—Not reportedCash$128.85McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -49.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$42.27MoperatingIncomeNet PP&E$861.00KpropertyPlantEquipmentResult -49.09x |
| 2019 | 8.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.72MpropertyPlantEquipmentInventory$4.80MinventoryTotal assets$154.92MtotalAssetsResult 8.1% | 0.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$231.00KtotalRevenueNet PP&E$7.72MpropertyPlantEquipmentResult 0.03x | 0.38xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$967.00KcapitalExpendituresD&A$2.52MdepreciationAndAmortizationResult 0.38x | $3.09Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$154.92MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$74.95MtotalLiabTangible book$79.96MShares25,894,024commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.09 | -53.44xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$75.19MebitdaCapex$967.00KcapitalExpendituresInterest$169.00KinterestExpenseShort-term debt$1.26MshortTermDebtEBITDA − capex-$76.15MPrincipal due is short-term debt.Result -53.44x | -$42.49MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$41.53MtotalCashFromOperatingActivitiesCapex$967.00KcapitalExpendituresFree cash flow-$42.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.49M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$80.52MoperatingIncomeTax expense-$691.00KincomeTaxExpensePretax income-$77.88MincomeBeforeTaxTax rate—Equity$79.96MtotalStockholderEquityDebt$9.79MlongTermDebt + shortLongTermDebtCash$133.02McashAndShortTermInvestmentsInvested 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 — | -10.43xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$80.52MoperatingIncomeNet PP&E$7.72MpropertyPlantEquipmentResult -10.43x |
| 2020 | 3.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.41MpropertyPlantAndEquipmentNetInventory$3.98MinventoryTotal assets$324.47MtotalAssetsResult 3.2% | 4.46xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$28.63MtotalRevenueNet PP&E$6.41MpropertyPlantAndEquipmentNetResult 4.46x | 0.17xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$471.00KcapitalExpendituresD&A$2.72MdepreciationAndAmortizationResult 0.17x | $8.13Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$324.47MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$44.86MtotalLiabTangible book$279.61MShares34,396,446commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.13 | -30.27xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$61.79MebitdaCapex$471.00KcapitalExpendituresInterest$598.00KinterestExpenseShort-term debt$1.46MshortTermDebtEBITDA − capex-$62.26MPrincipal due is short-term debt.Result -30.27x | -$72.96MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$72.48MtotalCashFromOperatingActivitiesCapex$471.00KcapitalExpendituresFree cash flow-$72.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$72.96M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$64.52MoperatingIncomeTax expense$1.31MincomeTaxExpensePretax income-$64.85MincomeBeforeTaxTax rate—Equity$279.61MtotalStockholderEquityDebt$5.96MshortLongTermDebtTotalCash$305.81McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$64.52MoperatingIncomeNet PP&E$6.41MpropertyPlantAndEquipmentNetResult -10.06x |
| 2021 | 4.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.73MpropertyPlantEquipmentInventory$8.50MinventoryTotal assets$347.70MtotalAssetsResult 4.4% | 4.06xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$27.36MtotalRevenueNet PP&E$6.73MpropertyPlantEquipmentResult 4.06x | 0.40xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.10McapitalExpendituresD&A$2.78MdepreciationAndAmortizationResult 0.40x | $6.48Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$347.70MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$47.67MtotalLiabTangible book$300.02MShares46,322,910commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.48 | -26.46xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$122.78MebitdaCapex$1.10McapitalExpendituresInterest$2.48MinterestExpenseShort-term debt$2.20MshortTermDebtEBITDA − capex-$123.88MPrincipal due is short-term debt.Result -26.46x | -$108.97MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$107.87MtotalCashFromOperatingActivitiesCapex$1.10McapitalExpendituresFree cash flow-$108.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$108.97M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$125.85MoperatingIncomeTax expense-$2.92MincomeTaxExpensePretax income-$125.55MincomeBeforeTaxTax rate—Equity$300.02MtotalStockholderEquityDebt$5.86MshortLongTermDebtTotalCash$326.90McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -18.69xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$125.85MoperatingIncomeNet PP&E$6.73MpropertyPlantEquipmentResult -18.69x |
| 2022 | 1.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.63MpropertyPlantAndEquipmentNetInventory-$94.00KinventoryTotal assets$247.93MtotalAssetsResult 1.8% | 5.75xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$26.58MtotalRevenueNet PP&E$4.63MpropertyPlantAndEquipmentNetResult 5.75x | 0.24xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$795.00KcapitalExpendituresD&A$3.37MdepreciationAndAmortizationResult 0.24x | $4.40Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$247.93MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$32.32MtotalLiabTangible book$215.61MShares49,042,232commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.40 | -21.89xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$128.00MebitdaCapex$795.00KcapitalExpendituresInterest$3.37MinterestExpenseShort-term debt$2.52MshortTermDebtEBITDA − capex-$128.80MPrincipal due is short-term debt.Result -21.89x | -$108.93MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$108.14MtotalCashFromOperatingActivitiesCapex$795.00KcapitalExpendituresFree cash flow-$108.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$108.93M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$131.37MoperatingIncomeTax expense-$3.98MincomeTaxExpensePretax income-$127.39MincomeBeforeTaxTax rate—Equity$215.61MtotalStockholderEquityDebt$3.66MshortLongTermDebtTotalCash$237.36McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -28.40xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$131.37MoperatingIncomeNet PP&E$4.63MpropertyPlantAndEquipmentNetResult -28.40x |
| 2023 | -2.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.15MpropertyPlantAndEquipmentNetInventory-$10.33MinventoryTotal assets$357.95MtotalAssetsResult -2.3% | 27.92xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$60.00MtotalRevenueNet PP&E$2.15MpropertyPlantAndEquipmentNetResult 27.92x | 0.18xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$609.00KcapitalExpendituresD&A$3.31MdepreciationAndAmortizationResult 0.18x | $5.93Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$357.95MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$21.27MtotalLiabTangible book$336.68MShares56,763,559commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.93 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$75.64MebitdaCapex$609.00KcapitalExpendituresInterest—Not reportedShort-term debt$1.14MshortTermDebtEBITDA − capex-$76.25MPrincipal due is short-term debt.Result — | -$70.85MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$70.24MtotalCashFromOperatingActivitiesCapex$609.00KcapitalExpendituresFree cash flow-$70.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$70.85M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$93.65MoperatingIncomeTax expense-$14.90MincomeTaxExpensePretax income-$78.96MincomeBeforeTaxTax rate—Equity$336.68MtotalStockholderEquityDebt$1.14MshortLongTermDebtTotalCash$341.62McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -43.58xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$93.65MoperatingIncomeNet PP&E$2.15MpropertyPlantAndEquipmentNetResult -43.58x |
| 2024 | 1.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.61MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$744.73MtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 34.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$434.43MtotalRevenueNet PP&E$12.61MpropertyPlantAndEquipmentNetResult 34.46x | 0.46xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.36McapitalExpendituresD&A$2.96MdepreciationAndAmortizationResult 0.46x | $10.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$744.73MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$69.43MtotalLiabTangible book$675.30MShares65,078,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $10.38 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$282.37MebitdaCapex$1.36McapitalExpendituresInterest—Not reportedShort-term debt$510.00KshortTermDebtEBITDA − capex$281.02MPrincipal due is short-term debt.Result — | $182.80MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$184.15MtotalCashFromOperatingActivitiesCapex$1.36McapitalExpendituresFree cash flow$182.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $182.80M | 93.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$252.84MoperatingIncomeTax expense$4.22MincomeTaxExpensePretax income$279.41MincomeBeforeTaxTax rate1.5%Equity$675.30MtotalStockholderEquityDebt$10.87MshortLongTermDebtTotalCash$418.91McashAndShortTermInvestmentsInvested capital$267.25MResult 93.2% | 20.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$252.84MoperatingIncomeNet PP&E$12.61MpropertyPlantAndEquipmentNetResult 20.06x |
| 2025 | 1.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.69MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$669.89MtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 3.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$46.02MtotalRevenueNet PP&E$11.69MpropertyPlantAndEquipmentNetResult 3.94x | 1.24xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.59McapitalExpendituresD&A$1.28MdepreciationAndAmortizationResult 1.24x | $9.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$669.89MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$55.19MtotalLiabTangible book$614.71MShares63,573,048commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.67 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$128.03MebitdaCapex$1.59McapitalExpendituresInterest—Not reportedShort-term debt$2.28MshortTermDebtEBITDA − capex-$129.62MPrincipal due is short-term debt.Result — | $56.08MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$57.67MtotalCashFromOperatingActivitiesCapex$1.59McapitalExpendituresFree cash flow$56.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $56.08M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$158.13MoperatingIncomeTax expense$838.00KincomeTaxExpensePretax income-$129.31MincomeBeforeTaxTax rate—Equity$614.71MtotalStockholderEquityDebt$10.32MshortLongTermDebtTotalCash$567.36McashAndShortTermInvestmentsInvested capital$57.67MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -13.53xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$158.13MoperatingIncomeNet PP&E$11.69MpropertyPlantAndEquipmentNetResult -13.53x |
- 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.
Latest year inputs (2025)
Net PP&E: $11.69M
Inventory: $0.00
Total assets: $669.89M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $55.19M
Tangible book: $614.71M
Shares: 63,573,048
Revenue: $46.02M
Capex: $1.59M
D&A: $1.28M
EBITDA: -$128.03M
Interest: —
Short-term debt: $2.28M
Free cash flow: $56.08M
Operating income: -$158.13M
Invested capital: $57.67M
Tax rate: —