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.
Palvella Therapeutics, Inc
Physical assets are 1.0% of total assets, a light footprint. EBITDA after capex covers debt service by -5.96x, which is below 1.
Fixed-asset turnover is 0.00x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$572.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$59.56MtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
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$572.00KpropertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$59.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$31.58MtotalLiabTangible book$27.98MShares11,251,250commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.49
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
59.40xPrice / tangible bookPrice / tangible book per sharePrice$147.73Latest quoteTangible book / share$2.492025-12-31Result 59.40x
Price $147.73.
Fixed-charge coverage
-5.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$35.90MebitdaCapex$0.00capitalExpendituresInterest$5.82MinterestExpenseShort-term debt$202.00KshortTermDebtEBITDA − capex-$35.90MPrincipal due is short-term debt.Result -5.96x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$25.01MfreeCashFlowMarket cap$2.18BMarketCapitalizationResult -1.1%
Latest free cash flow divided by current market cap ($2.18B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.60MoperatingIncomeTax expense$0.00taxProvisionPretax income-$41.72MincomeBeforeTaxTax rate—Equity$27.98MtotalStockholderEquityDebt$633.00KshortLongTermDebtTotalCash$57.98McashInvested 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 -67.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$29.10MtotalRevenueNet PP&E—Not reportedResult — | —Capex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex—Not reportedD&A$570.00KdepreciationAndAmortizationResult — | —Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares663,512commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.50MebitdaCapex—Not reportedInterest—Not reportedShort-term debt—Not reportedResult — | —Free cash flow · 2018-12-31Operating cash flow − capexOperating cash flow—Not reportedCapex—Not reportedFree cash flow—Not reportedResult — | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.83MoperatingIncomeTax expense-$312.00KincomeTaxExpensePretax income-$27.07MincomeBeforeTaxTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$30.83MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | —Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$46.28MtotalRevenueNet PP&E—Not reportedResult — | —Capex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex—Not reportedD&A$1.04MdepreciationAndAmortizationResult — | —Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares632,812commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.43MebitdaCapex—Not reportedInterest—Not reportedShort-term debt—Not reportedResult — | —Free cash flow · 2019-12-31Operating cash flow − capexOperating cash flow—Not reportedCapex—Not reportedFree cash flow—Not reportedResult — | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.16MoperatingIncomeTax expense—Not reportedPretax income-$25.47MincomeBeforeTaxTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$27.16MoperatingIncomeNet PP&E—Not reportedResult — |
| 2020 | 24.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.98MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$105.01MtotalAssetsInventory was not reported and is treated as zero.Result 24.7% | 1.13xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$29.32MtotalRevenueNet PP&E$25.98MpropertyPlantAndEquipmentNetResult 1.13x | 1.28xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.73McapitalExpendituresD&A$2.13MdepreciationAndAmortizationResult 1.28x | $45.56Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$105.01MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$73.98MtotalLiabTangible book$31.03MShares681,012commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $45.56 | —Fixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$34.94MebitdaCapex$2.73McapitalExpendituresInterest—Not reportedShort-term debt$1.03MshortTermDebtEBITDA − capex-$37.67MPrincipal due is short-term debt.Result — | -$48.62MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$45.90MtotalCashFromOperatingActivitiesCapex$2.73McapitalExpendituresFree cash flow-$48.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$48.62M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$33.92MoperatingIncomeTax expense$164.00KincomeTaxExpensePretax income-$37.07MincomeBeforeTaxTax rate—Equity$31.03MtotalStockholderEquityDebt$16.96MshortLongTermDebtTotalCash$70.44McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.31xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$33.92MoperatingIncomeNet PP&E$25.98MpropertyPlantAndEquipmentNetResult -1.31x |
| 2021 | 15.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.03MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$153.56MtotalAssetsInventory was not reported and is treated as zero.Result 15.0% | 1.36xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$31.42MtotalRevenueNet PP&E$23.03MpropertyPlantAndEquipmentNetResult 1.36x | 0.40xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$949.00KcapitalExpendituresD&A$2.37MdepreciationAndAmortizationResult 0.40x | $62.91Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$153.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$102.81MtotalLiabTangible book$50.76MShares806,837commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $62.91 | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.37MebitdaCapex$949.00KcapitalExpendituresInterest—Not reportedShort-term debt$1.05MshortTermDebtEBITDA − capex-$44.32MPrincipal due is short-term debt.Result — | -$8.61MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$7.66MtotalCashFromOperatingActivitiesCapex$949.00KcapitalExpendituresFree cash flow-$8.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.61M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$51.83MoperatingIncomeTax expense—Not reportedPretax income-$45.74MincomeBeforeTaxTax rate—Equity$50.76MtotalStockholderEquityDebt$14.89MshortLongTermDebtTotalCash$117.76McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.25xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$51.83MoperatingIncomeNet PP&E$23.03MpropertyPlantAndEquipmentNetResult -2.25x |
| 2022 | —Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$16.52MtotalAssetsResult — | —Fixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$25.90MtotalRevenueNet PP&E—Not reportedResult — | 0.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.04McapitalExpendituresD&A$2.78MdepreciationAndAmortizationResult 0.37x | -$24.91Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.52MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$39.70MtotalLiabTangible book-$23.17MShares930,352commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$24.91 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$30.50MebitdaCapex$1.04McapitalExpendituresInterest—Not reportedShort-term debt$859.00KshortTermDebtEBITDA − capex-$31.54MPrincipal due is short-term debt.Result — | -$15.88MFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow-$14.84MtotalCashFromOperatingActivitiesCapex$1.04McapitalExpendituresFree cash flow-$15.88MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$15.88M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$43.47MoperatingIncomeTax expense-$1.03MincomeTaxExpensePretax income-$33.28MincomeBeforeTaxTax rate—Equity-$23.17MtotalStockholderEquityDebt$13.10MshortLongTermDebtTotalCash$16.05McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$43.47MoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | —Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$7.55MtotalAssetsResult — | —Fixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E—Not reportedResult — | —Capex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — | -$3.06Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.55MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$11.43MtotalLiabTangible book-$3.88MShares1,268,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.06 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.69MebitdaCapex$0.00capitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$18.69MResult — | -$13.70MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$13.70MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$13.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.70M | -17.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.87MoperatingIncomeTax expense$0.00taxProvisionPretax income$18.69MincomeBeforeTaxTax rate0.0%Equity-$3.88MtotalStockholderEquityDebt$78.66MshortLongTermDebtTotalCash$7.35McashInvested capital$67.43MResult -17.6% | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$11.87MoperatingIncomeNet PP&E—Not reportedResult — |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$88.23MtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E—Not reportedResult — | —Capex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — | $28.13Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$88.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$25.63MtotalLiabTangible book$62.61MShares2,226,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $28.13 | -3.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDA-$13.12MebitdaCapex$0.00capitalExpendituresInterest$4.32MinterestExpenseEBITDA − capex-$13.12MShort-term debt was not reported, so the denominator is interest only.Result -3.04x | -$10.84MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$10.84MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$10.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.84M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.10MoperatingIncomeTax expense$0.00taxProvisionPretax income-$17.43MincomeBeforeTaxTax rate—Equity$62.61MtotalStockholderEquityDebt$11.94MshortLongTermDebtTotalCash$83.60McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$14.10MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$572.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$59.56MtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$572.00KpropertyPlantAndEquipmentNetResult 0.00x | —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — | $2.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$59.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$31.58MtotalLiabTangible book$27.98MShares11,251,250commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.49 | -5.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$35.90MebitdaCapex$0.00capitalExpendituresInterest$5.82MinterestExpenseShort-term debt$202.00KshortTermDebtEBITDA − capex-$35.90MPrincipal due is short-term debt.Result -5.96x | -$25.01MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$25.01MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$25.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.01M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.60MoperatingIncomeTax expense$0.00taxProvisionPretax income-$41.72MincomeBeforeTaxTax rate—Equity$27.98MtotalStockholderEquityDebt$633.00KshortLongTermDebtTotalCash$57.98McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -67.49xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$38.60MoperatingIncomeNet PP&E$572.00KpropertyPlantAndEquipmentNetResult -67.49x |
- 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: $572.00K
Inventory: $0.00
Total assets: $59.56M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $31.58M
Tangible book: $27.98M
Shares: 11,251,250
Revenue: $0.00
Capex: $0.00
D&A: —
EBITDA: -$35.90M
Interest: $5.82M
Short-term debt: $202.00K
Free cash flow: -$25.01M
Operating income: -$38.60M
Invested capital: —
Tax rate: —