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.
Rigel Pharmaceuticals Inc
Physical assets are 2.4% of total assets, a light footprint. Capex is 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 43.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 319.87x. Compare it with other names in the same basket.
Physical asset ratio
2.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$920.00KpropertyPlantAndEquipmentNetInventory$11.51MinventoryTotal assets$513.59MtotalAssetsResult 2.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
319.87xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$294.28MtotalRevenueNet PP&E$920.00KpropertyPlantAndEquipmentNetResult 319.87x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.42MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$513.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$24.75MintangibleAssetsLiabilities$122.11MtotalLiabTangible book$366.73MShares18,840,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $19.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.64xPrice / tangible bookPrice / tangible book per sharePrice$51.31Latest quoteTangible book / share$19.472025-12-31Result 2.64x
Price $51.31.
Fixed-charge coverage
3.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$131.56MebitdaCapex$0.00capitalExpendituresInterest$7.32MinterestExpenseShort-term debt$29.81MshortLongTermDebtEBITDA − capex$131.56MPrincipal due is the current portion of debt.Result 3.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$75.66MfreeCashFlowMarket cap$958.46MMarketCapitalizationResult 7.9%
Latest free cash flow divided by current market cap ($958.46M).
ROIC
43.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.47MoperatingIncomeTax expense-$245.20MincomeTaxExpensePretax income$121.83MincomeBeforeTaxTax rate0.0%Equity$391.48MtotalStockholderEquityDebt$53.30MshortLongTermDebtTotalCash$154.96McashAndShortTermInvestmentsInvested capital$289.83MResult 43.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 136.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.39MpropertyPlantEquipmentInventory$894.00KinventoryTotal assets$139.11MtotalAssetsResult 1.6% | 32.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$44.51MtotalRevenueNet PP&E$1.39MpropertyPlantEquipmentResult 32.09x | 1.86xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.11McapitalExpendituresD&A$594.00KdepreciationAndAmortizationResult 1.86x | $6.84Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$139.11MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$29.23MtotalLiabTangible book$109.88MShares16,053,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.84 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$72.09MebitdaCapex$1.11McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$73.20MResult — | -$59.93MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$58.83MtotalCashFromOperatingActivitiesCapex$1.11McapitalExpendituresFree cash flow-$59.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$59.93M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$72.68MoperatingIncomeTax expense$2.20MincomeTaxExpensePretax income-$70.48MincomeBeforeTaxTax rate—Equity$109.88MtotalStockholderEquityDebt—Not reportedCash$128.54McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -52.40xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$72.68MoperatingIncomeNet PP&E$1.39MpropertyPlantEquipmentResult -52.40x |
| 2019 | 19.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.87MpropertyPlantAndEquipmentNetInventory$1.35MinventoryTotal assets$147.57MtotalAssetsResult 19.8% | 2.13xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$59.29MtotalRevenueNet PP&E$27.87MpropertyPlantAndEquipmentNetResult 2.13x | 2.13xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.46McapitalExpendituresD&A$683.00KdepreciationAndAmortizationResult 2.13x | $3.21Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$147.57MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$93.75MtotalLiabTangible book$53.82MShares16,740,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.21 | -8.85xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$65.88MebitdaCapex$1.46McapitalExpendituresInterest$335.00KinterestExpenseShort-term debt$7.27MshortTermDebtEBITDA − capex-$67.33MPrincipal due is short-term debt.Result -8.85x | -$42.97MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$41.51MtotalCashFromOperatingActivitiesCapex$1.46McapitalExpendituresFree cash flow-$42.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.97M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$69.09MoperatingIncomeTax expense-$348.00KincomeTaxExpensePretax income-$66.89MincomeBeforeTaxTax rate—Equity$53.82MtotalStockholderEquityDebt$9.81MlongTermDebt + shortLongTermDebtCash$98.08McashAndShortTermInvestmentsInvested 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 — | -2.48xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$69.09MoperatingIncomeNet PP&E$27.87MpropertyPlantAndEquipmentNetResult -2.48x |
| 2020 | 20.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.57MpropertyPlantAndEquipmentNetInventory$1.64MinventoryTotal assets$110.38MtotalAssetsResult 20.1% | 5.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$108.62MtotalRevenueNet PP&E$20.57MpropertyPlantAndEquipmentNetResult 5.28x | 1.79xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.26McapitalExpendituresD&A$706.00KdepreciationAndAmortizationResult 1.79x | $2.02Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$110.38MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$76.35MtotalLiabTangible book$34.03MShares16,875,400commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.02 | -2.90xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$27.69MebitdaCapex$1.26McapitalExpendituresInterest$1.35MinterestExpenseShort-term debt$8.62MshortTermDebtEBITDA − capex-$28.95MPrincipal due is short-term debt.Result -2.90x | -$53.45MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$52.19MtotalCashFromOperatingActivitiesCapex$1.26McapitalExpendituresFree cash flow-$53.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$53.45M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.97MoperatingIncomeTax expense$647.00KincomeTaxExpensePretax income-$29.74MincomeBeforeTaxTax rate—Equity$34.03MtotalStockholderEquityDebt$19.82MlongTermDebt + shortLongTermDebtCash$57.33McashAndShortTermInvestmentsInvested 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 — | -1.41xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$28.97MoperatingIncomeNet PP&E$20.57MpropertyPlantAndEquipmentNetResult -1.41x |
| 2021 | 11.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.89MpropertyPlantEquipmentInventory$6.62MinventoryTotal assets$167.33MtotalAssetsResult 11.1% | 12.55xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$149.24MtotalRevenueNet PP&E$11.89MpropertyPlantEquipmentResult 12.55x | 0.54xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$627.00KcapitalExpendituresD&A$1.16MdepreciationAndAmortizationResult 0.54x | $1.78Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$167.33MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$136.95MtotalLiabTangible book$30.37MShares17,049,200commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.78 | -0.81xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$11.29MebitdaCapex$627.00KcapitalExpendituresInterest$4.86MinterestExpenseShort-term debt$9.89MshortTermDebtEBITDA − capex-$11.91MPrincipal due is short-term debt.Result -0.81x | $5.25MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$5.88MtotalCashFromOperatingActivitiesCapex$627.00KcapitalExpendituresFree cash flow$5.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.25M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.50MoperatingIncomeTax expense$605.00KincomeTaxExpensePretax income-$17.31MincomeBeforeTaxTax rate—Equity$30.37MtotalStockholderEquityDebt$19.91MlongTermDebt + shortLongTermDebtCash$124.97McashAndShortTermInvestmentsInvested 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 — | -1.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$12.50MoperatingIncomeNet PP&E$11.89MpropertyPlantEquipmentResult -1.05x |
| 2022 | 8.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.79MpropertyPlantAndEquipmentNetInventory$9.12MinventoryTotal assets$134.28MtotalAssetsResult 8.9% | 43.14xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$120.24MtotalRevenueNet PP&E$2.79MpropertyPlantAndEquipmentNetResult 43.14x | 0.45xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$450.00KcapitalExpendituresD&A$998.00KdepreciationAndAmortizationResult 0.45x | -$1.66Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$134.28MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$14.95MintangibleAssetsLiabilities$147.90MtotalLiabTangible book-$28.57MShares17,240,600commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$1.66 | -11.22xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$53.87MebitdaCapex$450.00KcapitalExpendituresInterest$3.71MinterestExpenseShort-term debt$1.13MshortTermDebtEBITDA − capex-$54.32MPrincipal due is short-term debt.Result -11.22x | -$74.21MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$73.76MtotalCashFromOperatingActivitiesCapex$450.00KcapitalExpendituresFree cash flow-$74.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$74.21M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$55.55MoperatingIncomeTax expense$3.02MincomeTaxExpensePretax income-$58.57MincomeBeforeTaxTax rate—Equity-$13.62MtotalStockholderEquityDebt$41.55MshortLongTermDebtTotalCash$58.21McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -19.93xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$55.55MoperatingIncomeNet PP&E$2.79MpropertyPlantAndEquipmentNetResult -19.93x |
| 2023 | 5.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.03MpropertyPlantAndEquipmentNetInventory$5.52MinventoryTotal assets$117.23MtotalAssetsResult 5.6% | 113.92xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$116.88MtotalRevenueNet PP&E$1.03MpropertyPlantAndEquipmentNetResult 113.92x | 12.12xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$15.00McapitalExpendituresD&A$1.24MdepreciationAndAmortizationResult 12.12x | -$2.44Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$13.88MintangibleAssetsLiabilities$145.87MtotalLiabTangible book-$42.52MShares17,401,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$2.44 | -2.27xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$16.98MebitdaCapex$15.00McapitalExpendituresInterest$6.87MinterestExpenseShort-term debt$7.23MshortLongTermDebtEBITDA − capex-$31.98MPrincipal due is the current portion of debt.Result -2.27x | -$20.74MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$5.74MtotalCashFromOperatingActivitiesCapex$15.00McapitalExpendituresFree cash flow-$20.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.74M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.49MoperatingIncomeTax expense$2.27MincomeTaxExpensePretax income-$25.09MincomeBeforeTaxTax rate—Equity-$28.64MtotalStockholderEquityDebt$60.58MshortLongTermDebtTotalCash$56.93McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -19.97xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$20.49MoperatingIncomeNet PP&E$1.03MpropertyPlantAndEquipmentNetResult -19.97x |
| 2024 | 3.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$338.00KpropertyPlantAndEquipmentNetInventory$6.00MinventoryTotal assets$163.98MtotalAssetsResult 3.9% | 530.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$179.28MtotalRevenueNet PP&E$338.00KpropertyPlantAndEquipmentNetResult 530.41x | 0.18xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$396.00KcapitalExpendituresD&A$2.23MdepreciationAndAmortizationResult 0.18x | -$1.35Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$163.98MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$27.10MintangibleAssetsLiabilities$160.69MtotalLiabTangible book-$23.81MShares17,687,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$1.35 | 1.85xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.51MebitdaCapex$396.00KcapitalExpendituresInterest$7.92MinterestExpenseShort-term debt$7.27MshortLongTermDebtEBITDA − capex$28.12MPrincipal due is the current portion of debt.Result 1.85x | $31.08MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$31.47MtotalCashFromOperatingActivitiesCapex$396.00KcapitalExpendituresFree cash flow$31.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.08M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.19MoperatingIncomeTax expense$881.00KincomeTaxExpensePretax income$18.37MincomeBeforeTaxTax rate4.8%Equity$3.29MtotalStockholderEquityDebt$59.97MshortLongTermDebtTotalCash$77.32McashAndShortTermInvestmentsInvested capital—Result — | 71.57xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$24.19MoperatingIncomeNet PP&E$338.00KpropertyPlantAndEquipmentNetResult 71.57x |
| 2025 | 2.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$920.00KpropertyPlantAndEquipmentNetInventory$11.51MinventoryTotal assets$513.59MtotalAssetsResult 2.4% | 319.87xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$294.28MtotalRevenueNet PP&E$920.00KpropertyPlantAndEquipmentNetResult 319.87x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.42MdepreciationAndAmortizationResult 0.00x | $19.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$513.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$24.75MintangibleAssetsLiabilities$122.11MtotalLiabTangible book$366.73MShares18,840,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $19.47 | 3.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$131.56MebitdaCapex$0.00capitalExpendituresInterest$7.32MinterestExpenseShort-term debt$29.81MshortLongTermDebtEBITDA − capex$131.56MPrincipal due is the current portion of debt.Result 3.54x | $75.66MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$75.66MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$75.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $75.66M | 43.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.47MoperatingIncomeTax expense-$245.20MincomeTaxExpensePretax income$121.83MincomeBeforeTaxTax rate0.0%Equity$391.48MtotalStockholderEquityDebt$53.30MshortLongTermDebtTotalCash$154.96McashAndShortTermInvestmentsInvested capital$289.83MResult 43.3% | 136.38xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$125.47MoperatingIncomeNet PP&E$920.00KpropertyPlantAndEquipmentNetResult 136.38x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $920.00K
Inventory: $11.51M
Total assets: $513.59M
Goodwill: $0.00
Intangibles: $24.75M
Liabilities: $122.11M
Tangible book: $366.73M
Shares: 18,840,000
Revenue: $294.28M
Capex: $0.00
D&A: $2.42M
EBITDA: $131.56M
Interest: $7.32M
Short-term debt: $29.81M
Free cash flow: $75.66M
Operating income: $125.47M
Invested capital: $289.83M
Tax rate: 0.0%