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.
Serve Robotics Inc. Common Stock
Physical assets are 14.2% of total assets, a light footprint. Capex is 4.55x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -74.40x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.05x.
Physical asset ratio
14.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.38MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$367.75MtotalAssetsResult 14.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.65MtotalRevenueNet PP&E$52.38MpropertyPlantAndEquipmentNetResult 0.05x
Revenue per dollar of the physical asset base.
Capex / D&A
4.55xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$37.33McapitalExpendituresD&A$8.21MdepreciationAndAmortizationResult 4.55x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$367.75MtotalAssetsGoodwill$15.53MgoodWillIntangibles$31.31MintangibleAssetsLiabilities$17.01MtotalLiabTangible book$303.90MShares62,284,449commonStockSharesOutstandingResult $4.88
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.53xPrice / tangible bookPrice / tangible book per sharePrice$2.60Latest quoteTangible book / share$4.882025-12-31Result 0.53x
Price $2.60.
Fixed-charge coverage
-74.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$96.80MebitdaCapex$37.33McapitalExpendituresInterest$3.00KinterestExpenseShort-term debt$1.80MshortTermDebtEBITDA − capex-$134.14MPrincipal due is short-term debt.Result -74.40x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-52.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$117.57MfreeCashFlowMarket cap$225.44MMarketCapitalizationResult -52.2%
Latest free cash flow divided by current market cap ($225.44M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$112.77MoperatingIncomeTax expense-$3.66MincomeTaxExpensePretax income-$105.02MincomeBeforeTaxTax rate—Equity$350.74MtotalStockholderEquityDebt$5.25MshortLongTermDebtTotalCash$233.41McashAndShortTermInvestmentsInvested capital$122.59MROIC 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 -2.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | 6.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$119.62KpropertyPlantAndEquipmentNetInventory$463.42KinventoryTotal assets$8.66MtotalAssetsResult 6.7% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$119.62KpropertyPlantAndEquipmentNetResult 0.00x | 3.82xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$162.09KcapitalExpendituresD&A$42.47KdepreciationAndAmortizationResult 3.82x | $0.23Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$336.31KtotalLiabTangible book$8.32MShares36,940,918commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.23 | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$21.62MebitdaCapex$162.09KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$21.79MResult — | -$10.87MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$10.71MtotalCashFromOperatingActivitiesCapex$162.09KcapitalExpendituresFree cash flow-$10.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.87M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.62MoperatingIncomeTax expense-$194.09KincomeTaxExpensePretax income-$21.67MincomeBeforeTaxTax rate—Equity$8.32MtotalStockholderEquityDebt—Not reportedCash$7.97McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -88.80xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$10.62MoperatingIncomeNet PP&E$119.62KpropertyPlantAndEquipmentNetResult -88.80x |
| 2022 | 61.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.59MpropertyPlantAndEquipmentNetInventory$618.26KinventoryTotal assets$8.54MtotalAssetsResult 61.0% | 0.02xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$107.82KtotalRevenueNet PP&E$4.59MpropertyPlantAndEquipmentNetResult 0.02x | 9.39xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$3.64McapitalExpendituresD&A$388.14KdepreciationAndAmortizationResult 9.39x | -$0.34Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.54MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$21.00MtotalLiabTangible book-$12.45MShares36,940,918commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.34 | -14.96xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$20.83MebitdaCapex$3.64McapitalExpendituresInterest$636.33KinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex-$24.48MPrincipal due is the current portion of debt.Result -14.96x | -$25.05MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$21.40MtotalCashFromOperatingActivitiesCapex$3.64McapitalExpendituresFree cash flow-$25.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.05M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.95MoperatingIncomeTax expense$636.33KincomeTaxExpensePretax income-$21.86MincomeBeforeTaxTax rate—Equity-$12.45MtotalStockholderEquityDebt$2.21MlongTermDebt + shortLongTermDebtCash$2.72McashInvested 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 — | -4.56xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$20.95MoperatingIncomeNet PP&E$4.59MpropertyPlantAndEquipmentNetResult -4.56x |
| 2023 | 57.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$830.86KpropertyPlantAndEquipmentNetInventory$774.35KinventoryTotal assets$2.80MtotalAssetsResult 57.2% | 0.25xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$207.55KtotalRevenueNet PP&E$830.86KpropertyPlantAndEquipmentNetResult 0.25x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.91KcapitalExpendituresD&A$1.86MdepreciationAndAmortizationResult 0.00x | -$0.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.80MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.84MtotalLiabTangible book-$4.03MShares36,940,918commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.11 | -5.22xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$17.39MebitdaCapex$4.91KcapitalExpendituresInterest$2.26MinterestExpenseShort-term debt$1.07MshortLongTermDebtEBITDA − capex-$17.40MPrincipal due is the current portion of debt.Result -5.22x | -$15.98MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$15.97MtotalCashFromOperatingActivitiesCapex$4.91KcapitalExpendituresFree cash flow-$15.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$15.98M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.73MoperatingIncomeTax expense$2.26MincomeTaxExpensePretax income-$24.81MincomeBeforeTaxTax rate—Equity-$4.03MtotalStockholderEquityDebt$1.30MlongTermDebt + shortLongTermDebtCash$6.76KcashInvested 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 — | -24.95xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$20.73MoperatingIncomeNet PP&E$830.86KpropertyPlantAndEquipmentNetResult -24.95x |
| 2024 | 10.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.77MpropertyPlantAndEquipmentNetInventory$309.71KinventoryTotal assets$139.60MtotalAssetsResult 10.1% | 0.13xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.81MtotalRevenueNet PP&E$13.77MpropertyPlantAndEquipmentNetResult 0.13x | 33.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$10.25McapitalExpendituresD&A$309.71KdepreciationAndAmortizationResult 33.10x | $3.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$139.60MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$7.92MtotalLiabTangible book$131.68MShares36,658,834commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $3.59 | -25.35xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$38.20MebitdaCapex$10.25McapitalExpendituresInterest$680.55KinterestExpenseShort-term debt$1.23MshortTermDebtEBITDA − capex-$48.45MPrincipal due is short-term debt.Result -25.35x | -$31.79MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$21.54MtotalCashFromOperatingActivitiesCapex$10.25McapitalExpendituresFree cash flow-$31.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$31.79M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.29MoperatingIncomeTax expense$0.00taxProvisionPretax income-$39.19MincomeBeforeTaxTax rate—Equity$131.68MtotalStockholderEquityDebt$2.34MshortLongTermDebtTotalCash$123.27McashInvested capital$10.76MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.78xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$38.29MoperatingIncomeNet PP&E$13.77MpropertyPlantAndEquipmentNetResult -2.78x |
| 2025 | 14.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.38MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$367.75MtotalAssetsResult 14.2% | 0.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.65MtotalRevenueNet PP&E$52.38MpropertyPlantAndEquipmentNetResult 0.05x | 4.55xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$37.33McapitalExpendituresD&A$8.21MdepreciationAndAmortizationResult 4.55x | $4.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$367.75MtotalAssetsGoodwill$15.53MgoodWillIntangibles$31.31MintangibleAssetsLiabilities$17.01MtotalLiabTangible book$303.90MShares62,284,449commonStockSharesOutstandingResult $4.88 | -74.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$96.80MebitdaCapex$37.33McapitalExpendituresInterest$3.00KinterestExpenseShort-term debt$1.80MshortTermDebtEBITDA − capex-$134.14MPrincipal due is short-term debt.Result -74.40x | -$117.57MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$80.24MtotalCashFromOperatingActivitiesCapex$37.33McapitalExpendituresFree cash flow-$117.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$117.57M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$112.77MoperatingIncomeTax expense-$3.66MincomeTaxExpensePretax income-$105.02MincomeBeforeTaxTax rate—Equity$350.74MtotalStockholderEquityDebt$5.25MshortLongTermDebtTotalCash$233.41McashAndShortTermInvestmentsInvested capital$122.59MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$112.77MoperatingIncomeNet PP&E$52.38MpropertyPlantAndEquipmentNetResult -2.15x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $52.38M
Inventory: $0.00
Total assets: $367.75M
Goodwill: $15.53M
Intangibles: $31.31M
Liabilities: $17.01M
Tangible book: $303.90M
Shares: 62,284,449
Revenue: $2.65M
Capex: $37.33M
D&A: $8.21M
EBITDA: -$96.80M
Interest: $3.00K
Short-term debt: $1.80M
Free cash flow: -$117.57M
Operating income: -$112.77M
Invested capital: $122.59M
Tax rate: —