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.
Soleno Therapeutics Inc
Physical assets are 3.1% of total assets, a light footprint. Capex is 0.04x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 80.14x. Compare it with other names in the same basket.
Physical asset ratio
3.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.38MpropertyPlantAndEquipmentNetInventory$15.02MinventoryTotal assets$563.83MtotalAssetsResult 3.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
80.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$190.41MtotalRevenueNet PP&E$2.38MpropertyPlantAndEquipmentNetResult 80.14x
Revenue per dollar of the physical asset base.
Capex / D&A
0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$73.00KcapitalExpendituresD&A$2.02MdepreciationAndAmortizationResult 0.04x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.20Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$563.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.86MintangibleAssetsLiabilities$113.72MtotalLiabTangible book$445.25MShares54,331,407commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.20
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$8.202025-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
4.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.38MebitdaCapex$73.00KcapitalExpendituresInterest$5.48MinterestExpenseShort-term debt$726.00KshortTermDebtEBITDA − capex$28.31MPrincipal due is short-term debt.Result 4.56x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$46.73MfreeCashFlowMarket cap$2.76BMarketCapitalizationResult 1.7%
Latest free cash flow divided by current market cap ($2.76B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.95MoperatingIncomeTax expense—Not reportedPretax income$20.89MincomeBeforeTaxTax rate—Equity$450.12MtotalStockholderEquityDebt$2.69MshortLongTermDebtTotalCash$305.47McashAndShortTermInvestmentsInvested capital$147.33MROIC 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 6.29x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$43.15MtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 0.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$12.00KpropertyPlantEquipmentResult 0.00x | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$8.00KcapitalExpendituresD&A$1.92MdepreciationAndAmortizationResult 0.00x | $8.54Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43.15MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$18.47MintangibleAssetsLiabilities$12.74MtotalLiabTangible book$11.94MShares1,398,365commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.54 | -160.16xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA-$9.92MebitdaCapex$8.00KcapitalExpendituresInterest$62.00KinterestExpenseEBITDA − capex-$9.93MShort-term debt was not reported, so the denominator is interest only.Result -160.16x | -$11.69MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$11.68MtotalCashFromOperatingActivitiesCapex$8.00KcapitalExpendituresFree cash flow-$11.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.69M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.30MoperatingIncomeTax expense$2.52MincomeTaxExpensePretax income-$11.84MincomeBeforeTaxTax rate—Equity$30.41MtotalStockholderEquityDebt—Not reportedCash$24.08McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1,191.75xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$14.30MoperatingIncomeNet PP&E$12.00KpropertyPlantEquipmentResult -1,191.75x |
| 2019 | 1.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$444.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$38.17MtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 0.00xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$444.00KpropertyPlantAndEquipmentNetResult 0.00x | 0.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$21.00KcapitalExpendituresD&A$2.30MdepreciationAndAmortizationResult 0.01x | -$0.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.17MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$16.53MintangibleAssetsLiabilities$23.23MtotalLiabTangible book-$1.58MShares2,276,165commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.69 | -93.44xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$28.48MebitdaCapex$21.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$305.00KshortTermDebtEBITDA − capex-$28.50MPrincipal due is short-term debt.Result -93.44x | -$17.40MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$17.38MtotalCashFromOperatingActivitiesCapex$21.00KcapitalExpendituresFree cash flow-$17.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.40M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$23.20MoperatingIncomeTax expense$5.14MincomeTaxExpensePretax income-$30.77MincomeBeforeTaxTax rate—Equity$14.95MtotalStockholderEquityDebt$313.00KshortLongTermDebtTotalCash$20.73McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -52.25xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$23.20MoperatingIncomeNet PP&E$444.00KpropertyPlantAndEquipmentNetResult -52.25x |
| 2020 | 0.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$158.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$64.98MtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 0.00xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$158.00KpropertyPlantAndEquipmentNetResult 0.00x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.00KcapitalExpendituresD&A$2.19MdepreciationAndAmortizationResult 0.00x | $7.42Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$64.98MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$14.58MintangibleAssetsLiabilities$19.44MtotalLiabTangible book$30.97MShares4,174,682commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $7.42 | -161.53xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$22.45MebitdaCapex$7.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$139.00KshortTermDebtEBITDA − capex-$22.45MPrincipal due is short-term debt.Result -161.53x | -$25.23MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$25.22MtotalCashFromOperatingActivitiesCapex$7.00KcapitalExpendituresFree cash flow-$25.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.23M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$31.95MoperatingIncomeTax expense-$9.26MincomeTaxExpensePretax income-$24.64MincomeBeforeTaxTax rate—Equity$45.55MtotalStockholderEquityDebt$139.00KshortLongTermDebtTotalCash$49.22McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -202.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$31.95MoperatingIncomeNet PP&E$158.00KpropertyPlantAndEquipmentNetResult -202.21x |
| 2021 | 1.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$454.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$35.55MtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$454.00KpropertyPlantEquipmentResult 0.00x | 0.01xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$22.00KcapitalExpendituresD&A$1.96MdepreciationAndAmortizationResult 0.01x | $0.97Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.55MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$12.64MintangibleAssetsLiabilities$17.76MtotalLiabTangible book$5.16MShares5,318,022commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.97 | -33.69xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$30.30MebitdaCapex$22.00KcapitalExpendituresInterest$618.00KinterestExpenseShort-term debt$282.00KshortTermDebtEBITDA − capex-$30.32MPrincipal due is short-term debt.Result -33.69x | -$27.79MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$27.77MtotalCashFromOperatingActivitiesCapex$22.00KcapitalExpendituresFree cash flow-$27.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$27.79M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$31.53MoperatingIncomeTax expense-$1.35MincomeTaxExpensePretax income-$30.91MincomeBeforeTaxTax rate—Equity$17.79MtotalStockholderEquityDebt$457.00KshortLongTermDebtTotalCash$21.30McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -69.44xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$31.53MoperatingIncomeNet PP&E$454.00KpropertyPlantEquipmentResult -69.44x |
| 2022 | 0.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$157.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$26.50MtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 0.00xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$157.00KpropertyPlantEquipmentResult 0.00x | 0.01xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$13.00KcapitalExpendituresD&A$1.96MdepreciationAndAmortizationResult 0.01x | -$0.04Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.50MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.69MintangibleAssetsLiabilities$16.15MtotalLiabTangible book-$345.00KShares8,397,088commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.04 | -45.60xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$22.10MebitdaCapex$13.00KcapitalExpendituresInterest$330.00KinterestExpenseShort-term debt$155.00KshortTermDebtEBITDA − capex-$22.12MPrincipal due is short-term debt.Result -45.60x | -$20.79MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$20.78MtotalCashFromOperatingActivitiesCapex$13.00KcapitalExpendituresFree cash flow-$20.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.79M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.40MoperatingIncomeTax expense-$3.75MincomeTaxExpensePretax income-$24.07MincomeBeforeTaxTax rate—Equity$10.35MtotalStockholderEquityDebt$155.00KshortLongTermDebtTotalCash$14.60McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -155.39xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$24.40MoperatingIncomeNet PP&E$157.00KpropertyPlantEquipmentResult -155.39x |
| 2023 | 0.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$419.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$180.69MtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 0.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$419.00KpropertyPlantAndEquipmentNetResult 0.00x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$1.96MdepreciationAndAmortizationResult 0.00x | $9.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$180.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$8.75MintangibleAssetsLiabilities$23.18MtotalLiabTangible book$148.76MShares16,492,132commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.02 | -135.64xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$37.03MebitdaCapex$0.00capitalExpendituresInterest$0.00interestExpenseShort-term debt$273.00KshortTermDebtEBITDA − capex-$37.03MPrincipal due is short-term debt.Result -135.64x | -$24.94MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$24.94MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$24.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.94M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$41.38MoperatingIncomeTax expense$2.71MincomeTaxExpensePretax income-$38.99MincomeBeforeTaxTax rate—Equity$157.51MtotalStockholderEquityDebt$403.00KshortLongTermDebtTotalCash$169.68McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -98.77xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$41.38MoperatingIncomeNet PP&E$419.00KpropertyPlantAndEquipmentNetResult -98.77x |
| 2024 | 0.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.98MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$330.97MtotalAssetsResult 0.9% | 0.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$2.98MpropertyPlantAndEquipmentNetResult 0.00x | 0.11xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$218.00KcapitalExpendituresD&A$1.99MdepreciationAndAmortizationResult 0.11x | $5.93Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$330.97MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.81MintangibleAssetsLiabilities$85.86MtotalLiabTangible book$238.31MShares40,175,926commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.93 | -229.66xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$173.63MebitdaCapex$218.00KcapitalExpendituresInterest$231.00KinterestExpenseShort-term debt$526.00KshortTermDebtEBITDA − capex-$173.85MPrincipal due is short-term debt.Result -229.66x | -$69.31MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$69.10MtotalCashFromOperatingActivitiesCapex$218.00KcapitalExpendituresFree cash flow-$69.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$69.31M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$187.67MoperatingIncomeTax expense-$175.85MincomeTaxExpensePretax income-$175.85MincomeBeforeTaxTax rate—Equity$245.11MtotalStockholderEquityDebt$52.83MshortLongTermDebtTotalCash$291.44McashAndShortTermInvestmentsInvested capital$6.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -62.89xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$187.67MoperatingIncomeNet PP&E$2.98MpropertyPlantAndEquipmentNetResult -62.89x |
| 2025 | 3.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.38MpropertyPlantAndEquipmentNetInventory$15.02MinventoryTotal assets$563.83MtotalAssetsResult 3.1% | 80.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$190.41MtotalRevenueNet PP&E$2.38MpropertyPlantAndEquipmentNetResult 80.14x | 0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$73.00KcapitalExpendituresD&A$2.02MdepreciationAndAmortizationResult 0.04x | $8.20Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$563.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.86MintangibleAssetsLiabilities$113.72MtotalLiabTangible book$445.25MShares54,331,407commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.20 | 4.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.38MebitdaCapex$73.00KcapitalExpendituresInterest$5.48MinterestExpenseShort-term debt$726.00KshortTermDebtEBITDA − capex$28.31MPrincipal due is short-term debt.Result 4.56x | $46.73MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$46.80MtotalCashFromOperatingActivitiesCapex$73.00KcapitalExpendituresFree cash flow$46.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $46.73M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.95MoperatingIncomeTax expense—Not reportedPretax income$20.89MincomeBeforeTaxTax rate—Equity$450.12MtotalStockholderEquityDebt$2.69MshortLongTermDebtTotalCash$305.47McashAndShortTermInvestmentsInvested capital$147.33MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 6.29xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$14.95MoperatingIncomeNet PP&E$2.38MpropertyPlantAndEquipmentNetResult 6.29x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.38M
Inventory: $15.02M
Total assets: $563.83M
Goodwill: $0.00
Intangibles: $4.86M
Liabilities: $113.72M
Tangible book: $445.25M
Shares: 54,331,407
Revenue: $190.41M
Capex: $73.00K
D&A: $2.02M
EBITDA: $28.38M
Interest: $5.48M
Short-term debt: $726.00K
Free cash flow: $46.73M
Operating income: $14.95M
Invested capital: $147.33M
Tax rate: —