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.
Spero Therapeutics Inc
Physical assets are 2.1% of total assets, a light footprint. ROIC is -0.1%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 40.28x. Compare it with other names in the same basket.
Physical asset ratio
2.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.48MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$68.92MtotalAssetsInventory was not reported and is treated as zero.Result 2.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
40.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$59.62MtotalRevenueNet PP&E$1.48MpropertyPlantAndEquipmentNetResult 40.28x
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—reconciledDepreciationResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$68.92MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$9.90MtotalLiabTangible book$59.02MShares59,039,225commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.00
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.11xPrice / tangible bookPrice / tangible book per sharePrice$1.11Latest quoteTangible book / share$1.002025-12-31Result 1.11x
Price $1.11.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.83MebitdaCapex$0.00capitalExpendituresInterest—Not reportedShort-term debt$1.96MshortTermDebtEBITDA − capex$8.83MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-18.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$12.62MfreeCashFlowMarket cap$68.13MMarketCapitalizationResult -18.5%
Latest free cash flow divided by current market cap ($68.13M).
ROIC
-0.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.00KoperatingIncomeTax expense$261.00KincomeTaxExpensePretax income$8.83MincomeBeforeTaxTax rate3.0%Equity$59.02MtotalStockholderEquityDebt$2.90MshortLongTermDebtTotalCash$40.27McashInvested capital$21.65MResult -0.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -4.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.89MpropertyPlantEquipmentInventory-$8.78MinventoryTotal assets$129.01MtotalAssetsResult -4.6% | 1.37xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.97MtotalRevenueNet PP&E$2.89MpropertyPlantEquipmentResult 1.37x | 5.96xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.44McapitalExpendituresD&A$409.00KdepreciationAndAmortizationResult 5.96x | $7.24Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$129.01MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$13.15MtotalLiabTangible book$115.86MShares16,001,832commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.24 | -85.23xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$42.40MebitdaCapex$2.44McapitalExpendituresInterest$303.00KinterestExpenseShort-term debt$223.00KshortTermDebtEBITDA − capex-$44.83MPrincipal due is short-term debt.Result -85.23x | -$42.06MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$39.63MtotalCashFromOperatingActivitiesCapex$2.44McapitalExpendituresFree cash flow-$42.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.06M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$42.81MoperatingIncomeTax expense$1.14MincomeTaxExpensePretax income-$41.66MincomeBeforeTaxTax rate—Equity$115.86MtotalStockholderEquityDebt—Not reportedCash$115.44McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -14.80xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$42.81MoperatingIncomeNet PP&E$2.89MpropertyPlantEquipmentResult -14.80x |
| 2019 | -5.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.15MpropertyPlantEquipmentInventory-$13.37MinventoryTotal assets$106.10MtotalAssetsResult -5.9% | 0.66xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.74MtotalRevenueNet PP&E$7.15MpropertyPlantEquipmentResult 0.66x | 0.42xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$314.00KcapitalExpendituresD&A$750.00KdepreciationAndAmortizationResult 0.42x | $4.11Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$106.10MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$31.53MtotalLiabTangible book$74.57MShares18,160,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.11 | -67.65xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$62.47MebitdaCapex$314.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$928.00KshortTermDebtEBITDA − capex-$62.78MPrincipal due is short-term debt.Result -67.65x | -$50.33MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$50.02MtotalCashFromOperatingActivitiesCapex$314.00KcapitalExpendituresFree cash flow-$50.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$50.33M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$63.22MoperatingIncomeTax expense-$750.00KincomeTaxExpensePretax income-$60.93MincomeBeforeTaxTax rate—Equity$74.57MtotalStockholderEquityDebt$249.00KlongTermDebt + shortLongTermDebtCash$82.05McashAndShortTermInvestmentsInvested 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 — | -8.84xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$63.22MoperatingIncomeNet PP&E$7.15MpropertyPlantEquipmentResult -8.84x |
| 2020 | -2.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.78MpropertyPlantAndEquipmentNetInventory-$12.24MinventoryTotal assets$153.45MtotalAssetsResult -2.3% | 1.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$9.33MtotalRevenueNet PP&E$8.78MpropertyPlantAndEquipmentNetResult 1.06x | 0.21xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$157.00KcapitalExpendituresD&A$761.00KdepreciationAndAmortizationResult 0.21x | $5.90Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$153.45MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$21.41MtotalLiabTangible book$132.04MShares22,386,122commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.90 | -82.90xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$78.35MebitdaCapex$157.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$947.00KshortTermDebtEBITDA − capex-$78.51MPrincipal due is short-term debt.Result -82.90x | -$86.03MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$85.87MtotalCashFromOperatingActivitiesCapex$157.00KcapitalExpendituresFree cash flow-$86.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$86.03M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$79.11MoperatingIncomeTax expense-$761.00KincomeTaxExpensePretax income-$78.28MincomeBeforeTaxTax rate—Equity$132.04MtotalStockholderEquityDebt$177.00KlongTermDebt + shortLongTermDebtCash$126.91McashAndShortTermInvestmentsInvested capital$5.31MReported 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 — | -9.01xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$79.11MoperatingIncomeNet PP&E$8.78MpropertyPlantAndEquipmentNetResult -9.01x |
| 2021 | 4.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.56MpropertyPlantEquipmentInventory-$361.00KinventoryTotal assets$171.07MtotalAssetsResult 4.2% | 0.41xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.07MtotalRevenueNet PP&E$7.56MpropertyPlantEquipmentResult 0.41x | 99.61xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$64.35McapitalExpendituresD&A$646.00KdepreciationAndAmortizationResult 99.61x | $2.86Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$171.07MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$82.78MtotalLiabTangible book$88.29MShares30,895,756commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.86 | -45.89xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$87.17MebitdaCapex$64.35McapitalExpendituresInterest$1.94MinterestExpenseShort-term debt$1.36MshortTermDebtEBITDA − capex-$151.52MPrincipal due is short-term debt.Result -45.89x | -$128.69MFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow-$64.35MtotalCashFromOperatingActivitiesCapex$64.35McapitalExpendituresFree cash flow-$128.69MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$128.69M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$87.97MoperatingIncomeTax expense$1.55MincomeTaxExpensePretax income-$89.76MincomeBeforeTaxTax rate—Equity$88.29MtotalStockholderEquityDebt$7.34MshortLongTermDebtTotalCash$146.40McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -11.64xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$87.97MoperatingIncomeNet PP&E$7.56MpropertyPlantEquipmentResult -11.64x |
| 2022 | 0.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.49MpropertyPlantEquipmentInventory-$4.46MinventoryTotal assets$124.80MtotalAssetsResult 0.8% | 8.85xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$48.58MtotalRevenueNet PP&E$5.49MpropertyPlantEquipmentResult 8.85x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$869.00KdepreciationAndAmortizationResult 0.00x | $2.02Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$124.80MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$48.87MtotalLiabTangible book$75.93MShares37,585,075commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.02 | -10.00xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$42.94MebitdaCapex$0.00capitalExpendituresInterest$2.61MinterestExpenseShort-term debt$1.69MshortTermDebtEBITDA − capex-$42.94MPrincipal due is short-term debt.Result -10.00x | -$7.73MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$7.73MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$7.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.73M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$42.20MoperatingIncomeTax expense$1.61MincomeTaxExpensePretax income-$46.42MincomeBeforeTaxTax rate—Equity$75.93MtotalStockholderEquityDebt$6.65MshortLongTermDebtTotalCash$109.11McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.68xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$42.20MoperatingIncomeNet PP&E$5.49MpropertyPlantEquipmentResult -7.68x |
| 2023 | 2.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.16MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$182.39MtotalAssetsResult 2.3% | 24.97xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$103.78MtotalRevenueNet PP&E$4.16MpropertyPlantAndEquipmentNetResult 24.97x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$367.00KdepreciationAndAmortizationResult 0.00x | $2.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$182.39MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$75.50MtotalLiabTangible book$106.89MShares52,989,030commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.02 | 15.81xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.15MebitdaCapex$0.00capitalExpendituresInterest$0.00interestExpenseShort-term debt$1.72MshortTermDebtEBITDA − capex$27.15MPrincipal due is short-term debt.Result 15.81x | -$33.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$33.00MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$33.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.00M | 53.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.48MoperatingIncomeTax expense$2.60MincomeTaxExpensePretax income$25.40MincomeBeforeTaxTax rate10.2%Equity$106.89MtotalStockholderEquityDebt$5.54MshortLongTermDebtTotalCash$76.33McashInvested capital$36.10MResult 53.4% | 5.17xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$21.48MoperatingIncomeNet PP&E$4.16MpropertyPlantAndEquipmentNetResult 5.17x |
| 2024 | 2.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.11MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$110.54MtotalAssetsInventory was not reported and is treated as zero.Result 2.8% | 15.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$47.98MtotalRevenueNet PP&E$3.11MpropertyPlantAndEquipmentNetResult 15.41x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.00KdepreciationAndAmortizationResult 0.00x | $0.85Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$110.54MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$64.42MtotalLiabTangible book$46.12MShares54,037,917commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.85 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$72.48MebitdaCapex$0.00capitalExpendituresInterest—Not reportedShort-term debt$1.75MshortTermDebtEBITDA − capex-$72.48MPrincipal due is short-term debt.Result — | -$23.44MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$23.44MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$23.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$23.44M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$73.36MoperatingIncomeTax expense$0.00taxProvisionPretax income-$68.57MincomeBeforeTaxTax rate—Equity$46.12MtotalStockholderEquityDebt$4.30MshortLongTermDebtTotalCash$52.89McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -23.56xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$73.36MoperatingIncomeNet PP&E$3.11MpropertyPlantAndEquipmentNetResult -23.56x |
| 2025 | 2.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.48MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$68.92MtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 40.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$59.62MtotalRevenueNet PP&E$1.48MpropertyPlantAndEquipmentNetResult 40.28x | —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—reconciledDepreciationResult — | $1.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$68.92MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$9.90MtotalLiabTangible book$59.02MShares59,039,225commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.00 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.83MebitdaCapex$0.00capitalExpendituresInterest—Not reportedShort-term debt$1.96MshortTermDebtEBITDA − capex$8.83MPrincipal due is short-term debt.Result — | -$12.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$12.62MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$12.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$12.62M | -0.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.00KoperatingIncomeTax expense$261.00KincomeTaxExpensePretax income$8.83MincomeBeforeTaxTax rate3.0%Equity$59.02MtotalStockholderEquityDebt$2.90MshortLongTermDebtTotalCash$40.27McashInvested capital$21.65MResult -0.1% | -0.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$24.00KoperatingIncomeNet PP&E$1.48MpropertyPlantAndEquipmentNetResult -0.02x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $1.48M
Inventory: $0.00
Total assets: $68.92M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $9.90M
Tangible book: $59.02M
Shares: 59,039,225
Revenue: $59.62M
Capex: $0.00
D&A: —
EBITDA: $8.83M
Interest: —
Short-term debt: $1.96M
Free cash flow: -$12.62M
Operating income: -$24.00K
Invested capital: $21.65M
Tax rate: 3.0%