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.
Tarsus Pharmaceuticals Inc
Physical assets are 4.6% of total assets, a light footprint. Capex is 5.43x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -2.11x, which is below 1.
Fixed-asset turnover is 20.76x. Compare it with other names in the same basket.
Physical asset ratio
4.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.75MpropertyPlantAndEquipmentNetInventory$4.37MinventoryTotal assets$562.16MtotalAssetsResult 4.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
20.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$451.36MtotalRevenueNet PP&E$21.75MpropertyPlantAndEquipmentNetResult 20.76x
Revenue per dollar of the physical asset base.
Capex / D&A
5.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$9.86McapitalExpendituresD&A$1.82MdepreciationAndAmortizationResult 5.43x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$562.16MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.37MintangibleAssetsLiabilities$218.73MtotalLiabTangible book$336.06MShares41,784,014commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.23xPrice / tangible bookPrice / tangible book per sharePrice$74.20Latest quoteTangible book / share$8.042025-12-31Result 9.23x
Price $74.20.
Fixed-charge coverage
-2.11xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$53.61MebitdaCapex$9.86McapitalExpendituresInterest$8.94MinterestExpenseShort-term debt$21.20MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$63.47MShort-term debt is total debt minus long-term debt.Result -2.11x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$22.31MfreeCashFlowMarket cap$3.37BMarketCapitalizationResult -0.7%
Latest free cash flow divided by current market cap ($3.37B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$70.97MoperatingIncomeTax expense$2.06MincomeTaxExpensePretax income-$64.36MincomeBeforeTaxTax rate—Equity$343.43MtotalStockholderEquityDebt$93.64MshortLongTermDebtTotalCash$417.27McashAndShortTermInvestmentsInvested capital$19.79MROIC 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 -3.26x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.39MtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 0.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$6.00KpropertyPlantEquipmentResult 0.00x | 7.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$7.00KcapitalExpendituresD&A$1.00KdepreciationAndAmortizationResult 7.00x | -$0.32Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.74MtotalLiabTangible book-$1.35MShares4,285,262commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.32 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.32MebitdaCapex$7.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$1.32MResult — | -$1.19MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$1.18MtotalCashFromOperatingActivitiesCapex$7.00KcapitalExpendituresFree cash flow-$1.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.19M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.35MoperatingIncomeTax expense$1.00KincomeTaxExpensePretax income-$1.32MincomeBeforeTaxTax rate—Equity-$1.35MtotalStockholderEquityDebt—Not reportedCash$2.36McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -225.00xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$1.35MoperatingIncomeNet PP&E$6.00KpropertyPlantEquipmentResult -225.00x |
| 2019 | 0.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$280.00KpropertyPlantEquipmentInventory$20.00KinventoryTotal assets$58.32MtotalAssetsResult 0.5% | 0.00xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$280.00KpropertyPlantEquipmentResult 0.00x | 2.36xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$175.00KcapitalExpendituresD&A$74.00KdepreciationAndAmortizationResult 2.36x | -$0.31Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.32MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$64.32MtotalLiabTangible book-$6.01MShares19,509,014commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.31 | -45.48xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.56MebitdaCapex$175.00KcapitalExpendituresInterest$40.00KinterestExpenseShort-term debt$64.00KshortTermDebtEBITDA − capex-$4.73MPrincipal due is short-term debt.Result -45.48x | -$3.85MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$3.67MtotalCashFromOperatingActivitiesCapex$175.00KcapitalExpendituresFree cash flow-$3.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.85M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.30MoperatingIncomeTax expense$1.00KincomeTaxExpensePretax income-$4.67MincomeBeforeTaxTax rate—Equity-$6.01MtotalStockholderEquityDebt$164.00KshortLongTermDebtTotalCash$57.95McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -15.35xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$4.30MoperatingIncomeNet PP&E$280.00KpropertyPlantEquipmentResult -15.35x |
| 2020 | 0.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.24MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$171.97MtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 27.05xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$33.43MtotalRevenueNet PP&E$1.24MpropertyPlantEquipmentResult 27.05x | 4.75xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$456.00KcapitalExpendituresD&A$96.00KdepreciationAndAmortizationResult 4.75x | $8.17Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$171.97MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.99MtotalLiabTangible book$165.98MShares20,323,201commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.17 | -57.81xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.71MebitdaCapex$456.00KcapitalExpendituresInterest$188.00KinterestExpenseShort-term debt$282.00KshortTermDebtEBITDA − capex-$27.17MPrincipal due is short-term debt.Result -57.81x | -$21.59MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$21.14MtotalCashFromOperatingActivitiesCapex$456.00KcapitalExpendituresFree cash flow-$21.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$21.59M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$26.98MoperatingIncomeTax expense$1.00KincomeTaxExpensePretax income-$26.81MincomeBeforeTaxTax rate—Equity$165.98MtotalStockholderEquityDebt$831.00KshortLongTermDebtTotalCash$168.13McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -21.83xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$26.98MoperatingIncomeNet PP&E$1.24MpropertyPlantEquipmentResult -21.83x |
| 2021 | 99.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83MpropertyPlantAndEquipmentNetInventory$175.68MinventoryTotal assets$178.91MtotalAssetsResult 99.2% | 31.18xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$57.03MtotalRevenueNet PP&E$1.83MpropertyPlantAndEquipmentNetResult 31.18x | 1.88xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$586.00KcapitalExpendituresD&A$312.00KdepreciationAndAmortizationResult 1.88x | $8.11Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$178.91MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$12.18MtotalLiabTangible book$166.73MShares20,554,086commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.11 | -3.35xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.46MebitdaCapex$586.00KcapitalExpendituresInterest$2.88MinterestExpenseShort-term debt$1.31MshortTermDebtEBITDA − capex-$14.05MPrincipal due is short-term debt.Result -3.35x | $3.16MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.75MtotalCashFromOperatingActivitiesCapex$586.00KcapitalExpendituresFree cash flow$3.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.16M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.16MoperatingIncomeTax expense$55.00KincomeTaxExpensePretax income-$13.77MincomeBeforeTaxTax rate—Equity$166.73MtotalStockholderEquityDebt$1.89MshortLongTermDebtTotalCash$171.82McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.65xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$12.16MoperatingIncomeNet PP&E$1.83MpropertyPlantAndEquipmentNetResult -6.65x |
| 2022 | 2.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.53MpropertyPlantAndEquipmentNetInventory$4.76MinventoryTotal assets$227.86MtotalAssetsResult 2.8% | 16.85xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$25.82MtotalRevenueNet PP&E$1.53MpropertyPlantAndEquipmentNetResult 16.85x | 1.55xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$506.00KcapitalExpendituresD&A$326.00KdepreciationAndAmortizationResult 1.55x | $7.84Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$227.86MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$34.96MtotalLiabTangible book$192.90MShares24,619,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.84 | -21.62xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$59.71MebitdaCapex$506.00KcapitalExpendituresInterest$2.06MinterestExpenseShort-term debt$721.00KshortTermDebtEBITDA − capex-$60.21MPrincipal due is short-term debt.Result -21.62x | -$49.54MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$49.03MtotalCashFromOperatingActivitiesCapex$506.00KcapitalExpendituresFree cash flow-$49.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$49.54M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$62.71MoperatingIncomeTax expense-$4.00KincomeTaxExpensePretax income-$62.10MincomeBeforeTaxTax rate—Equity$192.90MtotalStockholderEquityDebt$20.21MshortLongTermDebtTotalCash$217.03McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -40.93xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$62.71MoperatingIncomeNet PP&E$1.53MpropertyPlantAndEquipmentNetResult -40.93x |
| 2023 | 2.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.35MpropertyPlantAndEquipmentNetInventory$3.11MinventoryTotal assets$265.49MtotalAssetsResult 2.4% | 5.21xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$17.45MtotalRevenueNet PP&E$3.35MpropertyPlantAndEquipmentNetResult 5.21x | 6.27xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$5.50McapitalExpendituresD&A$877.00KdepreciationAndAmortizationResult 6.27x | $6.57Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$265.49MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.87MintangibleAssetsLiabilities$68.50MtotalLiabTangible book$193.12MShares29,383,276commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.57 | -37.86xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$131.67MebitdaCapex$5.50McapitalExpendituresInterest$3.23MinterestExpenseShort-term debt$398.00KshortTermDebtEBITDA − capex-$137.17MPrincipal due is short-term debt.Result -37.86x | -$123.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$117.49MtotalCashFromOperatingActivitiesCapex$5.50McapitalExpendituresFree cash flow-$123.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$123.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$143.16MoperatingIncomeTax expense$709.11KincomeTaxExpensePretax income-$135.89MincomeBeforeTaxTax rate—Equity$196.99MtotalStockholderEquityDebt$30.22MshortLongTermDebtTotalCash$227.44McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -42.76xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$143.16MoperatingIncomeNet PP&E$3.35MpropertyPlantAndEquipmentNetResult -42.76x |
| 2024 | 1.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.87MpropertyPlantAndEquipmentNetInventory$2.62MinventoryTotal assets$376.99MtotalAssetsResult 1.5% | 63.84xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$182.95MtotalRevenueNet PP&E$2.87MpropertyPlantAndEquipmentNetResult 63.84x | 1.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.57McapitalExpendituresD&A$1.23MdepreciationAndAmortizationResult 1.28x | $5.75Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$376.99MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$8.33MintangibleAssetsLiabilities$152.46MtotalLiabTangible book$216.21MShares37,604,538commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.75 | -13.41xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$106.48MebitdaCapex$1.57McapitalExpendituresInterest$7.45MinterestExpenseShort-term debt$608.00KshortTermDebtEBITDA − capex-$108.05MPrincipal due is short-term debt.Result -13.41x | -$84.59MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$83.03MtotalCashFromOperatingActivitiesCapex$1.57McapitalExpendituresFree cash flow-$84.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$84.59M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$120.57MoperatingIncomeTax expense$0.00taxProvisionPretax income-$115.55MincomeBeforeTaxTax rate—Equity$224.53MtotalStockholderEquityDebt$72.45MshortLongTermDebtTotalCash$291.38McashAndShortTermInvestmentsInvested capital$5.61MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -42.07xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$120.57MoperatingIncomeNet PP&E$2.87MpropertyPlantAndEquipmentNetResult -42.07x |
| 2025 | 4.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.75MpropertyPlantAndEquipmentNetInventory$4.37MinventoryTotal assets$562.16MtotalAssetsResult 4.6% | 20.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$451.36MtotalRevenueNet PP&E$21.75MpropertyPlantAndEquipmentNetResult 20.76x | 5.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$9.86McapitalExpendituresD&A$1.82MdepreciationAndAmortizationResult 5.43x | $8.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$562.16MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.37MintangibleAssetsLiabilities$218.73MtotalLiabTangible book$336.06MShares41,784,014commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.04 | -2.11xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$53.61MebitdaCapex$9.86McapitalExpendituresInterest$8.94MinterestExpenseShort-term debt$21.20MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$63.47MShort-term debt is total debt minus long-term debt.Result -2.11x | -$22.31MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$12.45MtotalCashFromOperatingActivitiesCapex$9.86McapitalExpendituresFree cash flow-$22.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$22.31M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$70.97MoperatingIncomeTax expense$2.06MincomeTaxExpensePretax income-$64.36MincomeBeforeTaxTax rate—Equity$343.43MtotalStockholderEquityDebt$93.64MshortLongTermDebtTotalCash$417.27McashAndShortTermInvestmentsInvested capital$19.79MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.26xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$70.97MoperatingIncomeNet PP&E$21.75MpropertyPlantAndEquipmentNetResult -3.26x |
- 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 total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $21.75M
Inventory: $4.37M
Total assets: $562.16M
Goodwill: $0.00
Intangibles: $7.37M
Liabilities: $218.73M
Tangible book: $336.06M
Shares: 41,784,014
Revenue: $451.36M
Capex: $9.86M
D&A: $1.82M
EBITDA: -$53.61M
Interest: $8.94M
Short-term debt: $21.20M
Free cash flow: -$22.31M
Operating income: -$70.97M
Invested capital: $19.79M
Tax rate: —