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.
Tactile Systems Technology Inc
Physical assets are 12.0% of total assets, a light footprint. Capex is 0.36x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 11.8%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 17.42x. Compare it with other names in the same basket.
Physical asset ratio
12.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.92MpropertyPlantAndEquipmentNetInventory$14.03MinventoryTotal assets$273.94MtotalAssetsResult 12.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
17.42xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$329.52MtotalRevenueNet PP&E$18.92MpropertyPlantAndEquipmentNetResult 17.42x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.38McapitalExpendituresD&A$6.64MdepreciationAndAmortizationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$273.94MtotalAssetsGoodwill$31.06MgoodWillIntangibles$39.17MintangibleAssetsLiabilities$55.04MtotalLiabTangible book$148.67MShares23,295,328commonStockSharesOutstandingResult $6.38
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.61xPrice / tangible bookPrice / tangible book per sharePrice$23.04Latest quoteTangible book / share$6.382025-12-31Result 3.61x
Price $23.04.
Fixed-charge coverage
8.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.02MebitdaCapex$2.38McapitalExpendituresInterest$1.04MinterestExpenseShort-term debt$3.20MshortTermDebtEBITDA − capex$36.64MPrincipal due is short-term debt.Result 8.66x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$40.43MfreeCashFlowMarket cap$521.91MMarketCapitalizationResult 7.7%
Latest free cash flow divided by current market cap ($521.91M).
ROIC
11.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.28MoperatingIncomeTax expense$12.25MincomeTaxExpensePretax income$31.34MincomeBeforeTaxTax rate39.1%Equity$218.90MtotalStockholderEquityDebt$15.96MshortLongTermDebtTotalCash$83.45McashInvested capital$151.41MResult 11.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.55x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 14.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.81MpropertyPlantEquipmentInventory$11.19MinventoryTotal assets$107.07MtotalAssetsResult 14.9% | 29.89xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$143.75MtotalRevenueNet PP&E$4.81MpropertyPlantEquipmentResult 29.89x | 2.63xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$9.55McapitalExpendituresD&A$3.64MdepreciationAndAmortizationResult 2.63x | $4.34Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$107.07MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.34MintangibleAssetsLiabilities$17.80MtotalLiabTangible book$83.93MShares19,347,632commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.34 | -1,311.20xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.99MebitdaCapex$9.55McapitalExpendituresInterest$0.00interestExpenseShort-term debt$5.00KshortTermDebtEBITDA − capex-$6.56MPrincipal due is short-term debt.Result -1,311.20x | -$539.00KFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$9.01MtotalCashFromOperatingActivitiesCapex$9.55McapitalExpendituresFree cash flow-$539.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$539.00K | 6.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.99MoperatingIncomeTax expense-$3.15MincomeTaxExpensePretax income$3.48MincomeBeforeTaxTax rate0.0%Equity$89.27MtotalStockholderEquityDebt$5.00KshortLongTermDebtTotalCash$45.89McashAndShortTermInvestmentsInvested capital$43.39MResult 6.9% | 0.62xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.99MoperatingIncomeNet PP&E$4.81MpropertyPlantEquipmentResult 0.62x |
| 2019 | 27.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.29MpropertyPlantEquipmentInventory$19.06MinventoryTotal assets$151.75MtotalAssetsResult 27.9% | 8.14xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$189.49MtotalRevenueNet PP&E$23.29MpropertyPlantEquipmentResult 8.14x | 1.69xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.99McapitalExpendituresD&A$3.54MdepreciationAndAmortizationResult 1.69x | $5.46Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$151.75MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.31MintangibleAssetsLiabilities$39.16MtotalLiabTangible book$107.28MShares19,641,143commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.46 | 3.86xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.04MebitdaCapex$5.99McapitalExpendituresInterest$631.00KinterestExpenseShort-term debt$1.45MshortTermDebtEBITDA − capex$8.05MPrincipal due is short-term debt.Result 3.86x | -$3.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.51MtotalCashFromOperatingActivitiesCapex$5.99McapitalExpendituresFree cash flow-$3.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.48M | 13.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.50MoperatingIncomeTax expense$158.00KincomeTaxExpensePretax income$11.13MincomeBeforeTaxTax rate1.4%Equity$112.60MtotalStockholderEquityDebt$16.59MshortLongTermDebtTotalCash$53.38McashAndShortTermInvestmentsInvested capital$75.80MResult 13.7% | 0.45xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$10.50MoperatingIncomeNet PP&E$23.29MpropertyPlantEquipmentResult 0.45x |
| 2020 | 26.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.09MpropertyPlantAndEquipmentNetInventory$18.56MinventoryTotal assets$174.09MtotalAssetsResult 26.2% | 6.91xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$187.13MtotalRevenueNet PP&E$27.09MpropertyPlantAndEquipmentNetResult 6.91x | 0.82xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.29McapitalExpendituresD&A$2.79MdepreciationAndAmortizationResult 0.82x | $6.36Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$174.09MtotalAssetsGoodwill$0.00goodWillIntangibles$1.68MintangibleAssetsLiabilities$49.34MtotalLiabTangible book$123.07MShares19,346,929commonStockSharesOutstandingResult $6.36 | -0.93xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$834.00KebitdaCapex$2.29McapitalExpendituresInterest$1.37MinterestExpenseShort-term debt$2.01MshortTermDebtEBITDA − capex-$3.13MPrincipal due is short-term debt.Result -0.93x | $503.00KFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.79MtotalCashFromOperatingActivitiesCapex$2.29McapitalExpendituresFree cash flow$503.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $503.00K | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.63MoperatingIncomeTax expense-$1.64MincomeTaxExpensePretax income-$2.26MincomeBeforeTaxTax rate—Equity$124.75MtotalStockholderEquityDebt$21.39MshortLongTermDebtTotalCash$58.56McashAndShortTermInvestmentsInvested capital$87.58MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.13xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$3.63MoperatingIncomeNet PP&E$27.09MpropertyPlantAndEquipmentNetResult -0.13x |
| 2021 | 20.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.73MpropertyPlantAndEquipmentNetInventory$19.22MinventoryTotal assets$244.27MtotalAssetsResult 20.4% | 6.77xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$208.06MtotalRevenueNet PP&E$30.73MpropertyPlantAndEquipmentNetResult 6.77x | 0.64xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.36McapitalExpendituresD&A$3.70MdepreciationAndAmortizationResult 0.64x | $2.18Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$244.27MtotalAssetsGoodwill$31.06MgoodWillIntangibles$54.08MintangibleAssetsLiabilities$116.04MtotalLiabTangible book$43.08MShares19,719,485commonStockSharesOutstandingResult $2.18 | -0.16xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.41MebitdaCapex$2.36McapitalExpendituresInterest$531.00KinterestExpenseShort-term debt$5.47MshortTermDebtEBITDA − capex-$948.00KPrincipal due is short-term debt.Result -0.16x | $276.00KFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.63MtotalCashFromOperatingActivitiesCapex$2.36McapitalExpendituresFree cash flow$276.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $276.00K | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.76MoperatingIncomeTax expense$9.52MincomeTaxExpensePretax income-$2.29MincomeBeforeTaxTax rate—Equity$128.23MtotalStockholderEquityDebt$80.61MshortLongTermDebtTotalCash$40.71McashAndShortTermInvestmentsInvested capital$168.13MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.76MoperatingIncomeNet PP&E$30.73MpropertyPlantAndEquipmentNetResult -0.06x |
| 2022 | 19.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.40MpropertyPlantAndEquipmentNetInventory$23.12MinventoryTotal assets$255.00MtotalAssetsResult 19.8% | 9.01xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$246.79MtotalRevenueNet PP&E$27.40MpropertyPlantAndEquipmentNetResult 9.01x | 0.31xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.92McapitalExpendituresD&A$6.27MdepreciationAndAmortizationResult 0.31x | $1.99Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$255.00MtotalAssetsGoodwill$31.06MgoodWillIntangibles$50.38MintangibleAssetsLiabilities$133.60MtotalLiabTangible book$39.96MShares20,067,969commonStockSharesOutstandingResult $1.99 | -1.45xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.42MebitdaCapex$1.92McapitalExpendituresInterest$2.79MinterestExpenseShort-term debt$2.97MshortLongTermDebtEBITDA − capex-$8.34MPrincipal due is the current portion of debt.Result -1.45x | $3.29MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$5.21MtotalCashFromOperatingActivitiesCapex$1.92McapitalExpendituresFree cash flow$3.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.29M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.76MoperatingIncomeTax expense$2.39MincomeTaxExpensePretax income-$15.47MincomeBeforeTaxTax rate—Equity$121.40MtotalStockholderEquityDebt$72.23MshortLongTermDebtTotalCash$38.06McashAndShortTermInvestmentsInvested capital$155.57MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.47xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$12.76MoperatingIncomeNet PP&E$27.40MpropertyPlantAndEquipmentNetResult -0.47x |
| 2023 | 17.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.32MpropertyPlantAndEquipmentNetInventory$22.53MinventoryTotal assets$281.44MtotalAssetsResult 17.0% | 10.84xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$274.42MtotalRevenueNet PP&E$25.32MpropertyPlantAndEquipmentNetResult 10.84x | 0.38xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.48McapitalExpendituresD&A$6.50MdepreciationAndAmortizationResult 0.38x | $5.00Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$281.44MtotalAssetsGoodwill$31.06MgoodWillIntangibles$46.72MintangibleAssetsLiabilities$87.80MtotalLiabTangible book$115.86MShares23,176,169commonStockSharesOutstandingResult $5.00 | 3.37xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$26.42MebitdaCapex$2.48McapitalExpendituresInterest$4.15MinterestExpenseShort-term debt$2.96MshortLongTermDebtEBITDA − capex$23.94MPrincipal due is the current portion of debt.Result 3.37x | $33.37MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$35.86MtotalCashFromOperatingActivitiesCapex$2.48McapitalExpendituresFree cash flow$33.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.37M | 12.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.04MoperatingIncomeTax expense-$12.75MincomeTaxExpensePretax income$15.77MincomeBeforeTaxTax rate0.0%Equity$193.64MtotalStockholderEquityDebt$29.13MlongTermDebt + shortLongTermDebtCash$75.23McashAndShortTermInvestmentsInvested capital$147.55MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.2% | 0.71xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$18.04MoperatingIncomeNet PP&E$25.32MpropertyPlantAndEquipmentNetResult 0.71x |
| 2024 | 13.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.24MpropertyPlantAndEquipmentNetInventory$18.67MinventoryTotal assets$297.92MtotalAssetsResult 13.7% | 13.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$292.98MtotalRevenueNet PP&E$22.24MpropertyPlantAndEquipmentNetResult 13.18x | 0.37xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.51McapitalExpendituresD&A$6.80MdepreciationAndAmortizationResult 0.37x | $5.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$297.92MtotalAssetsGoodwill$31.06MgoodWillIntangibles$42.79MintangibleAssetsLiabilities$81.33MtotalLiabTangible book$142.75MShares24,138,244commonStockSharesOutstandingResult $5.91 | 5.92xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$32.37MebitdaCapex$2.51McapitalExpendituresInterest$2.09MinterestExpenseShort-term debt$2.96MshortLongTermDebtEBITDA − capex$29.87MPrincipal due is the current portion of debt.Result 5.92x | $38.15MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$40.66MtotalCashFromOperatingActivitiesCapex$2.51McapitalExpendituresFree cash flow$38.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.15M | 12.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.18MoperatingIncomeTax expense$6.53MincomeTaxExpensePretax income$23.49MincomeBeforeTaxTax rate27.8%Equity$216.60MtotalStockholderEquityDebt$26.18MlongTermDebt + shortLongTermDebtCash$108.91McashAndShortTermInvestmentsInvested capital$133.87MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.0% | 1.00xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$22.18MoperatingIncomeNet PP&E$22.24MpropertyPlantAndEquipmentNetResult 1.00x |
| 2025 | 12.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.92MpropertyPlantAndEquipmentNetInventory$14.03MinventoryTotal assets$273.94MtotalAssetsResult 12.0% | 17.42xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$329.52MtotalRevenueNet PP&E$18.92MpropertyPlantAndEquipmentNetResult 17.42x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.38McapitalExpendituresD&A$6.64MdepreciationAndAmortizationResult 0.36x | $6.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$273.94MtotalAssetsGoodwill$31.06MgoodWillIntangibles$39.17MintangibleAssetsLiabilities$55.04MtotalLiabTangible book$148.67MShares23,295,328commonStockSharesOutstandingResult $6.38 | 8.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.02MebitdaCapex$2.38McapitalExpendituresInterest$1.04MinterestExpenseShort-term debt$3.20MshortTermDebtEBITDA − capex$36.64MPrincipal due is short-term debt.Result 8.66x | $40.43MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$42.81MtotalCashFromOperatingActivitiesCapex$2.38McapitalExpendituresFree cash flow$40.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $40.43M | 11.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.28MoperatingIncomeTax expense$12.25MincomeTaxExpensePretax income$31.34MincomeBeforeTaxTax rate39.1%Equity$218.90MtotalStockholderEquityDebt$15.96MshortLongTermDebtTotalCash$83.45McashInvested capital$151.41MResult 11.8% | 1.55xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$29.28MoperatingIncomeNet PP&E$18.92MpropertyPlantAndEquipmentNetResult 1.55x |
- 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: $18.92M
Inventory: $14.03M
Total assets: $273.94M
Goodwill: $31.06M
Intangibles: $39.17M
Liabilities: $55.04M
Tangible book: $148.67M
Shares: 23,295,328
Revenue: $329.52M
Capex: $2.38M
D&A: $6.64M
EBITDA: $39.02M
Interest: $1.04M
Short-term debt: $3.20M
Free cash flow: $40.43M
Operating income: $29.28M
Invested capital: $151.41M
Tax rate: 39.1%