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.
Tscan Therapeutics Inc
Physical assets are 29.0% of total assets, a light footprint. Capex is 1.54x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -12.94x, which is below 1.
Fixed-asset turnover is 0.16x. Compare it with other names in the same basket.
Physical asset ratio
29.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.45MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$228.79MtotalAssetsInventory was not reported and is treated as zero.Result 29.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.33MtotalRevenueNet PP&E$66.45MpropertyPlantAndEquipmentNetResult 0.16x
Revenue per dollar of the physical asset base.
Capex / D&A
1.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.41McapitalExpendituresD&A$2.87MdepreciationAndAmortizationResult 1.54x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.95Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$228.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$105.67MtotalLiabTangible book$123.12MShares129,862,038commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.95
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.20xPrice / tangible bookPrice / tangible book per sharePrice$0.19Latest quoteTangible book / share$0.952025-12-31Result 0.20x
Price $0.19.
Fixed-charge coverage
-12.94xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$124.13MebitdaCapex$4.41McapitalExpendituresInterest$2.77MinterestExpenseShort-term debt$7.17MshortTermDebtEBITDA − capex-$128.54MPrincipal due is short-term debt.Result -12.94x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1,073.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$139.73MfreeCashFlowMarket cap$13.01MMarketCapitalizationResult -1,073.7%
Latest free cash flow divided by current market cap ($13.01M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$135.81MoperatingIncomeTax expense—Not reportedPretax income-$129.77MincomeBeforeTaxTax rate—Equity$123.12MtotalStockholderEquityDebt$32.53MlongTermDebt + shortLongTermDebtCash$152.41McashInvested capital$3.25MReported 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 —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -2.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 13.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.41MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$49.38MtotalAssetsInventory was not reported and is treated as zero.Result 13.0% | 0.00xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$6.41MpropertyPlantEquipmentResult 0.00x | 2.40xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.25McapitalExpendituresD&A$519.00KdepreciationAndAmortizationResult 2.40x | $1.71Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.38MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.84MtotalLiabTangible book$42.54MShares24,938,366commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.71 | -33.72xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.69MebitdaCapex$1.25McapitalExpendituresInterest$0.00interestExpenseShort-term debt$443.00KshortTermDebtEBITDA − capex-$14.94MPrincipal due is short-term debt.Result -33.72x | -$13.77MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$12.52MtotalCashFromOperatingActivitiesCapex$1.25McapitalExpendituresFree cash flow-$13.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.77M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.21MoperatingIncomeTax expense-$552.00KincomeTaxExpensePretax income-$13.66MincomeBeforeTaxTax rate—Equity$42.54MtotalStockholderEquityDebt$4.89MshortLongTermDebtTotalCash$41.76McashInvested capital$5.67MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.22xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$14.21MoperatingIncomeNet PP&E$6.41MpropertyPlantEquipmentResult -2.22x |
| 2020 | 25.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.53MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$49.74MtotalAssetsInventory was not reported and is treated as zero.Result 25.2% | 0.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.09MtotalRevenueNet PP&E$12.53MpropertyPlantEquipmentResult 0.09x | 3.45xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$4.24McapitalExpendituresD&A$1.23MdepreciationAndAmortizationResult 3.45x | -$1.70Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.74MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$92.20MtotalLiabTangible book-$42.46MShares24,938,366commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.70 | -20.67xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$25.00MebitdaCapex$4.24McapitalExpendituresInterest$0.00interestExpenseShort-term debt$1.42MshortTermDebtEBITDA − capex-$29.24MPrincipal due is short-term debt.Result -20.67x | -$7.26MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$3.02MtotalCashFromOperatingActivitiesCapex$4.24McapitalExpendituresFree cash flow-$7.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.26M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$26.23MoperatingIncomeTax expense-$106.00KincomeTaxExpensePretax income-$26.13MincomeBeforeTaxTax rate—Equity-$42.46MtotalStockholderEquityDebt$7.43MshortLongTermDebtTotalCash$34.79McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.09xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$26.23MoperatingIncomeNet PP&E$12.53MpropertyPlantEquipmentResult -2.09x |
| 2021 | 9.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.26MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$188.11MtotalAssetsInventory was not reported and is treated as zero.Result 9.2% | 0.59xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$10.14MtotalRevenueNet PP&E$17.26MpropertyPlantAndEquipmentNetResult 0.59x | 2.99xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$9.94McapitalExpendituresD&A$3.33MdepreciationAndAmortizationResult 2.99x | $6.72Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$188.11MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$27.33MtotalLiabTangible book$160.78MShares23,907,597commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.72 | -33.14xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$45.30MebitdaCapex$9.94McapitalExpendituresInterest$16.00KinterestExpenseShort-term debt$1.65MshortTermDebtEBITDA − capex-$55.24MPrincipal due is short-term debt.Result -33.14x | -$58.62MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$48.68MtotalCashFromOperatingActivitiesCapex$9.94McapitalExpendituresFree cash flow-$58.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$58.62M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$48.64MoperatingIncomeTax expense$3.09MincomeTaxExpensePretax income-$48.63MincomeBeforeTaxTax rate—Equity$160.78MtotalStockholderEquityDebt$6.04MshortLongTermDebtTotalCash$161.41McashInvested capital$5.42MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.82xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$48.64MoperatingIncomeNet PP&E$17.26MpropertyPlantAndEquipmentNetResult -2.82x |
| 2022 | 34.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.20MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$199.09MtotalAssetsInventory was not reported and is treated as zero.Result 34.8% | 0.20xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$13.54MtotalRevenueNet PP&E$69.20MpropertyPlantAndEquipmentNetResult 0.20x | 0.82xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$4.23McapitalExpendituresD&A$5.14MdepreciationAndAmortizationResult 0.82x | $4.13Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$199.09MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$99.66MtotalLiabTangible book$99.43MShares24,048,267commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.13 | -13.20xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$59.91MebitdaCapex$4.23McapitalExpendituresInterest$1.18MinterestExpenseShort-term debt$3.68MshortTermDebtEBITDA − capex-$64.13MPrincipal due is short-term debt.Result -13.20x | -$70.73MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$66.50MtotalCashFromOperatingActivitiesCapex$4.23McapitalExpendituresFree cash flow-$70.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$70.73M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$66.64MoperatingIncomeTax expense-$415.00KincomeTaxExpensePretax income-$66.22MincomeBeforeTaxTax rate—Equity$99.43MtotalStockholderEquityDebt$29.29MlongTermDebt + shortLongTermDebtCash$120.03McashInvested capital$8.70MReported 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 — | -0.96xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$66.64MoperatingIncomeNet PP&E$69.20MpropertyPlantAndEquipmentNetResult -0.96x |
| 2023 | 26.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.23MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$272.15MtotalAssetsInventory was not reported and is treated as zero.Result 26.2% | 0.30xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$21.05MtotalRevenueNet PP&E$71.23MpropertyPlantAndEquipmentNetResult 0.30x | 0.59xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.15McapitalExpendituresD&A$5.36MdepreciationAndAmortizationResult 0.59x | $2.30Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$272.15MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$121.28MtotalLiabTangible book$150.87MShares65,599,858commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.30 | -11.71xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$80.10MebitdaCapex$3.15McapitalExpendituresInterest$3.76MinterestExpenseShort-term debt$3.35MshortLongTermDebtEBITDA − capex-$83.24MPrincipal due is the current portion of debt.Result -11.71x | -$64.50MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$61.36MtotalCashFromOperatingActivitiesCapex$3.15McapitalExpendituresFree cash flow-$64.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$64.50M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$93.46MoperatingIncomeTax expense$5.19MincomeTaxExpensePretax income-$89.22MincomeBeforeTaxTax rate—Equity$150.87MtotalStockholderEquityDebt$30.05MlongTermDebt + shortLongTermDebtCash$192.04McashAndShortTermInvestmentsInvested 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 — | -1.31xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$93.46MoperatingIncomeNet PP&E$71.23MpropertyPlantAndEquipmentNetResult -1.31x |
| 2024 | 19.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.60MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$371.12MtotalAssetsInventory was not reported and is treated as zero.Result 19.3% | 0.04xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.82MtotalRevenueNet PP&E$71.60MpropertyPlantAndEquipmentNetResult 0.04x | 0.93xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$3.83McapitalExpendituresD&A$4.11MdepreciationAndAmortizationResult 0.93x | $2.15Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$371.12MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$130.15MtotalLiabTangible book$240.97MShares111,990,417commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.15 | -15.03xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$119.74MebitdaCapex$3.83McapitalExpendituresInterest$3.65MinterestExpenseShort-term debt$4.57MshortTermDebtEBITDA − capex-$123.56MPrincipal due is short-term debt.Result -15.03x | -$114.65MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$110.82MtotalCashFromOperatingActivitiesCapex$3.83McapitalExpendituresFree cash flow-$114.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$114.65M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$134.82MoperatingIncomeTax expense—Not reportedPretax income-$127.50MincomeBeforeTaxTax rate—Equity$240.97MtotalStockholderEquityDebt$32.07MlongTermDebt + shortLongTermDebtCash$290.11McashAndShortTermInvestmentsInvested 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 — | -1.88xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$134.82MoperatingIncomeNet PP&E$71.60MpropertyPlantAndEquipmentNetResult -1.88x |
| 2025 | 29.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.45MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$228.79MtotalAssetsInventory was not reported and is treated as zero.Result 29.0% | 0.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.33MtotalRevenueNet PP&E$66.45MpropertyPlantAndEquipmentNetResult 0.16x | 1.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.41McapitalExpendituresD&A$2.87MdepreciationAndAmortizationResult 1.54x | $0.95Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$228.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$105.67MtotalLiabTangible book$123.12MShares129,862,038commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.95 | -12.94xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$124.13MebitdaCapex$4.41McapitalExpendituresInterest$2.77MinterestExpenseShort-term debt$7.17MshortTermDebtEBITDA − capex-$128.54MPrincipal due is short-term debt.Result -12.94x | -$139.73MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$135.32MtotalCashFromOperatingActivitiesCapex$4.41McapitalExpendituresFree cash flow-$139.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$139.73M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$135.81MoperatingIncomeTax expense—Not reportedPretax income-$129.77MincomeBeforeTaxTax rate—Equity$123.12MtotalStockholderEquityDebt$32.53MlongTermDebt + shortLongTermDebtCash$152.41McashInvested capital$3.25MReported 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 — | -2.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$135.81MoperatingIncomeNet PP&E$66.45MpropertyPlantAndEquipmentNetResult -2.04x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $66.45M
Inventory: $0.00
Total assets: $228.79M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $105.67M
Tangible book: $123.12M
Shares: 129,862,038
Revenue: $10.33M
Capex: $4.41M
D&A: $2.87M
EBITDA: -$124.13M
Interest: $2.77M
Short-term debt: $7.17M
Free cash flow: -$139.73M
Operating income: -$135.81M
Invested capital: $3.25M
Tax rate: —