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.
Tempus AI, Inc. Class A Common Stock
Physical assets are 9.0% of total assets, a light footprint. Capex is 0.27x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -1.74x, which is below 1.
Fixed-asset turnover is 8.28x. Compare it with other names in the same basket.
Physical asset ratio
9.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$153.65MpropertyPlantAndEquipmentNetInventory$51.72MinventoryTotal assets$2.27BtotalAssetsResult 9.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.27BtotalRevenueNet PP&E$153.65MpropertyPlantAndEquipmentNetResult 8.28x
Revenue per dollar of the physical asset base.
Capex / D&A
0.27xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$27.27McapitalExpendituresD&A$102.32MdepreciationAndAmortizationResult 0.27x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.92Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$470.21MgoodWillIntangibles$355.25MintangibleAssetsLiabilities$1.78BtotalLiabTangible book-$334.14MShares174,264,000commonStockSharesOutstandingResult -$1.92
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$72.22Latest quoteTangible book / share-$1.922025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $72.22.
Fixed-charge coverage
-1.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$118.51MebitdaCapex$27.27McapitalExpendituresInterest$70.27MinterestExpenseShort-term debt$13.36MshortTermDebtEBITDA − capex-$145.77MPrincipal due is short-term debt.Result -1.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$245.36MfreeCashFlowMarket cap$13.16BMarketCapitalizationResult -1.9%
Latest free cash flow divided by current market cap ($13.16B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$252.87MoperatingIncomeTax expense-$51.68MincomeTaxExpensePretax income-$296.71MincomeBeforeTaxTax rate—Equity$491.33MtotalStockholderEquityDebt$1.33BshortLongTermDebtTotalCash$755.00McashAndShortTermInvestmentsInvested capital$1.06BROIC 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 -1.65x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 12.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$36.07MpropertyPlantAndEquipmentNetInventory$8.28MinventoryTotal assets$370.17MtotalAssetsResult 12.0% | 1.72xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$62.06MtotalRevenueNet PP&E$36.07MpropertyPlantAndEquipmentNetResult 1.72x | 1.13xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$17.04McapitalExpendituresD&A$15.02MdepreciationAndAmortizationResult 1.13x | -$1.94Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$370.17MtotalAssetsGoodwill$15.99MgoodWillIntangibles$41.33MintangibleAssetsLiabilities$624.59MtotalLiabTangible book-$311.73MShares160,708,000commonStockSharesOutstandingResult -$1.94 | -99.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$99.90MebitdaCapex$17.04McapitalExpendituresInterest$28.00KinterestExpenseShort-term debt$1.15MshortTermDebtEBITDA − capex-$116.94MPrincipal due is short-term debt.Result -99.18x | -$134.15MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$117.11MtotalCashFromOperatingActivitiesCapex$17.04McapitalExpendituresFree cash flow-$134.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$134.15M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$119.78MoperatingIncomeTax expense$33.19MincomeTaxExpensePretax income-$114.95MincomeBeforeTaxTax rate—Equity-$254.42MtotalStockholderEquityDebt$2.59MshortLongTermDebtTotalCash$227.60McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$119.78MoperatingIncomeNet PP&E$36.07MpropertyPlantAndEquipmentNetResult -3.32x |
| 2020 | 10.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.44MpropertyPlantAndEquipmentNetInventory$37.56MinventoryTotal assets$751.92MtotalAssetsResult 10.1% | 4.89xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$188.00MtotalRevenueNet PP&E$38.44MpropertyPlantAndEquipmentNetResult 4.89x | 0.58xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$13.42McapitalExpendituresD&A$23.05MdepreciationAndAmortizationResult 0.58x | -$3.38Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$751.92MtotalAssetsGoodwill$15.99MgoodWillIntangibles$44.46MintangibleAssetsLiabilities$1.26BtotalLiabTangible book-$573.44MShares169,876,399commonStockSharesOutstandingResult -$3.38 | -9.30xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$169.37MebitdaCapex$13.42McapitalExpendituresInterest$18.93MinterestExpenseShort-term debt$723.00KshortTermDebtEBITDA − capex-$182.79MPrincipal due is short-term debt.Result -9.30x | -$219.98MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$206.56MtotalCashFromOperatingActivitiesCapex$13.42McapitalExpendituresFree cash flow-$219.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$219.98M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$193.45MoperatingIncomeTax expense-$1.50MincomeTaxExpensePretax income-$209.85MincomeBeforeTaxTax rate—Equity-$512.98MtotalStockholderEquityDebt$251.45MshortLongTermDebtTotalCash$513.44McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$193.45MoperatingIncomeNet PP&E$38.44MpropertyPlantAndEquipmentNetResult -5.03x |
| 2021 | 11.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.40MpropertyPlantAndEquipmentNetInventory$22.91MinventoryTotal assets$531.35MtotalAssetsResult 11.0% | 7.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$257.85MtotalRevenueNet PP&E$35.40MpropertyPlantAndEquipmentNetResult 7.29x | 0.49xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$11.77McapitalExpendituresD&A$23.88MdepreciationAndAmortizationResult 0.49x | -$5.07Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$531.35MtotalAssetsGoodwill$15.99MgoodWillIntangibles$37.29MintangibleAssetsLiabilities$1.34BtotalLiabTangible book-$860.76MShares169,876,399commonStockSharesOutstandingResult -$5.07 | -14.82xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$219.52MebitdaCapex$11.77McapitalExpendituresInterest$15.18MinterestExpenseShort-term debt$419.00KshortTermDebtEBITDA − capex-$231.29MPrincipal due is short-term debt.Result -14.82x | -$223.75MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$211.98MtotalCashFromOperatingActivitiesCapex$11.77McapitalExpendituresFree cash flow-$223.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$223.75M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$243.71MoperatingIncomeTax expense$604.00KincomeTaxExpensePretax income-$259.19MincomeBeforeTaxTax rate—Equity-$807.49MtotalStockholderEquityDebt$238.95MshortLongTermDebtTotalCash$277.69McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.89xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$243.71MoperatingIncomeNet PP&E$35.40MpropertyPlantAndEquipmentNetResult -6.89x |
| 2022 | 14.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.79MpropertyPlantAndEquipmentNetInventory$22.28MinventoryTotal assets$631.36MtotalAssetsResult 14.3% | 4.73xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$320.67MtotalRevenueNet PP&E$67.79MpropertyPlantAndEquipmentNetResult 4.73x | 0.60xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$18.38McapitalExpendituresD&A$30.41MdepreciationAndAmortizationResult 0.60x | -$7.18Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$631.36MtotalAssetsGoodwill$53.10MgoodWillIntangibles$37.28MintangibleAssetsLiabilities$1.76BtotalLiabTangible book-$1.22BShares169,876,399commonStockSharesOutstandingResult -$7.18 | -9.03xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$236.85MebitdaCapex$18.38McapitalExpendituresInterest$21.89MinterestExpenseShort-term debt$6.36MshortTermDebtEBITDA − capex-$255.22MPrincipal due is short-term debt.Result -9.03x | -$186.58MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$168.20MtotalCashFromOperatingActivitiesCapex$18.38McapitalExpendituresFree cash flow-$186.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$186.58M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$265.44MoperatingIncomeTax expense$66.00KincomeTaxExpensePretax income-$289.75MincomeBeforeTaxTax rate—Equity-$1.13BtotalStockholderEquityDebt$433.03MshortLongTermDebtTotalCash$302.94McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.92xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$265.44MoperatingIncomeNet PP&E$67.79MpropertyPlantAndEquipmentNetResult -3.92x |
| 2023 | 19.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$82.21MpropertyPlantAndEquipmentNetInventory$28.85MinventoryTotal assets$564.05MtotalAssetsResult 19.7% | 6.47xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$531.82MtotalRevenueNet PP&E$82.21MpropertyPlantAndEquipmentNetResult 6.47x | 1.04xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$34.61McapitalExpendituresD&A$33.33MdepreciationAndAmortizationResult 1.04x | -$9.58Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$564.05MtotalAssetsGoodwill$73.35MgoodWillIntangibles$21.92MintangibleAssetsLiabilities$1.95BtotalLiabTangible book-$1.48BShares154,173,246commonStockSharesOutstandingResult -$9.58 | -3.15xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$133.33MebitdaCapex$34.61McapitalExpendituresInterest$46.87MinterestExpenseShort-term debt$6.44MshortTermDebtEBITDA − capex-$167.94MPrincipal due is short-term debt.Result -3.15x | -$248.95MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$214.34MtotalCashFromOperatingActivitiesCapex$34.61McapitalExpendituresFree cash flow-$248.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$248.95M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$196.08MoperatingIncomeTax expense$288.00KincomeTaxExpensePretax income-$213.83MincomeBeforeTaxTax rate—Equity-$1.38BtotalStockholderEquityDebt$488.14MshortLongTermDebtTotalCash$197.57McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.39xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$196.08MoperatingIncomeNet PP&E$82.21MpropertyPlantAndEquipmentNetResult -2.39x |
| 2024 | 12.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$72.82MpropertyPlantAndEquipmentNetInventory$38.39MinventoryTotal assets$926.12MtotalAssetsResult 12.0% | 9.52xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$693.40MtotalRevenueNet PP&E$72.82MpropertyPlantAndEquipmentNetResult 9.52x | 0.59xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$22.12McapitalExpendituresD&A$37.25MdepreciationAndAmortizationResult 0.59x | -$0.18Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$926.12MtotalAssetsGoodwill$73.34MgoodWillIntangibles$11.72MintangibleAssetsLiabilities$869.78MtotalLiabTangible book-$28.72MShares162,120,761commonStockSharesOutstandingResult -$0.18 | -10.52xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$610.42MebitdaCapex$22.12McapitalExpendituresInterest$53.65MinterestExpenseShort-term debt$6.46MshortTermDebtEBITDA − capex-$632.54MPrincipal due is short-term debt.Result -10.52x | -$211.17MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$189.05MtotalCashFromOperatingActivitiesCapex$22.12McapitalExpendituresFree cash flow-$211.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$211.17M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$691.08MoperatingIncomeTax expense$266.00KincomeTaxExpensePretax income-$705.54MincomeBeforeTaxTax rate—Equity$56.34MtotalStockholderEquityDebt$468.09MshortLongTermDebtTotalCash$448.26McashAndShortTermInvestmentsInvested capital$76.17MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -9.49xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$691.08MoperatingIncomeNet PP&E$72.82MpropertyPlantAndEquipmentNetResult -9.49x |
| 2025 | 9.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$153.65MpropertyPlantAndEquipmentNetInventory$51.72MinventoryTotal assets$2.27BtotalAssetsResult 9.0% | 8.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.27BtotalRevenueNet PP&E$153.65MpropertyPlantAndEquipmentNetResult 8.28x | 0.27xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$27.27McapitalExpendituresD&A$102.32MdepreciationAndAmortizationResult 0.27x | -$1.92Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$470.21MgoodWillIntangibles$355.25MintangibleAssetsLiabilities$1.78BtotalLiabTangible book-$334.14MShares174,264,000commonStockSharesOutstandingResult -$1.92 | -1.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$118.51MebitdaCapex$27.27McapitalExpendituresInterest$70.27MinterestExpenseShort-term debt$13.36MshortTermDebtEBITDA − capex-$145.77MPrincipal due is short-term debt.Result -1.74x | -$245.36MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$218.09MtotalCashFromOperatingActivitiesCapex$27.27McapitalExpendituresFree cash flow-$245.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$245.36M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$252.87MoperatingIncomeTax expense-$51.68MincomeTaxExpensePretax income-$296.71MincomeBeforeTaxTax rate—Equity$491.33MtotalStockholderEquityDebt$1.33BshortLongTermDebtTotalCash$755.00McashAndShortTermInvestmentsInvested capital$1.06BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.65xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$252.87MoperatingIncomeNet PP&E$153.65MpropertyPlantAndEquipmentNetResult -1.65x |
- 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: $153.65M
Inventory: $51.72M
Total assets: $2.27B
Goodwill: $470.21M
Intangibles: $355.25M
Liabilities: $1.78B
Tangible book: -$334.14M
Shares: 174,264,000
Revenue: $1.27B
Capex: $27.27M
D&A: $102.32M
EBITDA: -$118.51M
Interest: $70.27M
Short-term debt: $13.36M
Free cash flow: -$245.36M
Operating income: -$252.87M
Invested capital: $1.06B
Tax rate: —