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.
Travere Therapeutics Inc
Physical assets are 3.4% of total assets, a light footprint. Capex is 0.96x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -2.16x, which is below 1.
Fixed-asset turnover is 33.62x. Compare it with other names in the same basket.
Physical asset ratio
3.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.60MpropertyPlantAndEquipmentNetInventory$5.88MinventoryTotal assets$605.19MtotalAssetsResult 3.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
33.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$490.73MtotalRevenueNet PP&E$14.60MpropertyPlantAndEquipmentNetResult 33.62x
Revenue per dollar of the physical asset base.
Capex / D&A
0.96xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$58.16McapitalExpendituresD&A$60.74MdepreciationAndAmortizationResult 0.96x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$605.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$113.12MintangibleAssetsLiabilities$490.36MtotalLiabTangible book$1.71MShares89,211,813commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2,647.97xPrice / tangible bookPrice / tangible book per sharePrice$50.85Latest quoteTangible book / share$0.022025-12-31Result 2,647.97x
Price $50.85.
Fixed-charge coverage
-2.16xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.22MebitdaCapex$58.16McapitalExpendituresInterest$10.75MinterestExpenseShort-term debt$5.88MshortTermDebtEBITDA − capex-$35.94MPrincipal due is short-term debt.Result -2.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$20.37MfreeCashFlowMarket cap$4.73BMarketCapitalizationResult -0.4%
Latest free cash flow divided by current market cap ($4.73B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$62.82MoperatingIncomeTax expense$988.00KincomeTaxExpensePretax income-$49.27MincomeBeforeTaxTax rate—Equity$114.83MtotalStockholderEquityDebt$328.73MshortLongTermDebtTotalCash$322.80McashAndShortTermInvestmentsInvested capital$120.77MROIC 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 -4.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.15MpropertyPlantEquipmentInventory$5.62MinventoryTotal assets$709.16MtotalAssetsResult 1.2% | 52.21xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$164.25MtotalRevenueNet PP&E$3.15MpropertyPlantEquipmentResult 52.21x | 1.06xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$19.70McapitalExpendituresD&A$18.67MdepreciationAndAmortizationResult 1.06x | $3.23Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$709.16MtotalAssetsGoodwill$936.00KgoodWillIntangibles$186.69MintangibleAssetsLiabilities$390.91MtotalLiabTangible book$130.63MShares40,433,171commonStockSharesOutstandingResult $3.23 | -2.88xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$73.39MebitdaCapex$19.70McapitalExpendituresInterest$9.81MinterestExpenseShort-term debt$22.46MshortTermDebtEBITDA − capex-$93.09MPrincipal due is short-term debt.Result -2.88x | -$44.66MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$24.96MtotalCashFromOperatingActivitiesCapex$19.70McapitalExpendituresFree cash flow-$44.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$44.66M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$80.04MoperatingIncomeTax expense$811.00KincomeTaxExpensePretax income-$101.87MincomeBeforeTaxTax rate—Equity$318.25MtotalStockholderEquityDebt$217.55MshortLongTermDebtTotalCash$471.54McashAndShortTermInvestmentsInvested capital$64.26MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -25.44xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$80.04MoperatingIncomeNet PP&E$3.15MpropertyPlantEquipmentResult -25.44x |
| 2019 | 2.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.89MpropertyPlantAndEquipmentNetInventory$6.08MinventoryTotal assets$604.80MtotalAssetsResult 2.6% | 17.74xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$175.34MtotalRevenueNet PP&E$9.89MpropertyPlantAndEquipmentNetResult 17.74x | 0.76xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$15.57McapitalExpendituresD&A$20.41MdepreciationAndAmortizationResult 0.76x | $1.49Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$604.80MtotalAssetsGoodwill$936.00KgoodWillIntangibles$157.20MintangibleAssetsLiabilities$383.60MtotalLiabTangible book$63.06MShares42,339,961commonStockSharesOutstandingResult $1.49 | -5.73xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$107.21MebitdaCapex$15.57McapitalExpendituresInterest$18.83MinterestExpenseShort-term debt$2.61MshortTermDebtEBITDA − capex-$122.78MPrincipal due is short-term debt.Result -5.73x | -$73.78MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$58.21MtotalCashFromOperatingActivitiesCapex$15.57McapitalExpendituresFree cash flow-$73.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$73.78M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$99.81MoperatingIncomeTax expense-$21.00KincomeTaxExpensePretax income-$146.45MincomeBeforeTaxTax rate—Equity$221.20MtotalStockholderEquityDebt$214.87MshortLongTermDebtTotalCash$398.52McashAndShortTermInvestmentsInvested capital$37.54MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$99.81MoperatingIncomeNet PP&E$9.89MpropertyPlantAndEquipmentNetResult -10.10x |
| 2020 | 7.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.09MpropertyPlantEquipmentInventory$7.61MinventoryTotal assets$607.44MtotalAssetsUses the property line, which is larger than net PP&E ($9.42M, propertyPlantAndEquipmentNet).Result 7.0% | 5.65xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$198.32MtotalRevenueNet PP&E$35.09MpropertyPlantEquipmentResult 5.65x | 4.88xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$119.85McapitalExpendituresD&A$24.58MdepreciationAndAmortizationResult 4.88x | $1.20Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$607.44MtotalAssetsGoodwill$936.00KgoodWillIntangibles$153.19MintangibleAssetsLiabilities$396.23MtotalLiabTangible book$57.09MShares47,539,631commonStockSharesOutstandingResult $1.20 | -13.66xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$145.16MebitdaCapex$119.85McapitalExpendituresInterest$19.05MinterestExpenseShort-term debt$357.00KshortTermDebtEBITDA − capex-$265.01MPrincipal due is short-term debt.Result -13.66x | -$162.59MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$42.74MtotalCashFromOperatingActivitiesCapex$119.85McapitalExpendituresFree cash flow-$162.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$162.59M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$176.16MoperatingIncomeTax expense-$19.36MincomeTaxExpensePretax income-$188.79MincomeBeforeTaxTax rate—Equity$211.21MtotalStockholderEquityDebt$215.70MshortLongTermDebtTotalCash$361.59McashAndShortTermInvestmentsInvested capital$65.32MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.02xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$176.16MoperatingIncomeNet PP&E$35.09MpropertyPlantEquipmentResult -5.02x |
| 2021 | 5.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.30MpropertyPlantAndEquipmentNetInventory$7.31MinventoryTotal assets$776.63MtotalAssetsResult 5.4% | 3.84xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$131.84MtotalRevenueNet PP&E$34.30MpropertyPlantAndEquipmentNetResult 3.84x | 1.89xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$24.15McapitalExpendituresD&A$12.75MdepreciationAndAmortizationResult 1.89x | $2.57Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$776.63MtotalAssetsGoodwill$900.00KgoodWillIntangibles$147.50MintangibleAssetsLiabilities$474.52MtotalLiabTangible book$153.71MShares59,832,287commonStockSharesOutstandingResult $2.57 | -8.84xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$184.46MebitdaCapex$24.15McapitalExpendituresInterest$19.68MinterestExpenseShort-term debt$3.91MshortTermDebtEBITDA − capex-$208.61MPrincipal due is short-term debt.Result -8.84x | -$38.94MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$14.79MtotalCashFromOperatingActivitiesCapex$24.15McapitalExpendituresFree cash flow-$38.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.94M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$199.43MoperatingIncomeTax expense$409.00KincomeTaxExpensePretax income-$216.88MincomeBeforeTaxTax rate—Equity$302.11MtotalStockholderEquityDebt$261.99MshortLongTermDebtTotalCash$552.88McashAndShortTermInvestmentsInvested capital$11.22MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.81xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$199.43MoperatingIncomeNet PP&E$34.30MpropertyPlantAndEquipmentNetResult -5.81x |
| 2022 | 5.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.05MpropertyPlantAndEquipmentNetInventory$4.52MinventoryTotal assets$672.59MtotalAssetsResult 5.1% | 3.64xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$109.46MtotalRevenueNet PP&E$30.05MpropertyPlantAndEquipmentNetResult 3.64x | 1.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$28.37McapitalExpendituresD&A$20.72MdepreciationAndAmortizationResult 1.37x | -$0.85Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$672.59MtotalAssetsGoodwill$800.00KgoodWillIntangibles$96.32MintangibleAssetsLiabilities$629.73MtotalLiabTangible book-$54.27MShares63,758,515commonStockSharesOutstandingResult -$0.85 | -21.22xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$299.42MebitdaCapex$28.37McapitalExpendituresInterest$11.01MinterestExpenseShort-term debt$4.43MshortTermDebtEBITDA − capex-$327.79MPrincipal due is short-term debt.Result -21.22x | -$214.66MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$186.29MtotalCashFromOperatingActivitiesCapex$28.37McapitalExpendituresFree cash flow-$214.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$214.66M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$319.81MoperatingIncomeTax expense$313.00KincomeTaxExpensePretax income-$331.16MincomeBeforeTaxTax rate—Equity$42.85MtotalStockholderEquityDebt$407.49MshortLongTermDebtTotalCash$450.25McashAndShortTermInvestmentsInvested capital$94.00KROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.64xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$319.81MoperatingIncomeNet PP&E$30.05MpropertyPlantAndEquipmentNetResult -10.64x |
| 2023 | 4.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.54MpropertyPlantAndEquipmentNetInventory$9.41MinventoryTotal assets$788.91MtotalAssetsResult 4.4% | 5.69xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$145.24MtotalRevenueNet PP&E$25.54MpropertyPlantAndEquipmentNetResult 5.69x | 1.08xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$41.59McapitalExpendituresD&A$38.53MdepreciationAndAmortizationResult 1.08x | $1.30Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$788.91MtotalAssetsGoodwill$753.00KgoodWillIntangibles$103.69MintangibleAssetsLiabilities$588.10MtotalLiabTangible book$96.37MShares74,267,418commonStockSharesOutstandingResult $1.30 | -22.65xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$326.25MebitdaCapex$41.59McapitalExpendituresInterest$11.33MinterestExpenseShort-term debt$4.91MshortTermDebtEBITDA − capex-$367.84MPrincipal due is short-term debt.Result -22.65x | -$321.61MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$280.02MtotalCashFromOperatingActivitiesCapex$41.59McapitalExpendituresFree cash flow-$321.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$321.61M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$388.14MoperatingIncomeTax expense$223.00KincomeTaxExpensePretax income-$376.11MincomeBeforeTaxTax rate—Equity$200.81MtotalStockholderEquityDebt$404.78MshortLongTermDebtTotalCash$566.85McashAndShortTermInvestmentsInvested capital$38.74MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -15.20xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$388.14MoperatingIncomeNet PP&E$25.54MpropertyPlantAndEquipmentNetResult -15.20x |
| 2024 | 4.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.63MpropertyPlantAndEquipmentNetInventory$6.20MinventoryTotal assets$594.13MtotalAssetsResult 4.3% | 11.88xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$233.18MtotalRevenueNet PP&E$19.63MpropertyPlantAndEquipmentNetResult 11.88x | 2.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$101.21McapitalExpendituresD&A$43.56MdepreciationAndAmortizationResult 2.32x | -$0.57Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$594.13MtotalAssetsGoodwill$753.00KgoodWillIntangibles$103.22MintangibleAssetsLiabilities$535.05MtotalLiabTangible book-$44.90MShares78,889,000commonStockSharesOutstandingResult -$0.57 | -4.60xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$265.77MebitdaCapex$101.21McapitalExpendituresInterest$11.18MinterestExpenseShort-term debt$68.68MshortLongTermDebtEBITDA − capex-$366.99MPrincipal due is the current portion of debt.Result -4.60x | -$338.69MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$237.48MtotalCashFromOperatingActivitiesCapex$101.21McapitalExpendituresFree cash flow-$338.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$338.69M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$323.83MoperatingIncomeTax expense$120.00KincomeTaxExpensePretax income-$320.51MincomeBeforeTaxTax rate—Equity$59.08MtotalStockholderEquityDebt$401.58MshortLongTermDebtTotalCash$370.70McashAndShortTermInvestmentsInvested capital$89.96MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -16.50xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$323.83MoperatingIncomeNet PP&E$19.63MpropertyPlantAndEquipmentNetResult -16.50x |
| 2025 | 3.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.60MpropertyPlantAndEquipmentNetInventory$5.88MinventoryTotal assets$605.19MtotalAssetsResult 3.4% | 33.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$490.73MtotalRevenueNet PP&E$14.60MpropertyPlantAndEquipmentNetResult 33.62x | 0.96xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$58.16McapitalExpendituresD&A$60.74MdepreciationAndAmortizationResult 0.96x | $0.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$605.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$113.12MintangibleAssetsLiabilities$490.36MtotalLiabTangible book$1.71MShares89,211,813commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.02 | -2.16xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.22MebitdaCapex$58.16McapitalExpendituresInterest$10.75MinterestExpenseShort-term debt$5.88MshortTermDebtEBITDA − capex-$35.94MPrincipal due is short-term debt.Result -2.16x | -$20.37MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$37.78MtotalCashFromOperatingActivitiesCapex$58.16McapitalExpendituresFree cash flow-$20.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.37M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$62.82MoperatingIncomeTax expense$988.00KincomeTaxExpensePretax income-$49.27MincomeBeforeTaxTax rate—Equity$114.83MtotalStockholderEquityDebt$328.73MshortLongTermDebtTotalCash$322.80McashAndShortTermInvestmentsInvested capital$120.77MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.30xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$62.82MoperatingIncomeNet PP&E$14.60MpropertyPlantAndEquipmentNetResult -4.30x |
- 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: $14.60M
Inventory: $5.88M
Total assets: $605.19M
Goodwill: $0.00
Intangibles: $113.12M
Liabilities: $490.36M
Tangible book: $1.71M
Shares: 89,211,813
Revenue: $490.73M
Capex: $58.16M
D&A: $60.74M
EBITDA: $22.22M
Interest: $10.75M
Short-term debt: $5.88M
Free cash flow: -$20.37M
Operating income: -$62.82M
Invested capital: $120.77M
Tax rate: —