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.
United Therapeutics Corporation
Physical assets are 24.3% of total assets, a light footprint. Capex is 6.08x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 21.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.84x. Compare it with other names in the same basket.
Physical asset ratio
24.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantAndEquipmentNetInventory$183.10MinventoryTotal assets$7.88BtotalAssetsResult 24.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.84xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.18BtotalRevenueNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 1.84x
Revenue per dollar of the physical asset base.
Capex / D&A
6.08xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$520.50McapitalExpendituresD&A$85.60MdepreciationAndAmortizationResult 6.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$145.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.88BtotalAssetsGoodwill$32.30MgoodWillIntangibles$116.50MintangibleAssetsLiabilities$783.80MtotalLiabTangible book$6.95BShares47,900,000commonStockSharesOutstandingResult $145.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.13xPrice / tangible bookPrice / tangible book per sharePrice$598.72Latest quoteTangible book / share$145.042025-12-31Result 4.13x
Price $598.72.
Fixed-charge coverage
48.45xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.82BebitdaCapex$520.50McapitalExpendituresInterest$19.50MinterestExpenseShort-term debt$7.30MshortTermDebtEBITDA − capex$1.30BPrincipal due is short-term debt.Result 48.45x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.04BfreeCashFlowMarket cap$25.68BMarketCapitalizationResult 4.1%
Latest free cash flow divided by current market cap ($25.68B).
ROIC
21.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.52BoperatingIncomeTax expense$379.20MincomeTaxExpensePretax income$1.71BincomeBeforeTaxTax rate22.1%Equity$7.10BtotalStockholderEquityDebt$37.60MshortLongTermDebtTotalCash$1.56BcashInvested capital$5.58BResult 21.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.88x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 23.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$699.70MpropertyPlantEquipmentInventory$101.00MinventoryTotal assets$3.40BtotalAssetsResult 23.5% | 2.33xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.63BtotalRevenueNet PP&E$699.70MpropertyPlantEquipmentResult 2.33x | 5.14xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$184.40McapitalExpendituresD&A$35.90MdepreciationAndAmortizationResult 5.14x | $59.50Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.40BtotalAssetsGoodwill$31.50MgoodWillIntangibles$139.30MintangibleAssetsLiabilities$612.40MtotalLiabTangible book$2.62BShares44,000,000commonStockSharesOutstandingResult $59.50 | 47.05xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$838.40MebitdaCapex$184.40McapitalExpendituresInterest$13.90MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$654.00MShort-term debt is total debt minus long-term debt.Result 47.05x | $594.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$778.40MtotalCashFromOperatingActivitiesCapex$184.40McapitalExpendituresFree cash flow$594.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $594.00M | 38.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$805.40MoperatingIncomeTax expense$169.70MincomeTaxExpensePretax income$758.90MincomeBeforeTaxTax rate22.4%Equity$2.79BtotalStockholderEquityDebt$250.00MshortLongTermDebtTotalCash$1.42BcashAndShortTermInvestmentsInvested capital$1.62BResult 38.5% | 1.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$805.40MoperatingIncomeNet PP&E$699.70MpropertyPlantEquipmentResult 1.15x |
| 2019 | 21.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$738.50MpropertyPlantEquipmentInventory$93.40MinventoryTotal assets$3.91BtotalAssetsResult 21.3% | 1.96xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.45BtotalRevenueNet PP&E$738.50MpropertyPlantEquipmentResult 1.96x | 1.82xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$83.70McapitalExpendituresD&A$45.90MdepreciationAndAmortizationResult 1.82x | $59.87Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.91BtotalAssetsGoodwill$28.00MgoodWillIntangibles$130.30MintangibleAssetsLiabilities$1.13BtotalLiabTangible book$2.62BShares43,800,000commonStockSharesOutstandingResult $59.87 | -0.54xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$74.90MebitdaCapex$83.70McapitalExpendituresInterest$44.20MinterestExpenseShort-term debt$250.00MshortTermDebtEBITDA − capex-$158.60MPrincipal due is short-term debt.Result -0.54x | -$290.30MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$206.60MtotalCashFromOperatingActivitiesCapex$83.70McapitalExpendituresFree cash flow-$290.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$290.30M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$187.60MoperatingIncomeTax expense-$60.50MincomeTaxExpensePretax income-$165.00MincomeBeforeTaxTax rate—Equity$2.78BtotalStockholderEquityDebt$850.00MshortLongTermDebtTotalCash$1.49BcashAndShortTermInvestmentsInvested capital$2.14BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.25xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$187.60MoperatingIncomeNet PP&E$738.50MpropertyPlantEquipmentResult -0.25x |
| 2020 | 17.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$731.60MpropertyPlantEquipmentInventory$86.50MinventoryTotal assets$4.62BtotalAssetsResult 17.7% | 2.03xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.48BtotalRevenueNet PP&E$731.60MpropertyPlantEquipmentResult 2.03x | 1.19xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$59.30McapitalExpendituresD&A$49.90MdepreciationAndAmortizationResult 1.19x | $72.58Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.62BtotalAssetsGoodwill$28.00MgoodWillIntangibles$130.10MintangibleAssetsLiabilities$1.22BtotalLiabTangible book$3.24BShares44,600,000commonStockSharesOutstandingResult $72.58 | 24.98xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$646.30MebitdaCapex$59.30McapitalExpendituresInterest$23.50MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$587.00MShort-term debt is total debt minus long-term debt.Result 24.98x | $696.40MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$755.70MtotalCashFromOperatingActivitiesCapex$59.30McapitalExpendituresFree cash flow$696.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $696.40M | 20.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$593.60MoperatingIncomeTax expense$124.10MincomeTaxExpensePretax income$638.90MincomeBeforeTaxTax rate19.4%Equity$3.40BtotalStockholderEquityDebt$800.00MshortLongTermDebtTotalCash$1.84BcashAndShortTermInvestmentsInvested capital$2.36BResult 20.3% | 0.81xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$593.60MoperatingIncomeNet PP&E$731.60MpropertyPlantEquipmentResult 0.81x |
| 2021 | 16.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$780.90MpropertyPlantEquipmentInventory$93.80MinventoryTotal assets$5.17BtotalAssetsResult 16.9% | 2.16xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.69BtotalRevenueNet PP&E$780.90MpropertyPlantEquipmentResult 2.16x | 2.42xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$120.80McapitalExpendituresD&A$49.90MdepreciationAndAmortizationResult 2.42x | $82.75Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.17BtotalAssetsGoodwill$28.00MgoodWillIntangibles$16.60MintangibleAssetsLiabilities$1.21BtotalLiabTangible book$3.91BShares47,300,000commonStockSharesOutstandingResult $82.75 | 33.12xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$736.80MebitdaCapex$120.80McapitalExpendituresInterest$18.60MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$616.00MShort-term debt is total debt minus long-term debt.Result 33.12x | $477.40MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$598.20MtotalCashFromOperatingActivitiesCapex$120.80McapitalExpendituresFree cash flow$477.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $477.40M | 15.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$555.90MoperatingIncomeTax expense$118.10MincomeTaxExpensePretax income$593.90MincomeBeforeTaxTax rate19.9%Equity$3.96BtotalStockholderEquityDebt$800.00MshortLongTermDebtTotalCash$1.93BcashAndShortTermInvestmentsInvested capital$2.83BResult 15.7% | 0.71xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$555.90MoperatingIncomeNet PP&E$780.90MpropertyPlantEquipmentResult 0.71x |
| 2022 | 15.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$861.50MpropertyPlantEquipmentInventory$102.00MinventoryTotal assets$6.04BtotalAssetsResult 15.9% | 2.25xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.94BtotalRevenueNet PP&E$861.50MpropertyPlantEquipmentResult 2.25x | 2.71xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$138.80McapitalExpendituresD&A$51.30MdepreciationAndAmortizationResult 2.71x | $97.98Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.04BtotalAssetsGoodwill$28.00MgoodWillIntangibles$16.50MintangibleAssetsLiabilities$1.25BtotalLiabTangible book$4.75BShares48,500,000commonStockSharesOutstandingResult $97.98 | 27.82xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.04BebitdaCapex$138.80McapitalExpendituresInterest$32.40MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$901.50MShort-term debt is total debt minus long-term debt.Result 27.82x | $663.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$802.50MtotalCashFromOperatingActivitiesCapex$138.80McapitalExpendituresFree cash flow$663.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $663.70M | 27.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$979.70MoperatingIncomeTax expense$223.30MincomeTaxExpensePretax income$950.60MincomeBeforeTaxTax rate23.5%Equity$4.80BtotalStockholderEquityDebt$800.00MshortLongTermDebtTotalCash$2.84BcashAndShortTermInvestmentsInvested capital$2.76BResult 27.2% | 1.14xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$979.70MoperatingIncomeNet PP&E$861.50MpropertyPlantEquipmentResult 1.14x |
| 2023 | 16.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.05BpropertyPlantAndEquipmentNetInventory$111.80MinventoryTotal assets$7.17BtotalAssetsResult 16.1% | 2.23xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.33BtotalRevenueNet PP&E$1.05BpropertyPlantAndEquipmentNetResult 2.23x | 4.33xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$230.40McapitalExpendituresD&A$53.20MdepreciationAndAmortizationResult 4.33x | $118.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.17BtotalAssetsGoodwill$33.70MgoodWillIntangibles$80.50MintangibleAssetsLiabilities$1.18BtotalLiabTangible book$5.87BShares49,700,000commonStockSharesOutstandingResult $118.12 | 2.52xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.39BebitdaCapex$230.40McapitalExpendituresInterest$59.30MinterestExpenseShort-term debt$400.00MshortTermDebtEBITDA − capex$1.16BPrincipal due is short-term debt.Result 2.52x | $747.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$978.00MtotalCashFromOperatingActivitiesCapex$230.40McapitalExpendituresFree cash flow$747.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $747.60M | 24.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.18BoperatingIncomeTax expense$289.50MincomeTaxExpensePretax income$1.27BincomeBeforeTaxTax rate22.7%Equity$5.98BtotalStockholderEquityDebt$700.00MshortLongTermDebtTotalCash$2.99BcashAndShortTermInvestmentsInvested capital$3.69BResult 24.8% | 1.13xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.18BoperatingIncomeNet PP&E$1.05BpropertyPlantAndEquipmentNetResult 1.13x |
| 2024 | 18.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.22BpropertyPlantAndEquipmentNetInventory$157.90MinventoryTotal assets$7.36BtotalAssetsResult 18.7% | 2.35xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.88BtotalRevenueNet PP&E$1.22BpropertyPlantAndEquipmentNetResult 2.35x | 3.40xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$246.50McapitalExpendituresD&A$72.50MdepreciationAndAmortizationResult 3.40x | $130.56Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.36BtotalAssetsGoodwill$32.30MgoodWillIntangibles$79.60MintangibleAssetsLiabilities$920.00MtotalLiabTangible book$6.33BShares48,500,000commonStockSharesOutstandingResult $130.56 | 4.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.65BebitdaCapex$246.50McapitalExpendituresInterest$42.90MinterestExpenseShort-term debt$300.00MshortTermDebtEBITDA − capex$1.41BPrincipal due is short-term debt.Result 4.11x | $1.08BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.33BtotalCashFromOperatingActivitiesCapex$246.50McapitalExpendituresFree cash flow$1.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.08B | 30.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.38BoperatingIncomeTax expense$343.90MincomeTaxExpensePretax income$1.54BincomeBeforeTaxTax rate22.3%Equity$6.44BtotalStockholderEquityDebt$300.00MshortLongTermDebtTotalCash$3.27BcashAndShortTermInvestmentsInvested capital$3.48BResult 30.8% | 1.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.38BoperatingIncomeNet PP&E$1.22BpropertyPlantAndEquipmentNetResult 1.13x |
| 2025 | 24.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantAndEquipmentNetInventory$183.10MinventoryTotal assets$7.88BtotalAssetsResult 24.3% | 1.84xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.18BtotalRevenueNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 1.84x | 6.08xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$520.50McapitalExpendituresD&A$85.60MdepreciationAndAmortizationResult 6.08x | $145.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.88BtotalAssetsGoodwill$32.30MgoodWillIntangibles$116.50MintangibleAssetsLiabilities$783.80MtotalLiabTangible book$6.95BShares47,900,000commonStockSharesOutstandingResult $145.04 | 48.45xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.82BebitdaCapex$520.50McapitalExpendituresInterest$19.50MinterestExpenseShort-term debt$7.30MshortTermDebtEBITDA − capex$1.30BPrincipal due is short-term debt.Result 48.45x | $1.04BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.56BtotalCashFromOperatingActivitiesCapex$520.50McapitalExpendituresFree cash flow$1.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.04B | 21.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.52BoperatingIncomeTax expense$379.20MincomeTaxExpensePretax income$1.71BincomeBeforeTaxTax rate22.1%Equity$7.10BtotalStockholderEquityDebt$37.60MshortLongTermDebtTotalCash$1.56BcashInvested capital$5.58BResult 21.2% | 0.88xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.52BoperatingIncomeNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 0.88x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $1.73B
Inventory: $183.10M
Total assets: $7.88B
Goodwill: $32.30M
Intangibles: $116.50M
Liabilities: $783.80M
Tangible book: $6.95B
Shares: 47,900,000
Revenue: $3.18B
Capex: $520.50M
D&A: $85.60M
EBITDA: $1.82B
Interest: $19.50M
Short-term debt: $7.30M
Free cash flow: $1.04B
Operating income: $1.52B
Invested capital: $5.58B
Tax rate: 22.1%