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.
Vericel Corp Ord
Physical assets are 39.1% of total assets, a mixed footprint. Capex is 2.39x 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. EBITDA after capex covers debt service by 0.20x, which is below 1.
Fixed-asset turnover is 1.60x. Compare it with other names in the same basket.
Physical asset ratio
39.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$173.17MpropertyPlantAndEquipmentNetInventory$17.56MinventoryTotal assets$487.97MtotalAssetsResult 39.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$276.26MtotalRevenueNet PP&E$173.17MpropertyPlantAndEquipmentNetResult 1.60x
Revenue per dollar of the physical asset base.
Capex / D&A
2.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$27.16McapitalExpendituresD&A$11.36MdepreciationAndAmortizationResult 2.39x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$487.97MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.63MintangibleAssetsLiabilities$133.33MtotalLiabTangible book$349.02MShares52,071,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.70
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.12xPrice / tangible bookPrice / tangible book per sharePrice$41.02Latest quoteTangible book / share$6.702025-12-31Result 6.12x
Price $41.02.
Fixed-charge coverage
0.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$30.29MebitdaCapex$27.16McapitalExpendituresInterest$1.56MinterestExpenseShort-term debt$14.09MshortTermDebtEBITDA − capex$3.13MPrincipal due is short-term debt.Result 0.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$24.75MfreeCashFlowMarket cap$2.20BMarketCapitalizationResult 1.1%
Latest free cash flow divided by current market cap ($2.20B).
ROIC
3.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.04MoperatingIncomeTax expense$859.00KincomeTaxExpensePretax income$17.38MincomeBeforeTaxTax rate4.9%Equity$354.64MtotalStockholderEquityDebt$98.27MshortLongTermDebtTotalCash$137.50McashAndShortTermInvestmentsInvested capital$315.41MResult 3.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.91MpropertyPlantEquipmentInventory$3.56MinventoryTotal assets$118.69MtotalAssetsResult 8.0% | 15.38xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$90.86MtotalRevenueNet PP&E$5.91MpropertyPlantEquipmentResult 15.38x | 1.88xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.68McapitalExpendituresD&A$1.43MdepreciationAndAmortizationResult 1.88x | $2.54Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$118.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$16.46MtotalLiabTangible book$102.23MShares40,242,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.54 | -4.42xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA-$4.98MebitdaCapex$2.68McapitalExpendituresInterest$1.73MinterestExpenseEBITDA − capex-$7.66MShort-term debt was not reported, so the denominator is interest only.Result -4.42x | -$3.09MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$412.00KtotalCashFromOperatingActivitiesCapex$2.68McapitalExpendituresFree cash flow-$3.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.09M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.91MoperatingIncomeTax expense$3.36MincomeTaxExpensePretax income-$8.14MincomeBeforeTaxTax rate—Equity$102.23MtotalStockholderEquityDebt—Not reportedCash$82.92McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.66xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$3.91MoperatingIncomeNet PP&E$5.91MpropertyPlantEquipmentResult -0.66x |
| 2019 | 25.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.25MpropertyPlantEquipmentInventory$6.82MinventoryTotal assets$153.24MtotalAssetsResult 25.5% | 3.65xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$117.85MtotalRevenueNet PP&E$32.25MpropertyPlantEquipmentResult 3.65x | 1.50xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.62McapitalExpendituresD&A$1.74MdepreciationAndAmortizationResult 1.50x | $2.51Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$153.24MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$42.15MtotalLiabTangible book$111.09MShares44,180,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.51 | -1.91xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.91MebitdaCapex$2.62McapitalExpendituresInterest$8.00KinterestExpenseShort-term debt$5.50MshortTermDebtEBITDA − capex-$10.53MPrincipal due is short-term debt.Result -1.91x | -$9.80MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$7.18MtotalCashFromOperatingActivitiesCapex$2.62McapitalExpendituresFree cash flow-$9.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.80M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.25MoperatingIncomeTax expense-$1.76MincomeTaxExpensePretax income-$9.67MincomeBeforeTaxTax rate—Equity$111.09MtotalStockholderEquityDebt$27.85MshortLongTermDebtTotalCash$69.72McashAndShortTermInvestmentsInvested capital$69.23MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.35xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$11.25MoperatingIncomeNet PP&E$32.25MpropertyPlantEquipmentResult -0.35x |
| 2020 | 32.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$57.74MpropertyPlantEquipmentInventory$9.36MinventoryTotal assets$205.61MtotalAssetsResult 32.6% | 2.15xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$124.18MtotalRevenueNet PP&E$57.74MpropertyPlantEquipmentResult 2.15x | 1.10xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.63McapitalExpendituresD&A$2.38MdepreciationAndAmortizationResult 1.10x | $2.84Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$205.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$71.35MtotalLiabTangible book$134.26MShares47,282,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.84 | 0.63xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.43MebitdaCapex$2.63McapitalExpendituresInterest$6.00KinterestExpenseShort-term debt$4.44MshortTermDebtEBITDA − capex$2.81MPrincipal due is short-term debt.Result 0.63x | $14.95MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$17.57MtotalCashFromOperatingActivitiesCapex$2.63McapitalExpendituresFree cash flow$14.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.95M | 2.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.37MoperatingIncomeTax expense$180.00KincomeTaxExpensePretax income$3.04MincomeBeforeTaxTax rate5.9%Equity$134.26MtotalStockholderEquityDebt$53.30MshortLongTermDebtTotalCash$75.81McashAndShortTermInvestmentsInvested capital$111.75MResult 2.0% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.37MoperatingIncomeNet PP&E$57.74MpropertyPlantEquipmentResult 0.04x |
| 2021 | 29.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$59.03MpropertyPlantEquipmentInventory$13.38MinventoryTotal assets$243.71MtotalAssetsResult 29.7% | 2.65xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$156.18MtotalRevenueNet PP&E$59.03MpropertyPlantEquipmentResult 2.65x | 2.67xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$7.92McapitalExpendituresD&A$2.97MdepreciationAndAmortizationResult 2.67x | $3.67Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$243.71MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$73.24MtotalLiabTangible book$170.46MShares46,472,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.67 | -4.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.61MebitdaCapex$7.92McapitalExpendituresInterest$4.00KinterestExpenseShort-term debt$2.99MshortTermDebtEBITDA − capex-$12.53MPrincipal due is short-term debt.Result -4.18x | $21.13MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$29.04MtotalCashFromOperatingActivitiesCapex$7.92McapitalExpendituresFree cash flow$21.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.13M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.85MoperatingIncomeTax expense-$111.00KincomeTaxExpensePretax income-$7.58MincomeBeforeTaxTax rate—Equity$170.46MtotalStockholderEquityDebt$50.18MshortLongTermDebtTotalCash$103.40McashAndShortTermInvestmentsInvested capital$117.25MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$7.85MoperatingIncomeNet PP&E$59.03MpropertyPlantEquipmentResult -0.13x |
| 2022 | 26.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$57.37MpropertyPlantEquipmentInventory$15.99MinventoryTotal assets$273.00MtotalAssetsResult 26.9% | 2.86xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$164.37MtotalRevenueNet PP&E$57.37MpropertyPlantEquipmentResult 2.86x | 1.91xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.60McapitalExpendituresD&A$3.98MdepreciationAndAmortizationResult 1.91x | $3.92Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$273.00MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.50MintangibleAssetsLiabilities$80.73MtotalLiabTangible book$184.77MShares47,130,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.92 | -4.12xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$11.64MebitdaCapex$7.60McapitalExpendituresInterest$366.00KinterestExpenseShort-term debt$4.30MshortTermDebtEBITDA − capex-$19.24MPrincipal due is short-term debt.Result -4.12x | $10.09MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$17.69MtotalCashFromOperatingActivitiesCapex$7.60McapitalExpendituresFree cash flow$10.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.09M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.06MoperatingIncomeTax expense$721.00KincomeTaxExpensePretax income-$15.99MincomeBeforeTaxTax rate—Equity$192.27MtotalStockholderEquityDebt$47.57MshortLongTermDebtTotalCash$119.54McashAndShortTermInvestmentsInvested capital$120.30MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.30xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$17.06MoperatingIncomeNet PP&E$57.37MpropertyPlantEquipmentResult -0.30x |
| 2023 | 36.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$115.10MpropertyPlantAndEquipmentNetInventory$13.09MinventoryTotal assets$353.66MtotalAssetsResult 36.2% | 1.72xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$197.52MtotalRevenueNet PP&E$115.10MpropertyPlantAndEquipmentNetResult 1.72x | 5.94xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$27.51McapitalExpendituresD&A$4.63MdepreciationAndAmortizationResult 5.94x | $4.60Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$353.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.88MintangibleAssetsLiabilities$127.71MtotalLiabTangible book$219.08MShares47,590,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.60 | -3.63xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.86MebitdaCapex$27.51McapitalExpendituresInterest$600.00KinterestExpenseShort-term debt$6.19MshortTermDebtEBITDA − capex-$24.65MPrincipal due is short-term debt.Result -3.63x | $7.80MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$35.31MtotalCashFromOperatingActivitiesCapex$27.51McapitalExpendituresFree cash flow$7.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.80M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.46MoperatingIncomeTax expense$814.00KincomeTaxExpensePretax income-$2.37MincomeBeforeTaxTax rate—Equity$225.95MtotalStockholderEquityDebt$88.04MshortLongTermDebtTotalCash$109.56McashAndShortTermInvestmentsInvested capital$204.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$6.46MoperatingIncomeNet PP&E$115.10MpropertyPlantAndEquipmentNetResult -0.06x |
| 2024 | 44.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$173.26MpropertyPlantAndEquipmentNetInventory$17.37MinventoryTotal assets$432.72MtotalAssetsResult 44.1% | 1.37xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$237.22MtotalRevenueNet PP&E$173.26MpropertyPlantAndEquipmentNetResult 1.37x | 11.62xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$63.97McapitalExpendituresD&A$5.50MdepreciationAndAmortizationResult 11.62x | $5.53Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$432.72MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.25MintangibleAssetsLiabilities$140.76MtotalLiabTangible book$285.72MShares51,679,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.53 | -4.80xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.63MebitdaCapex$63.97McapitalExpendituresInterest$614.00KinterestExpenseShort-term debt$9.26MshortTermDebtEBITDA − capex-$47.35MPrincipal due is short-term debt.Result -4.80x | -$5.81MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$58.16MtotalCashFromOperatingActivitiesCapex$63.97McapitalExpendituresFree cash flow-$5.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.81M | 1.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.52MoperatingIncomeTax expense$148.00KincomeTaxExpensePretax income$10.51MincomeBeforeTaxTax rate1.4%Equity$291.97MtotalStockholderEquityDebt$98.85MshortLongTermDebtTotalCash$116.21McashAndShortTermInvestmentsInvested capital$274.60MResult 1.6% | 0.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.52MoperatingIncomeNet PP&E$173.26MpropertyPlantAndEquipmentNetResult 0.03x |
| 2025 | 39.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$173.17MpropertyPlantAndEquipmentNetInventory$17.56MinventoryTotal assets$487.97MtotalAssetsResult 39.1% | 1.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$276.26MtotalRevenueNet PP&E$173.17MpropertyPlantAndEquipmentNetResult 1.60x | 2.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$27.16McapitalExpendituresD&A$11.36MdepreciationAndAmortizationResult 2.39x | $6.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$487.97MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.63MintangibleAssetsLiabilities$133.33MtotalLiabTangible book$349.02MShares52,071,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.70 | 0.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$30.29MebitdaCapex$27.16McapitalExpendituresInterest$1.56MinterestExpenseShort-term debt$14.09MshortTermDebtEBITDA − capex$3.13MPrincipal due is short-term debt.Result 0.20x | $24.75MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$51.91MtotalCashFromOperatingActivitiesCapex$27.16McapitalExpendituresFree cash flow$24.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $24.75M | 3.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.04MoperatingIncomeTax expense$859.00KincomeTaxExpensePretax income$17.38MincomeBeforeTaxTax rate4.9%Equity$354.64MtotalStockholderEquityDebt$98.27MshortLongTermDebtTotalCash$137.50McashAndShortTermInvestmentsInvested capital$315.41MResult 3.3% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$11.04MoperatingIncomeNet PP&E$173.17MpropertyPlantAndEquipmentNetResult 0.06x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $173.17M
Inventory: $17.56M
Total assets: $487.97M
Goodwill: $0.00
Intangibles: $5.63M
Liabilities: $133.33M
Tangible book: $349.02M
Shares: 52,071,000
Revenue: $276.26M
Capex: $27.16M
D&A: $11.36M
EBITDA: $30.29M
Interest: $1.56M
Short-term debt: $14.09M
Free cash flow: $24.75M
Operating income: $11.04M
Invested capital: $315.41M
Tax rate: 4.9%