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.
X4 Pharmaceuticals Inc
Physical assets are 2.1% of total assets, a light footprint. Capex is 2.35x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -7.30x, which is below 1.
Fixed-asset turnover is 22.07x. Compare it with other names in the same basket.
Physical asset ratio
2.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.59MpropertyPlantAndEquipmentNetInventory$4.48MinventoryTotal assets$290.46MtotalAssetsResult 2.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
22.07xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$35.11MtotalRevenueNet PP&E$1.59MpropertyPlantAndEquipmentNetResult 22.07x
Revenue per dollar of the physical asset base.
Capex / D&A
2.35xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.00McapitalExpendituresD&A$1.28MdepreciationAndAmortizationResult 2.35x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.46MtotalAssetsGoodwill$17.35MgoodWillIntangibles$9.25MintangibleAssetsLiabilities$104.17MtotalLiabTangible book$159.69MShares42,292,818commonStockSharesOutstandingResult $3.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.89xPrice / tangible bookPrice / tangible book per sharePrice$3.35Latest quoteTangible book / share$3.782025-12-31Result 0.89x
Price $3.35.
Fixed-charge coverage
-7.30xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$69.01MebitdaCapex$3.00McapitalExpendituresInterest$8.88MinterestExpenseShort-term debt$994.00KshortTermDebtEBITDA − capex-$72.01MPrincipal due is short-term debt.Result -7.30x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-26.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$88.62MfreeCashFlowMarket cap$333.13MMarketCapitalizationResult -26.6%
Latest free cash flow divided by current market cap ($333.13M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$86.88MoperatingIncomeTax expense$41.00KincomeTaxExpensePretax income-$79.16MincomeBeforeTaxTax rate—Equity$186.29MtotalStockholderEquityDebt$77.29MshortLongTermDebtTotalCash$253.00McashAndShortTermInvestmentsInvested capital$10.58MROIC 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 -54.61x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$285.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$36.00MtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 12.28xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.50MtotalRevenueNet PP&E$285.00KpropertyPlantAndEquipmentNetResult 12.28x | 0.33xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$34.00KcapitalExpendituresD&A$103.00KdepreciationAndAmortizationResult 0.33x | $47.06Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$36.00MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$14.40MtotalLiabTangible book$21.60MShares459,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $47.06 | -12.05xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$28.98MebitdaCapex$34.00KcapitalExpendituresInterest$720.00KinterestExpenseShort-term debt$1.69MshortTermDebtEBITDA − capex-$29.02MPrincipal due is short-term debt.Result -12.05x | -$25.45MFree cash flow · 2018-12-31Operating cash flow − capexOperating cash flow-$25.42MtotalCashFromOperatingActivitiesCapex$34.00KcapitalExpendituresFree cash flow-$25.45MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$25.45M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$29.09MoperatingIncomeTax expense$3.90MincomeTaxExpensePretax income-$33.28MincomeBeforeTaxTax rate—Equity$21.60MtotalStockholderEquityDebt$9.58MshortLongTermDebtTotalCash$30.75McashInvested capital$427.00KROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -102.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$29.09MoperatingIncomeNet PP&E$285.00KpropertyPlantAndEquipmentNetResult -102.05x |
| 2019 | 1.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.36MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$160.70MtotalAssetsInventory was not reported and is treated as zero.Result 1.5% | 1.27xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.00MtotalRevenueNet PP&E$2.36MpropertyPlantEquipmentResult 1.27x | 0.26xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$174.00KcapitalExpendituresD&A$672.00KdepreciationAndAmortizationResult 0.26x | $265.68Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$160.70MtotalAssetsGoodwill$27.11MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$31.48MtotalLiabTangible book$102.11MShares384,333commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $265.68 | -15.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$46.13MebitdaCapex$174.00KcapitalExpendituresInterest$2.15MinterestExpenseShort-term debt$898.00KshortTermDebtEBITDA − capex-$46.31MPrincipal due is short-term debt.Result -15.21x | -$48.23MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$48.06MtotalCashFromOperatingActivitiesCapex$174.00KcapitalExpendituresFree cash flow-$48.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$48.23M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$46.80MoperatingIncomeTax expense$3.80MincomeTaxExpensePretax income-$52.81MincomeBeforeTaxTax rate—Equity$129.22MtotalStockholderEquityDebt$22.91MshortLongTermDebtTotalCash$126.18McashInvested capital$25.95MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -19.81xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$46.80MoperatingIncomeNet PP&E$2.36MpropertyPlantEquipmentResult -19.81x |
| 2020 | 7.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$122.87MtotalAssetsInventory was not reported and is treated as zero.Result 7.5% | 0.33xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.00MtotalRevenueNet PP&E$9.20MpropertyPlantEquipmentResult 0.33x | 3.88xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.36McapitalExpendituresD&A$351.00KdepreciationAndAmortizationResult 3.88x | $68.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$122.87MtotalAssetsGoodwill$27.11MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$50.07MtotalLiabTangible book$45.69MShares669,233commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $68.27 | -17.53xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$59.52MebitdaCapex$1.36McapitalExpendituresInterest$2.69MinterestExpenseShort-term debt$786.00KshortTermDebtEBITDA − capex-$60.89MPrincipal due is short-term debt.Result -17.53x | -$60.18MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$58.82MtotalCashFromOperatingActivitiesCapex$1.36McapitalExpendituresFree cash flow-$60.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$60.18M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$59.87MoperatingIncomeTax expense$148.00KincomeTaxExpensePretax income-$61.98MincomeBeforeTaxTax rate—Equity$72.80MtotalStockholderEquityDebt$38.45MshortLongTermDebtTotalCash$78.97McashInvested capital$32.28MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.51xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$59.87MoperatingIncomeNet PP&E$9.20MpropertyPlantEquipmentResult -6.51x |
| 2021 | 8.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.22MpropertyPlantEquipmentInventory-$747.00KinventoryTotal assets$117.18MtotalAssetsResult 8.1% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$10.22MpropertyPlantEquipmentResult 0.00x | 0.33xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$615.00KcapitalExpendituresD&A$1.89MdepreciationAndAmortizationResult 0.33x | $54.83Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.18MtotalAssetsGoodwill$17.35MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$52.76MtotalLiabTangible book$47.06MShares858,299commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $54.83 | -18.88xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$83.15MebitdaCapex$615.00KcapitalExpendituresInterest$3.64MinterestExpenseShort-term debt$795.00KshortLongTermDebtEBITDA − capex-$83.76MPrincipal due is the current portion of debt.Result -18.88x | -$71.52MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$70.91MtotalCashFromOperatingActivitiesCapex$615.00KcapitalExpendituresFree cash flow-$71.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$71.52M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$75.35MoperatingIncomeTax expense$17.00KincomeTaxExpensePretax income-$88.68MincomeBeforeTaxTax rate—Equity$64.41MtotalStockholderEquityDebt$39.79MshortLongTermDebtTotalCash$81.79McashInvested capital$22.41MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.37xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$75.35MoperatingIncomeNet PP&E$10.22MpropertyPlantEquipmentResult -7.37x |
| 2022 | 5.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.33MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$155.59MtotalAssetsInventory was not reported and is treated as zero.Result 5.4% | 0.00xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$8.33MpropertyPlantAndEquipmentNetResult 0.00x | 0.20xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$103.00KcapitalExpendituresD&A$513.00KdepreciationAndAmortizationResult 0.20x | $26.78Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$155.59MtotalAssetsGoodwill$17.35MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$81.54MtotalLiabTangible book$56.70MShares2,117,533commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $26.78 | -16.85xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$89.33MebitdaCapex$103.00KcapitalExpendituresInterest$3.99MinterestExpenseShort-term debt$1.32MshortLongTermDebtEBITDA − capex-$89.44MPrincipal due is the current portion of debt.Result -16.85x | -$77.21MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$77.10MtotalCashFromOperatingActivitiesCapex$103.00KcapitalExpendituresFree cash flow-$77.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$77.21M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$87.57MoperatingIncomeTax expense$28.00KincomeTaxExpensePretax income-$93.84MincomeBeforeTaxTax rate—Equity$74.05MtotalStockholderEquityDebt$38.42MshortLongTermDebtTotalCash$121.72McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$87.57MoperatingIncomeNet PP&E$8.33MpropertyPlantAndEquipmentNetResult -10.51x |
| 2023 | 4.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.40MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$147.26MtotalAssetsResult 4.3% | 0.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$6.40MpropertyPlantAndEquipmentNetResult 0.00x | 0.14xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$60.00KcapitalExpendituresD&A$419.00KdepreciationAndAmortizationResult 0.14x | $5.69Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$147.26MtotalAssetsGoodwill$17.35MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$96.16MtotalLiabTangible book$33.75MShares5,927,082commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $5.69 | -13.81xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$94.89MebitdaCapex$60.00KcapitalExpendituresInterest$5.78MinterestExpenseShort-term debt$1.10MshortTermDebtEBITDA − capex-$94.95MPrincipal due is short-term debt.Result -13.81x | -$96.57MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$96.51MtotalCashFromOperatingActivitiesCapex$60.00KcapitalExpendituresFree cash flow-$96.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$96.57M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$107.52MoperatingIncomeTax expense$78.00KincomeTaxExpensePretax income-$101.09MincomeBeforeTaxTax rate—Equity$51.10MtotalStockholderEquityDebt$58.28MshortLongTermDebtTotalCash$114.22McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -16.81xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$107.52MoperatingIncomeNet PP&E$6.40MpropertyPlantAndEquipmentNetResult -16.81x |
| 2024 | 5.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.84MpropertyPlantAndEquipmentNetInventory$2.82MinventoryTotal assets$146.45MtotalAssetsResult 5.2% | 0.53xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.56MtotalRevenueNet PP&E$4.84MpropertyPlantAndEquipmentNetResult 0.53x | 9.20xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$7.33McapitalExpendituresD&A$796.00KdepreciationAndAmortizationResult 9.20x | -$0.78Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$146.45MtotalAssetsGoodwill$17.35MgoodWillIntangibles$10.00MintangibleAssetsLiabilities$124.30MtotalLiabTangible book-$5.20MShares6,702,073commonStockSharesOutstandingResult -$0.78 | -3.48xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$27.58MebitdaCapex$7.33McapitalExpendituresInterest$8.77MinterestExpenseShort-term debt$1.25MshortTermDebtEBITDA − capex-$34.90MPrincipal due is short-term debt.Result -3.48x | -$138.23MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$130.90MtotalCashFromOperatingActivitiesCapex$7.33McapitalExpendituresFree cash flow-$138.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$138.23M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$36.40MoperatingIncomeTax expense$310.00KincomeTaxExpensePretax income-$37.14MincomeBeforeTaxTax rate—Equity$22.15MtotalStockholderEquityDebt$78.09MshortLongTermDebtTotalCash$102.06McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.52xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$36.40MoperatingIncomeNet PP&E$4.84MpropertyPlantAndEquipmentNetResult -7.52x |
| 2025 | 2.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.59MpropertyPlantAndEquipmentNetInventory$4.48MinventoryTotal assets$290.46MtotalAssetsResult 2.1% | 22.07xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$35.11MtotalRevenueNet PP&E$1.59MpropertyPlantAndEquipmentNetResult 22.07x | 2.35xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.00McapitalExpendituresD&A$1.28MdepreciationAndAmortizationResult 2.35x | $3.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.46MtotalAssetsGoodwill$17.35MgoodWillIntangibles$9.25MintangibleAssetsLiabilities$104.17MtotalLiabTangible book$159.69MShares42,292,818commonStockSharesOutstandingResult $3.78 | -7.30xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$69.01MebitdaCapex$3.00McapitalExpendituresInterest$8.88MinterestExpenseShort-term debt$994.00KshortTermDebtEBITDA − capex-$72.01MPrincipal due is short-term debt.Result -7.30x | -$88.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$85.62MtotalCashFromOperatingActivitiesCapex$3.00McapitalExpendituresFree cash flow-$88.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$88.62M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$86.88MoperatingIncomeTax expense$41.00KincomeTaxExpensePretax income-$79.16MincomeBeforeTaxTax rate—Equity$186.29MtotalStockholderEquityDebt$77.29MshortLongTermDebtTotalCash$253.00McashAndShortTermInvestmentsInvested capital$10.58MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -54.61xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$86.88MoperatingIncomeNet PP&E$1.59MpropertyPlantAndEquipmentNetResult -54.61x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $1.59M
Inventory: $4.48M
Total assets: $290.46M
Goodwill: $17.35M
Intangibles: $9.25M
Liabilities: $104.17M
Tangible book: $159.69M
Shares: 42,292,818
Revenue: $35.11M
Capex: $3.00M
D&A: $1.28M
EBITDA: -$69.01M
Interest: $8.88M
Short-term debt: $994.00K
Free cash flow: -$88.62M
Operating income: -$86.88M
Invested capital: $10.58M
Tax rate: —