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.
22nd Century Group Inc
Physical assets are 27.7% of total assets, a light footprint. Capex is 0.76x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -6.88x, which is below 1.
Fixed-asset turnover is 2.23x. Compare it with other names in the same basket.
Physical asset ratio
27.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.17MpropertyPlantAndEquipmentNetInventory$4.33MinventoryTotal assets$27.02MtotalAssetsResult 27.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.05MtotalRevenueNet PP&E$3.17MpropertyPlantAndEquipmentNetResult 2.23x
Revenue per dollar of the physical asset base.
Capex / D&A
0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$875.00KcapitalExpendituresD&A$1.16MdepreciationAndAmortizationResult 0.76x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$63.76Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.02MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.02MintangibleAssetsLiabilities$11.27MtotalLiabTangible book$11.74MShares184,066commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $63.76
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.00xPrice / tangible bookPrice / tangible book per sharePrice$0.10Latest quoteTangible book / share$63.762025-12-31Result 0.00x
Price $0.10.
Fixed-charge coverage
-6.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.53MebitdaCapex$875.00KcapitalExpendituresInterest$1.46MinterestExpenseShort-term debt$204.00KshortLongTermDebtEBITDA − capex-$11.41MPrincipal due is the current portion of debt.Result -6.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-6,091.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$8.60MfreeCashFlowMarket cap$141.16KMarketCapitalizationResult -6,091.1%
Latest free cash flow divided by current market cap ($141.16K).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.42MoperatingIncomeTax expense-$28.00KincomeTaxExpensePretax income-$13.15MincomeBeforeTaxTax rate—Equity$15.76MtotalStockholderEquityDebt$708.00KlongTermDebt + shortLongTermDebtCash$7.15McashInvested capital$9.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC 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 -3.60x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.26MpropertyPlantEquipmentInventory$3.04MinventoryTotal assets$77.30MtotalAssetsResult 8.2% | 8.10xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$26.43MtotalRevenueNet PP&E$3.26MpropertyPlantEquipmentResult 8.10x | 0.82xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.11McapitalExpendituresD&A$1.34MdepreciationAndAmortizationResult 0.82x | $118.80Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$77.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$9.75MintangibleAssetsLiabilities$6.02MtotalLiabTangible book$61.53MShares517,912commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $118.80 | -11.03xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.61MebitdaCapex$1.11McapitalExpendituresInterest$10.94KinterestExpenseShort-term debt$689.15KshortTermDebtEBITDA − capex-$7.72MPrincipal due is short-term debt.Result -11.03x | -$18.95MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$17.84MtotalCashFromOperatingActivitiesCapex$1.11McapitalExpendituresFree cash flow-$18.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$18.95M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.02MoperatingIncomeTax expense$15.00MincomeTaxExpensePretax income-$7.97MincomeBeforeTaxTax rate—Equity$71.28MtotalStockholderEquityDebt$1.54MshortLongTermDebtTotalCash$56.35McashAndShortTermInvestmentsInvested capital$16.46MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$24.02MoperatingIncomeNet PP&E$3.26MpropertyPlantEquipmentResult -7.37x |
| 2019 | 8.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.72MpropertyPlantAndEquipmentNetInventory$2.27MinventoryTotal assets$68.95MtotalAssetsResult 8.7% | 6.94xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$25.83MtotalRevenueNet PP&E$3.72MpropertyPlantAndEquipmentNetResult 6.94x | 0.67xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.09McapitalExpendituresD&A$1.64MdepreciationAndAmortizationResult 0.67x | $4.87MTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$68.95MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$8.49MintangibleAssetsLiabilities$6.90MtotalLiabTangible book$53.56MShares11commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.87M | -40.77xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.87MebitdaCapex$1.09McapitalExpendituresInterest$56.00KinterestExpenseShort-term debt$580.71KshortLongTermDebtEBITDA − capex-$25.96MPrincipal due is the current portion of debt.Result -40.77x | -$15.68MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$14.59MtotalCashFromOperatingActivitiesCapex$1.09McapitalExpendituresFree cash flow-$15.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$15.68M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$23.57MoperatingIncomeTax expense-$2.36MincomeTaxExpensePretax income-$26.56MincomeBeforeTaxTax rate—Equity$62.05MtotalStockholderEquityDebt$872.89KlongTermDebt + shortLongTermDebtCash$38.96McashAndShortTermInvestmentsInvested capital$23.96MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.33xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$23.57MoperatingIncomeNet PP&E$3.72MpropertyPlantAndEquipmentNetResult -6.33x |
| 2020 | 9.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.73MpropertyPlantEquipmentInventory$2.03MinventoryTotal assets$51.69MtotalAssetsResult 9.2% | 10.30xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$28.11MtotalRevenueNet PP&E$2.73MpropertyPlantEquipmentResult 10.30x | 0.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$522.00KcapitalExpendituresD&A$1.53MdepreciationAndAmortizationResult 0.34x | $2.99MTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$8.21MintangibleAssetsLiabilities$7.58MtotalLiabTangible book$35.90MShares12commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.99M | -30.44xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$18.07MebitdaCapex$522.00KcapitalExpendituresInterest$72.00KinterestExpenseShort-term debt$539.00KshortLongTermDebtEBITDA − capex-$18.60MPrincipal due is the current portion of debt.Result -30.44x | -$16.14MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$15.62MtotalCashFromOperatingActivitiesCapex$522.00KcapitalExpendituresFree cash flow-$16.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$16.14M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.18MoperatingIncomeTax expense$38.00KincomeTaxExpensePretax income-$19.67MincomeBeforeTaxTax rate—Equity$44.11MtotalStockholderEquityDebt$786.00KshortLongTermDebtTotalCash$22.34McashAndShortTermInvestmentsInvested capital$22.55MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$19.18MoperatingIncomeNet PP&E$2.73MpropertyPlantEquipmentResult -7.03x |
| 2021 | 13.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.56MpropertyPlantEquipmentInventory$2.88MinventoryTotal assets$75.95MtotalAssetsResult 13.8% | 4.09xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$30.95MtotalRevenueNet PP&E$7.56MpropertyPlantEquipmentResult 4.09x | 0.70xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.07McapitalExpendituresD&A$1.54MdepreciationAndAmortizationResult 0.70x | $4.15MTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.95MtotalAssetsGoodwill$44.20KgoodWillIntangibles$7.92MintangibleAssetsLiabilities$9.88MtotalLiabTangible book$58.11MShares14commonStockSharesOutstandingResult $4.15M | -49.04xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$31.00MebitdaCapex$1.07McapitalExpendituresInterest$58.00KinterestExpenseShort-term debt$596.00KshortLongTermDebtEBITDA − capex-$32.07MPrincipal due is the current portion of debt.Result -49.04x | -$23.91MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$22.84MtotalCashFromOperatingActivitiesCapex$1.07McapitalExpendituresFree cash flow-$23.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$23.91M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.41MoperatingIncomeTax expense$14.00KincomeTaxExpensePretax income-$32.60MincomeBeforeTaxTax rate—Equity$66.07MtotalStockholderEquityDebt$596.00KlongTermDebt + shortLongTermDebtCash$48.74McashAndShortTermInvestmentsInvested capital$17.93MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.76xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$28.41MoperatingIncomeNet PP&E$7.56MpropertyPlantEquipmentResult -3.76x |
| 2022 | 22.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.77MpropertyPlantAndEquipmentNetInventory$10.01MinventoryTotal assets$114.65MtotalAssetsResult 22.5% | 2.57xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$40.50MtotalRevenueNet PP&E$15.77MpropertyPlantAndEquipmentNetResult 2.57x | 1.23xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$4.43McapitalExpendituresD&A$3.59MdepreciationAndAmortizationResult 1.23x | $4.41Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$114.65MtotalAssetsGoodwill$33.16MgoodWillIntangibles$16.85MintangibleAssetsLiabilities$18.68MtotalLiabTangible book$45.96MShares10,413,866commonStockSharesOutstandingResult $4.41 | -38.75xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$32.89MebitdaCapex$4.43McapitalExpendituresInterest$55.00KinterestExpenseShort-term debt$908.00KshortLongTermDebtEBITDA − capex-$37.32MPrincipal due is the current portion of debt.Result -38.75x | -$56.14MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$51.71MtotalCashFromOperatingActivitiesCapex$4.43McapitalExpendituresFree cash flow-$56.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$56.14M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$33.64MoperatingIncomeTax expense$21.00KincomeTaxExpensePretax income-$36.53MincomeBeforeTaxTax rate—Equity$95.98MtotalStockholderEquityDebt$3.91MlongTermDebt + shortLongTermDebtCash$21.21McashAndShortTermInvestmentsInvested capital$78.67MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.13xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$33.64MoperatingIncomeNet PP&E$15.77MpropertyPlantAndEquipmentNetResult -2.13x |
| 2023 | 35.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.29MpropertyPlantAndEquipmentNetInventory$4.35MinventoryTotal assets$27.50MtotalAssetsResult 35.0% | 6.09xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$32.20MtotalRevenueNet PP&E$5.29MpropertyPlantAndEquipmentNetResult 6.09x | 1.16xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$5.62McapitalExpendituresD&A$4.86MdepreciationAndAmortizationResult 1.16x | -$511.93KTangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.50MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.92MintangibleAssetsLiabilities$35.91MtotalLiabTangible book-$14.33MShares28commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$511.93K | -2.92xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$40.41MebitdaCapex$5.62McapitalExpendituresInterest$9.37MinterestExpenseShort-term debt$6.39MshortLongTermDebtEBITDA − capex-$46.03MPrincipal due is the current portion of debt.Result -2.92x | -$60.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$54.99MtotalCashFromOperatingActivitiesCapex$5.62McapitalExpendituresFree cash flow-$60.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$60.60M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$44.93MoperatingIncomeTax expense$47.00KincomeTaxExpensePretax income-$54.64MincomeBeforeTaxTax rate—Equity-$8.41MtotalStockholderEquityDebt$16.38MshortLongTermDebtTotalCash$2.06McashInvested capital$5.91MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -8.50xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$44.93MoperatingIncomeNet PP&E$5.29MpropertyPlantAndEquipmentNetResult -8.50x |
| 2024 | 29.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.41MpropertyPlantAndEquipmentNetInventory$2.02MinventoryTotal assets$21.67MtotalAssetsResult 29.7% | 2.69xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$11.88MtotalRevenueNet PP&E$4.41MpropertyPlantAndEquipmentNetResult 2.69x | 0.13xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$161.00KcapitalExpendituresD&A$1.26MdepreciationAndAmortizationResult 0.13x | -$4.04KTangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.67MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.72MintangibleAssetsLiabilities$17.66MtotalLiabTangible book-$1.71MShares424commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$4.04K | -3.19xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$12.11MebitdaCapex$161.00KcapitalExpendituresInterest$2.09MinterestExpenseShort-term debt$1.75MshortLongTermDebtEBITDA − capex-$12.27MPrincipal due is the current portion of debt.Result -3.19x | -$14.51MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$14.35MtotalCashFromOperatingActivitiesCapex$161.00KcapitalExpendituresFree cash flow-$14.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$14.51M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.95MoperatingIncomeTax expense$30.00KincomeTaxExpensePretax income-$15.47MincomeBeforeTaxTax rate—Equity$4.01MtotalStockholderEquityDebt$8.62MshortLongTermDebtTotalCash$4.42McashInvested capital$8.21MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.16xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$13.95MoperatingIncomeNet PP&E$4.41MpropertyPlantAndEquipmentNetResult -3.16x |
| 2025 | 27.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.17MpropertyPlantAndEquipmentNetInventory$4.33MinventoryTotal assets$27.02MtotalAssetsResult 27.7% | 2.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.05MtotalRevenueNet PP&E$3.17MpropertyPlantAndEquipmentNetResult 2.23x | 0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$875.00KcapitalExpendituresD&A$1.16MdepreciationAndAmortizationResult 0.76x | $63.76Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.02MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.02MintangibleAssetsLiabilities$11.27MtotalLiabTangible book$11.74MShares184,066commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $63.76 | -6.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.53MebitdaCapex$875.00KcapitalExpendituresInterest$1.46MinterestExpenseShort-term debt$204.00KshortLongTermDebtEBITDA − capex-$11.41MPrincipal due is the current portion of debt.Result -6.88x | -$8.60MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$7.72MtotalCashFromOperatingActivitiesCapex$875.00KcapitalExpendituresFree cash flow-$8.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.60M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.42MoperatingIncomeTax expense-$28.00KincomeTaxExpensePretax income-$13.15MincomeBeforeTaxTax rate—Equity$15.76MtotalStockholderEquityDebt$708.00KlongTermDebt + shortLongTermDebtCash$7.15McashInvested capital$9.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.60xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$11.42MoperatingIncomeNet PP&E$3.17MpropertyPlantAndEquipmentNetResult -3.60x |
- 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 the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $3.17M
Inventory: $4.33M
Total assets: $27.02M
Goodwill: $0.00
Intangibles: $4.02M
Liabilities: $11.27M
Tangible book: $11.74M
Shares: 184,066
Revenue: $7.05M
Capex: $875.00K
D&A: $1.16M
EBITDA: -$10.53M
Interest: $1.46M
Short-term debt: $204.00K
Free cash flow: -$8.60M
Operating income: -$11.42M
Invested capital: $9.32M
Tax rate: —