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.
Anika Therapeutics Inc
Physical assets are 44.7% of total assets, a mixed footprint. Capex is 1.19x 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 -2.74x, which is below 1.
Fixed-asset turnover is 1.70x. Compare it with other names in the same basket.
Physical asset ratio
44.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.26MpropertyPlantAndEquipmentNetInventory$18.79MinventoryTotal assets$190.27MtotalAssetsResult 44.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$112.82MtotalRevenueNet PP&E$66.26MpropertyPlantAndEquipmentNetResult 1.70x
Revenue per dollar of the physical asset base.
Capex / D&A
1.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$6.83McapitalExpendituresD&A$5.73MdepreciationAndAmortizationResult 1.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.33Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$190.27MtotalAssetsGoodwill$8.05MgoodWillIntangibles$1.65MintangibleAssetsLiabilities$46.81MtotalLiabTangible book$133.76MShares14,339,000commonStockSharesOutstandingResult $9.33
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.07xPrice / tangible bookPrice / tangible book per sharePrice$19.33Latest quoteTangible book / share$9.332025-12-31Result 2.07x
Price $19.33.
Fixed-charge coverage
-2.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.58MebitdaCapex$6.83McapitalExpendituresInterest$1.74MinterestExpenseShort-term debt$2.05MshortTermDebtEBITDA − capex-$10.40MPrincipal due is short-term debt.Result -2.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$4.36MfreeCashFlowMarket cap$273.01MMarketCapitalizationResult 1.6%
Latest free cash flow divided by current market cap ($273.01M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.05MoperatingIncomeTax expense$672.00KincomeTaxExpensePretax income-$9.31MincomeBeforeTaxTax rate—Equity$143.47MtotalStockholderEquityDebt$26.25MshortLongTermDebtTotalCash$57.48McashInvested capital$112.23MROIC 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 -0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 27.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$54.11MpropertyPlantEquipmentInventory$21.30MinventoryTotal assets$278.99MtotalAssetsResult 27.0% | 1.95xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$105.56MtotalRevenueNet PP&E$54.11MpropertyPlantEquipmentResult 1.95x | 0.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.66McapitalExpendituresD&A$5.91MdepreciationAndAmortizationResult 0.79x | $16.79Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$278.99MtotalAssetsGoodwill$7.85MgoodWillIntangibles$9.19MintangibleAssetsLiabilities$15.38MtotalLiabTangible book$246.57MShares14,689,000commonStockSharesOutstandingResult $16.79 | 15.78xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA$27.66MebitdaCapex$4.66McapitalExpendituresInterest$1.46MinterestExpenseEBITDA − capex$23.00MShort-term debt was not reported, so the denominator is interest only.Result 15.78x | $30.26MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$34.92MtotalCashFromOperatingActivitiesCapex$4.66McapitalExpendituresFree cash flow$30.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.26M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.75MoperatingIncomeTax expense$4.49MincomeTaxExpensePretax income$23.21MincomeBeforeTaxTax rate19.3%Equity$263.61MtotalStockholderEquityDebt—Not reportedCash$159.01McashAndShortTermInvestmentsInvested capital—Result — | 0.40xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$21.75MoperatingIncomeNet PP&E$54.11MpropertyPlantEquipmentResult 0.40x |
| 2019 | 28.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.65MpropertyPlantAndEquipmentNetInventory$22.00MinventoryTotal assets$330.71MtotalAssetsResult 28.9% | 1.56xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$114.61MtotalRevenueNet PP&E$73.65MpropertyPlantAndEquipmentNetResult 1.56x | 0.47xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.83McapitalExpendituresD&A$5.99MdepreciationAndAmortizationResult 0.47x | $19.00Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$330.71MtotalAssetsGoodwill$7.69MgoodWillIntangibles$7.59MintangibleAssetsLiabilities$42.33MtotalLiabTangible book$273.10MShares14,374,000commonStockSharesOutstandingResult $19.00 | 4.15xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$40.24MebitdaCapex$2.83McapitalExpendituresInterest$7.86MinterestExpenseShort-term debt$1.14MshortTermDebtEBITDA − capex$37.41MPrincipal due is short-term debt.Result 4.15x | $34.18MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$37.01MtotalCashFromOperatingActivitiesCapex$2.83McapitalExpendituresFree cash flow$34.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.18M | 20.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$34.25MoperatingIncomeTax expense$8.93MincomeTaxExpensePretax income$36.12MincomeBeforeTaxTax rate24.7%Equity$288.38MtotalStockholderEquityDebt$22.51MshortLongTermDebtTotalCash$184.94McashAndShortTermInvestmentsInvested capital$125.94MResult 20.5% | 0.47xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$34.25MoperatingIncomeNet PP&E$73.65MpropertyPlantAndEquipmentNetResult 0.47x |
| 2020 | 32.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.23MpropertyPlantAndEquipmentNetInventory$46.21MinventoryTotal assets$365.61MtotalAssetsResult 32.7% | 1.78xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$130.46MtotalRevenueNet PP&E$73.23MpropertyPlantAndEquipmentNetResult 1.78x | 0.12xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.63McapitalExpendituresD&A$13.46MdepreciationAndAmortizationResult 0.12x | $12.15Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$365.61MtotalAssetsGoodwill$8.41MgoodWillIntangibles$91.16MintangibleAssetsLiabilities$93.21MtotalLiabTangible book$172.83MShares14,222,163commonStockSharesOutstandingResult $12.15 | -1.10xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.00MebitdaCapex$1.63McapitalExpendituresInterest$800.00KinterestExpenseShort-term debt$1.59MshortTermDebtEBITDA − capex-$2.63MPrincipal due is short-term debt.Result -1.10x | $11.44MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$13.07MtotalCashFromOperatingActivitiesCapex$1.63McapitalExpendituresFree cash flow$11.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.44M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.32MoperatingIncomeTax expense-$4.64MincomeTaxExpensePretax income-$28.62MincomeBeforeTaxTax rate—Equity$272.40MtotalStockholderEquityDebt$22.46MshortLongTermDebtTotalCash$98.32McashAndShortTermInvestmentsInvested capital$196.55MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.39xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$28.32MoperatingIncomeNet PP&E$73.23MpropertyPlantAndEquipmentNetResult -0.39x |
| 2021 | 30.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$68.56MpropertyPlantAndEquipmentNetInventory$36.01MinventoryTotal assets$347.54MtotalAssetsResult 30.1% | 2.16xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$147.79MtotalRevenueNet PP&E$68.56MpropertyPlantAndEquipmentNetResult 2.16x | 0.36xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$5.14McapitalExpendituresD&A$14.32MdepreciationAndAmortizationResult 0.36x | $13.46Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$347.54MtotalAssetsGoodwill$7.78MgoodWillIntangibles$82.38MintangibleAssetsLiabilities$60.45MtotalLiabTangible book$196.92MShares14,634,000commonStockSharesOutstandingResult $13.46 | -4.89xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.16MebitdaCapex$5.14McapitalExpendituresInterest$188.00KinterestExpenseShort-term debt$1.71MshortTermDebtEBITDA − capex-$9.31MPrincipal due is short-term debt.Result -4.89x | $3.25MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$8.40MtotalCashFromOperatingActivitiesCapex$5.14McapitalExpendituresFree cash flow$3.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.25M | 1.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.62MoperatingIncomeTax expense-$1.71MincomeTaxExpensePretax income$2.43MincomeBeforeTaxTax rate0.0%Equity$287.09MtotalStockholderEquityDebt$20.95MshortLongTermDebtTotalCash$94.39McashInvested capital$213.65MResult 1.2% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.62MoperatingIncomeNet PP&E$68.56MpropertyPlantAndEquipmentNetResult 0.04x |
| 2022 | 34.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$78.98MpropertyPlantAndEquipmentNetInventory$39.77MinventoryTotal assets$349.13MtotalAssetsResult 34.0% | 1.98xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$156.24MtotalRevenueNet PP&E$78.98MpropertyPlantAndEquipmentNetResult 1.98x | 0.52xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.49McapitalExpendituresD&A$14.49MdepreciationAndAmortizationResult 0.52x | $13.98Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$349.13MtotalAssetsGoodwill$7.34MgoodWillIntangibles$74.60MintangibleAssetsLiabilities$63.57MtotalLiabTangible book$203.63MShares14,561,000commonStockSharesOutstandingResult $13.98 | -4.55xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.91MebitdaCapex$7.49McapitalExpendituresInterest$654.00KinterestExpenseShort-term debt$2.07MshortTermDebtEBITDA − capex-$12.40MPrincipal due is short-term debt.Result -4.55x | -$3.08MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.41MtotalCashFromOperatingActivitiesCapex$7.49McapitalExpendituresFree cash flow-$3.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.08M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.40MoperatingIncomeTax expense-$3.89MincomeTaxExpensePretax income-$18.75MincomeBeforeTaxTax rate—Equity$285.56MtotalStockholderEquityDebt$30.89MshortLongTermDebtTotalCash$86.33McashInvested capital$230.13MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.25xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$19.40MoperatingIncomeNet PP&E$78.98MpropertyPlantAndEquipmentNetResult -0.25x |
| 2023 | 33.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$65.00MpropertyPlantAndEquipmentNetInventory$24.43MinventoryTotal assets$270.63MtotalAssetsResult 33.0% | 1.86xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$120.79MtotalRevenueNet PP&E$65.00MpropertyPlantAndEquipmentNetResult 1.86x | 0.38xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$5.43McapitalExpendituresD&A$14.22MdepreciationAndAmortizationResult 0.38x | $13.79Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$270.63MtotalAssetsGoodwill$7.57MgoodWillIntangibles$2.58MintangibleAssetsLiabilities$58.37MtotalLiabTangible book$202.12MShares14,656,000commonStockSharesOutstandingResult $13.79 | 2.89xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.37MebitdaCapex$5.43McapitalExpendituresInterest$2.31MinterestExpenseShort-term debt$1.83MshortTermDebtEBITDA − capex$11.95MPrincipal due is short-term debt.Result 2.89x | -$7.22MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$1.79MtotalCashFromOperatingActivitiesCapex$5.43McapitalExpendituresFree cash flow-$7.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.22M | 0.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$844.00KoperatingIncomeTax expense$6.60MincomeTaxExpensePretax income$3.16MincomeBeforeTaxTax rate40.0%Equity$212.27MtotalStockholderEquityDebt$27.74MshortLongTermDebtTotalCash$68.74McashInvested capital$171.27MThe effective tax rate was above 40% and was capped at 40%.Result 0.3% | 0.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$844.00KoperatingIncomeNet PP&E$65.00MpropertyPlantAndEquipmentNetResult 0.01x |
| 2024 | 43.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.68MpropertyPlantAndEquipmentNetInventory$23.81MinventoryTotal assets$202.74MtotalAssetsResult 43.6% | 1.85xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$119.91MtotalRevenueNet PP&E$64.68MpropertyPlantAndEquipmentNetResult 1.85x | 0.95xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$7.73McapitalExpendituresD&A$8.12MdepreciationAndAmortizationResult 0.95x | $9.81Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$202.74MtotalAssetsGoodwill$7.13MgoodWillIntangibles$2.49MintangibleAssetsLiabilities$48.75MtotalLiabTangible book$144.37MShares14,721,000commonStockSharesOutstandingResult $9.81 | -0.56xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.36MebitdaCapex$7.73McapitalExpendituresInterest$2.34MinterestExpenseShort-term debt$1.92MshortTermDebtEBITDA − capex-$2.38MPrincipal due is short-term debt.Result -0.56x | -$2.33MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.40MtotalCashFromOperatingActivitiesCapex$7.73McapitalExpendituresFree cash flow-$2.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.33M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$5.10MoperatingIncomeTax expense$6.06MincomeTaxExpensePretax income-$2.76MincomeBeforeTaxTax rate—Equity$153.99MtotalStockholderEquityDebt$25.93MshortLongTermDebtTotalCash$55.63McashInvested capital$124.29MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.08xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$5.10MoperatingIncomeNet PP&E$64.68MpropertyPlantAndEquipmentNetResult -0.08x |
| 2025 | 44.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.26MpropertyPlantAndEquipmentNetInventory$18.79MinventoryTotal assets$190.27MtotalAssetsResult 44.7% | 1.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$112.82MtotalRevenueNet PP&E$66.26MpropertyPlantAndEquipmentNetResult 1.70x | 1.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$6.83McapitalExpendituresD&A$5.73MdepreciationAndAmortizationResult 1.19x | $9.33Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$190.27MtotalAssetsGoodwill$8.05MgoodWillIntangibles$1.65MintangibleAssetsLiabilities$46.81MtotalLiabTangible book$133.76MShares14,339,000commonStockSharesOutstandingResult $9.33 | -2.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.58MebitdaCapex$6.83McapitalExpendituresInterest$1.74MinterestExpenseShort-term debt$2.05MshortTermDebtEBITDA − capex-$10.40MPrincipal due is short-term debt.Result -2.74x | $4.36MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$11.19MtotalCashFromOperatingActivitiesCapex$6.83McapitalExpendituresFree cash flow$4.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.36M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.05MoperatingIncomeTax expense$672.00KincomeTaxExpensePretax income-$9.31MincomeBeforeTaxTax rate—Equity$143.47MtotalStockholderEquityDebt$26.25MshortLongTermDebtTotalCash$57.48McashInvested capital$112.23MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.17xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$11.05MoperatingIncomeNet PP&E$66.26MpropertyPlantAndEquipmentNetResult -0.17x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $66.26M
Inventory: $18.79M
Total assets: $190.27M
Goodwill: $8.05M
Intangibles: $1.65M
Liabilities: $46.81M
Tangible book: $133.76M
Shares: 14,339,000
Revenue: $112.82M
Capex: $6.83M
D&A: $5.73M
EBITDA: -$3.58M
Interest: $1.74M
Short-term debt: $2.05M
Free cash flow: $4.36M
Operating income: -$11.05M
Invested capital: $112.23M
Tax rate: —