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.
CASI Pharmaceuticals Inc
Physical assets are 30.9% of total assets, a mixed footprint. Capex is 0.10x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -1.82x, which is below 1.
Fixed-asset turnover is 2.51x. Compare it with other names in the same basket.
Physical asset ratio
30.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.36MpropertyPlantAndEquipmentNetInventory$5.25MinventoryTotal assets$53.67MtotalAssetsResult 30.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.51xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$28.54MtotalRevenueNet PP&E$11.36MpropertyPlantAndEquipmentNetResult 2.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$240.00KcapitalExpendituresD&A$2.33MdepreciationAndAmortizationResult 0.10x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.11Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.67MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$238.00KintangibleAssetsLiabilities$51.82MtotalLiabTangible book$1.61MShares15,340,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.11
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$0.112024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
-1.82xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$34.87MebitdaCapex$240.00KcapitalExpendituresInterest$871.00KinterestExpenseShort-term debt$18.39MshortLongTermDebtEBITDA − capex-$35.11MPrincipal due is the current portion of debt.Result -1.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-691.0%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow-$29.46MfreeCashFlowMarket cap$4.26MMarketCapitalizationResult -691.0%
Latest free cash flow divided by current market cap ($4.26M).
ROIC
—ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.62MoperatingIncomeTax expense$1.19MincomeTaxExpensePretax income-$38.07MincomeBeforeTaxTax rate—Equity$1.85MtotalStockholderEquityDebt$22.14MshortLongTermDebtTotalCash$16.09McashAndShortTermInvestmentsInvested capital$7.90MROIC 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 -3.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 2.3%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.05MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$45.10MtotalAssetsResult 2.3% | 0.00xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.05MpropertyPlantEquipmentResult 0.00x | 7.94xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$934.70KcapitalExpendituresD&A$117.78KdepreciationAndAmortizationResult 7.94x | $6.27Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.10MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$6.56MtotalLiabTangible book$38.54MShares6,151,398commonStockSharesOutstandingResult $6.27 | -7.64xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.64MebitdaCapex$934.70KcapitalExpendituresInterest$14.98KinterestExpenseShort-term debt$1.50MshortTermDebtEBITDA − capex-$11.57MPrincipal due is short-term debt.Result -7.64x | -$7.34MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow-$6.40MtotalCashFromOperatingActivitiesCapex$934.70KcapitalExpendituresFree cash flow-$7.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.34M | —ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.75MoperatingIncomeTax expense$14.98KincomeTaxExpensePretax income-$10.77MincomeBeforeTaxTax rate—Equity$38.54MtotalStockholderEquityDebt$3.00MshortLongTermDebtTotalCash$43.49McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.27xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income-$10.75MoperatingIncomeNet PP&E$1.05MpropertyPlantEquipmentResult -10.27x |
| 2018 | 1.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.75MpropertyPlantEquipmentInventory$283.00KinventoryTotal assets$113.41MtotalAssetsResult 1.8% | 0.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.75MpropertyPlantEquipmentResult 0.00x | 13.03xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$21.77McapitalExpendituresD&A$1.67MdepreciationAndAmortizationResult 13.03x | $10.70Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$113.41MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$18.78MintangibleAssetsLiabilities$3.95MtotalLiabTangible book$90.68MShares8,475,200commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.70 | -31.56xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$25.79MebitdaCapex$21.77McapitalExpendituresInterest$8.21KinterestExpenseShort-term debt$1.50MshortTermDebtEBITDA − capex-$47.57MPrincipal due is short-term debt.Result -31.56x | -$50.36MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$28.58MtotalCashFromOperatingActivitiesCapex$21.77McapitalExpendituresFree cash flow-$50.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$50.36M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$26.50MoperatingIncomeTax expense-$958.91KincomeTaxExpensePretax income-$27.47MincomeBeforeTaxTax rate—Equity$109.46MtotalStockholderEquityDebt$1.50MshortLongTermDebtTotalCash$85.12McashAndShortTermInvestmentsInvested capital$25.84MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -15.14xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$26.50MoperatingIncomeNet PP&E$1.75MpropertyPlantEquipmentResult -15.14x |
| 2019 | 13.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.69MpropertyPlantAndEquipmentNetInventory$4.54MinventoryTotal assets$102.63MtotalAssetsResult 13.9% | 0.43xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.13MtotalRevenueNet PP&E$9.69MpropertyPlantAndEquipmentNetResult 0.43x | 6.51xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$14.02McapitalExpendituresD&A$2.15MdepreciationAndAmortizationResult 6.51x | $8.00Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$102.63MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$16.90MintangibleAssetsLiabilities$8.97MtotalLiabTangible book$76.77MShares9,594,800commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.00 | -22.93xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$37.43MebitdaCapex$14.02McapitalExpendituresInterest$1.06MinterestExpenseShort-term debt$1.18MshortTermDebtEBITDA − capex-$51.45MPrincipal due is short-term debt.Result -22.93x | -$37.26MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$23.24MtotalCashFromOperatingActivitiesCapex$14.02McapitalExpendituresFree cash flow-$37.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$37.26M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.99MoperatingIncomeTax expense$6.05MincomeTaxExpensePretax income-$45.36MincomeBeforeTaxTax rate—Equity$73.00MtotalStockholderEquityDebt$2.20MshortLongTermDebtTotalCash$54.25McashAndShortTermInvestmentsInvested capital$20.95MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$39.99MoperatingIncomeNet PP&E$9.69MpropertyPlantAndEquipmentNetResult -4.13x |
| 2020 | 9.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.76MpropertyPlantEquipmentInventory$1.36MinventoryTotal assets$127.73MtotalAssetsResult 9.5% | 1.41xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$15.14MtotalRevenueNet PP&E$10.76MpropertyPlantEquipmentResult 1.41x | 9.87xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$19.33McapitalExpendituresD&A$1.96MdepreciationAndAmortizationResult 9.87x | $8.18Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$127.73MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$13.21MintangibleAssetsLiabilities$24.16MtotalLiabTangible book$90.36MShares11,045,200commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.18 | -39.23xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$31.35MebitdaCapex$19.33McapitalExpendituresInterest$0.00interestExpenseShort-term debt$1.29MshortLongTermDebtEBITDA − capex-$50.68MPrincipal due is the current portion of debt.Result -39.23x | -$45.21MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$25.89MtotalCashFromOperatingActivitiesCapex$19.33McapitalExpendituresFree cash flow-$45.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$45.21M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$52.78MoperatingIncomeTax expense$15.06MincomeTaxExpensePretax income-$47.51MincomeBeforeTaxTax rate—Equity$81.54MtotalStockholderEquityDebt$1.29MlongTermDebt + shortLongTermDebtCash$66.37McashAndShortTermInvestmentsInvested capital$16.46MReported 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 — | -4.91xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$52.78MoperatingIncomeNet PP&E$10.76MpropertyPlantEquipmentResult -4.91x |
| 2021 | 17.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.00MpropertyPlantEquipmentInventory$1.91MinventoryTotal assets$138.30MtotalAssetsResult 17.3% | 1.37xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$30.17MtotalRevenueNet PP&E$22.00MpropertyPlantEquipmentResult 1.37x | 8.54xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$15.50McapitalExpendituresD&A$1.82MdepreciationAndAmortizationResult 8.54x | $7.04Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$12.20MintangibleAssetsLiabilities$30.34MtotalLiabTangible book$95.76MShares13,610,553commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $7.04 | -5.30xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$33.40MebitdaCapex$15.50McapitalExpendituresInterest$6.00MinterestExpenseShort-term debt$3.23MshortTermDebtEBITDA − capex-$48.90MPrincipal due is short-term debt.Result -5.30x | -$42.34MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$26.84MtotalCashFromOperatingActivitiesCapex$15.50McapitalExpendituresFree cash flow-$42.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.34M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$41.52MoperatingIncomeTax expense$1.93MincomeTaxExpensePretax income-$35.84MincomeBeforeTaxTax rate—Equity$84.50MtotalStockholderEquityDebt$4.33MshortLongTermDebtTotalCash$48.57McashAndShortTermInvestmentsInvested capital$40.26MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.89xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$41.52MoperatingIncomeNet PP&E$22.00MpropertyPlantEquipmentResult -1.89x |
| 2022 | 20.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.23MpropertyPlantAndEquipmentNetInventory$6.14MinventoryTotal assets$96.23MtotalAssetsResult 20.1% | 3.26xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$43.11MtotalRevenueNet PP&E$13.23MpropertyPlantAndEquipmentNetResult 3.26x | 2.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.61McapitalExpendituresD&A$2.42MdepreciationAndAmortizationResult 2.32x | $4.83Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$96.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.06MintangibleAssetsLiabilities$29.30MtotalLiabTangible book$65.87MShares13,647,455commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.83 | -31.92xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.07MebitdaCapex$5.61McapitalExpendituresInterest$62.00KinterestExpenseShort-term debt$868.00KshortTermDebtEBITDA − capex-$29.68MPrincipal due is short-term debt.Result -31.92x | -$26.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$21.09MtotalCashFromOperatingActivitiesCapex$5.61McapitalExpendituresFree cash flow-$26.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$26.70M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$26.49MoperatingIncomeTax expense$1.98MincomeTaxExpensePretax income-$38.28MincomeBeforeTaxTax rate—Equity$44.57MtotalStockholderEquityDebt$1.34MshortLongTermDebtTotalCash$51.34McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.00xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$26.49MoperatingIncomeNet PP&E$13.23MpropertyPlantAndEquipmentNetResult -2.00x |
| 2023 | 36.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.63MpropertyPlantAndEquipmentNetInventory$15.88MinventoryTotal assets$75.27MtotalAssetsResult 36.5% | 2.91xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$33.88MtotalRevenueNet PP&E$11.63MpropertyPlantAndEquipmentNetResult 2.91x | 0.60xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.24McapitalExpendituresD&A$3.74MdepreciationAndAmortizationResult 0.60x | $1.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.27MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.84MintangibleAssetsLiabilities$51.10MtotalLiabTangible book$22.33MShares13,360,185commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.67 | -32.01xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$21.54MebitdaCapex$2.24McapitalExpendituresInterest$15.00KinterestExpenseShort-term debt$728.00KshortTermDebtEBITDA − capex-$23.78MPrincipal due is short-term debt.Result -32.01x | -$22.21MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$19.97MtotalCashFromOperatingActivitiesCapex$2.24McapitalExpendituresFree cash flow-$22.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$22.21M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$25.08MoperatingIncomeTax expense-$81.00KincomeTaxExpensePretax income-$26.29MincomeBeforeTaxTax rate—Equity$24.17MtotalStockholderEquityDebt$21.24MshortLongTermDebtTotalCash$30.77McashAndShortTermInvestmentsInvested capital$14.64MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.16xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$25.08MoperatingIncomeNet PP&E$11.63MpropertyPlantAndEquipmentNetResult -2.16x |
| 2024 | 30.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.36MpropertyPlantAndEquipmentNetInventory$5.25MinventoryTotal assets$53.67MtotalAssetsResult 30.9% | 2.51xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$28.54MtotalRevenueNet PP&E$11.36MpropertyPlantAndEquipmentNetResult 2.51x | 0.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$240.00KcapitalExpendituresD&A$2.33MdepreciationAndAmortizationResult 0.10x | $0.11Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.67MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$238.00KintangibleAssetsLiabilities$51.82MtotalLiabTangible book$1.61MShares15,340,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.11 | -1.82xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$34.87MebitdaCapex$240.00KcapitalExpendituresInterest$871.00KinterestExpenseShort-term debt$18.39MshortLongTermDebtEBITDA − capex-$35.11MPrincipal due is the current portion of debt.Result -1.82x | -$29.46MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$29.22MtotalCashFromOperatingActivitiesCapex$240.00KcapitalExpendituresFree cash flow-$29.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$29.46M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.62MoperatingIncomeTax expense$1.19MincomeTaxExpensePretax income-$38.07MincomeBeforeTaxTax rate—Equity$1.85MtotalStockholderEquityDebt$22.14MshortLongTermDebtTotalCash$16.09McashAndShortTermInvestmentsInvested capital$7.90MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.49xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$39.62MoperatingIncomeNet PP&E$11.36MpropertyPlantAndEquipmentNetResult -3.49x |
- 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 (2024)
Net PP&E: $11.36M
Inventory: $5.25M
Total assets: $53.67M
Goodwill: $0.00
Intangibles: $238.00K
Liabilities: $51.82M
Tangible book: $1.61M
Shares: 15,340,000
Revenue: $28.54M
Capex: $240.00K
D&A: $2.33M
EBITDA: -$34.87M
Interest: $871.00K
Short-term debt: $18.39M
Free cash flow: -$29.46M
Operating income: -$39.62M
Invested capital: $7.90M
Tax rate: —