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.
HUTCHMED DRC
Physical assets are 7.9% of total assets, a light footprint. Capex is 1.81x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -2.35x, which is below 1.
Fixed-asset turnover is 5.63x. Compare it with other names in the same basket.
Physical asset ratio
7.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.65MpropertyPlantAndEquipmentNetInventory$41.13MinventoryTotal assets$1.75BtotalAssetsResult 7.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$549.96MtotalRevenueNet PP&E$97.65MpropertyPlantAndEquipmentNetResult 5.63x
Revenue per dollar of the physical asset base.
Capex / D&A
1.81xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$24.15McapitalExpendituresD&A$13.31MdepreciationAndAmortizationResult 1.81x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.75BtotalAssetsGoodwill$3.11MgoodWillIntangibles$8.94MintangibleAssetsLiabilities$501.84MtotalLiabTangible book$1.24BShares174,578,224commonStockSharesOutstandingResult $7.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.00xPrice / tangible bookPrice / tangible book per sharePrice$14.20Latest quoteTangible book / share$7.102025-12-31Result 2.00x
Price $14.20.
Fixed-charge coverage
-2.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$41.42MebitdaCapex$24.15McapitalExpendituresInterest$2.87MinterestExpenseShort-term debt$24.97MshortLongTermDebtEBITDA − capex-$65.57MPrincipal due is the current portion of debt.Result -2.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-3.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$88.81MfreeCashFlowMarket cap$2.42BMarketCapitalizationResult -3.7%
Latest free cash flow divided by current market cap ($2.42B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$54.73MoperatingIncomeTax expense$63.78MincomeTaxExpensePretax income$522.72MincomeBeforeTaxTax rate12.2%Equity$1.24BtotalStockholderEquityDebt$97.89MshortLongTermDebtTotalCash$1.37BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.56x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.79MpropertyPlantAndEquipmentNetInventory$12.31MinventoryTotal assets$532.12MtotalAssetsResult 5.7% | 12.04xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$214.11MtotalRevenueNet PP&E$17.79MpropertyPlantAndEquipmentNetResult 12.04x | 1.77xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$6.36McapitalExpendituresD&A$3.59MdepreciationAndAmortizationResult 1.77x | $3.08Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$532.12MtotalAssetsGoodwill$3.19MgoodWillIntangibles$347.00KintangibleAssetsLiabilities$119.86MtotalLiabTangible book$408.72MShares132,852,764commonStockSharesOutstandingResult $3.08 | -61.36xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$82.06MebitdaCapex$6.36McapitalExpendituresInterest$1.01MinterestExpenseShort-term debt$432.00KshortTermDebtEBITDA − capex-$88.42MPrincipal due is short-term debt.Result -61.36x | -$39.21MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$32.85MtotalCashFromOperatingActivitiesCapex$6.36McapitalExpendituresFree cash flow-$39.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$39.21M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$92.64MoperatingIncomeTax expense$3.96MincomeTaxExpensePretax income-$67.32MincomeBeforeTaxTax rate—Equity$389.00MtotalStockholderEquityDebt$27.75MshortLongTermDebtTotalCash$300.95McashAndShortTermInvestmentsInvested capital$115.80MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.21xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$92.64MoperatingIncomeNet PP&E$17.79MpropertyPlantAndEquipmentNetResult -5.21x |
| 2019 | 9.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.48MpropertyPlantAndEquipmentNetInventory$16.21MinventoryTotal assets$465.12MtotalAssetsResult 9.4% | 7.46xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$204.89MtotalRevenueNet PP&E$27.48MpropertyPlantAndEquipmentNetResult 7.46x | 1.73xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$8.57McapitalExpendituresD&A$4.94MdepreciationAndAmortizationResult 1.73x | $2.32Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$465.12MtotalAssetsGoodwill$3.11MgoodWillIntangibles$275.00KintangibleAssetsLiabilities$152.22MtotalLiabTangible book$309.52MShares133,136,629commonStockSharesOutstandingResult $2.32 | -31.16xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$135.13MebitdaCapex$8.57McapitalExpendituresInterest$1.03MinterestExpenseShort-term debt$3.58MshortTermDebtEBITDA − capex-$143.70MPrincipal due is short-term debt.Result -31.16x | -$89.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$80.91MtotalCashFromOperatingActivitiesCapex$8.57McapitalExpendituresFree cash flow-$89.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$89.48M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$152.78MoperatingIncomeTax expense$3.27MincomeTaxExpensePretax income-$100.58MincomeBeforeTaxTax rate—Equity$288.01MtotalStockholderEquityDebt$33.45MshortLongTermDebtTotalCash$217.17McashAndShortTermInvestmentsInvested capital$104.29MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.56xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$152.78MoperatingIncomeNet PP&E$27.48MpropertyPlantAndEquipmentNetResult -5.56x |
| 2020 | 9.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$45.31MpropertyPlantAndEquipmentNetInventory$19.77MinventoryTotal assets$724.12MtotalAssetsResult 9.0% | 5.04xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$228.37MtotalRevenueNet PP&E$45.31MpropertyPlantAndEquipmentNetResult 5.04x | 3.23xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$19.58McapitalExpendituresD&A$6.06MdepreciationAndAmortizationResult 3.23x | $18.46Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$724.12MtotalAssetsGoodwill$3.31MgoodWillIntangibles$227.00KintangibleAssetsLiabilities$205.17MtotalLiabTangible book$515.42MShares27,917,257commonStockSharesOutstandingResult $18.46 | -31.38xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$192.56MebitdaCapex$19.58McapitalExpendituresInterest$788.35KinterestExpenseShort-term debt$5.97MshortTermDebtEBITDA − capex-$212.14MPrincipal due is short-term debt.Result -31.38x | -$81.65MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$62.07MtotalCashFromOperatingActivitiesCapex$19.58McapitalExpendituresFree cash flow-$81.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$81.65M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$198.62MoperatingIncomeTax expense$4.84MincomeTaxExpensePretax income-$110.88MincomeBeforeTaxTax rate—Equity$484.12MtotalStockholderEquityDebt$38.90MshortLongTermDebtTotalCash$435.18McashAndShortTermInvestmentsInvested capital$87.84MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.38xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$198.62MoperatingIncomeNet PP&E$45.31MpropertyPlantAndEquipmentNetResult -4.38x |
| 2021 | 7.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.32MpropertyPlantAndEquipmentNetInventory$35.76MinventoryTotal assets$1.37BtotalAssetsResult 7.4% | 5.37xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$356.13MtotalRevenueNet PP&E$66.32MpropertyPlantAndEquipmentNetResult 5.37x | 2.33xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$16.76McapitalExpendituresD&A$7.19MdepreciationAndAmortizationResult 2.33x | $6.53Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.37BtotalAssetsGoodwill$3.38MgoodWillIntangibles$163.00KintangibleAssetsLiabilities$333.15MtotalLiabTangible book$1.04BShares158,536,904commonStockSharesOutstandingResult $6.53 | -5.97xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$147.34MebitdaCapex$16.76McapitalExpendituresInterest$592.00KinterestExpenseShort-term debt$26.91MshortLongTermDebtEBITDA − capex-$164.10MPrincipal due is the current portion of debt.Result -5.97x | -$220.98MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$204.22MtotalCashFromOperatingActivitiesCapex$16.76McapitalExpendituresFree cash flow-$220.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$220.98M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$357.10MoperatingIncomeTax expense$11.92MincomeTaxExpensePretax income-$155.12MincomeBeforeTaxTax rate—Equity$986.89MtotalStockholderEquityDebt$38.98MshortLongTermDebtTotalCash$1.01BcashAndShortTermInvestmentsInvested capital$14.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.38xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$357.10MoperatingIncomeNet PP&E$66.32MpropertyPlantAndEquipmentNetResult -5.38x |
| 2022 | 13.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$84.67MpropertyPlantEquipmentInventory$56.69MinventoryTotal assets$1.03BtotalAssetsResult 13.7% | 5.04xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$426.41MtotalRevenueNet PP&E$84.67MpropertyPlantEquipmentResult 5.04x | 4.23xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$36.66McapitalExpendituresD&A$8.66MdepreciationAndAmortizationResult 4.23x | $3.74Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.03BtotalAssetsGoodwill$3.14MgoodWillIntangibles$85.00KintangibleAssetsLiabilities$392.58MtotalLiabTangible book$633.65MShares169,428,708commonStockSharesOutstandingResult $3.74 | -88.99xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$351.35MebitdaCapex$36.66McapitalExpendituresInterest$652.00KinterestExpenseShort-term debt$3.71MshortTermDebtEBITDA − capex-$388.02MPrincipal due is short-term debt.Result -88.99x | -$305.26MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$268.60MtotalCashFromOperatingActivitiesCapex$36.66McapitalExpendituresFree cash flow-$305.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$305.26M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$718.80MoperatingIncomeTax expense-$283.00KincomeTaxExpensePretax income-$360.67MincomeBeforeTaxTax rate—Equity$610.37MtotalStockholderEquityDebt$27.01MshortLongTermDebtTotalCash$631.00McashAndShortTermInvestmentsInvested capital$6.38MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -8.49xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$718.80MoperatingIncomeNet PP&E$84.67MpropertyPlantEquipmentResult -8.49x |
| 2023 | 12.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$104.39MpropertyPlantAndEquipmentNetInventory$50.26MinventoryTotal assets$1.28BtotalAssetsResult 12.1% | 8.03xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$838.00MtotalRevenueNet PP&E$104.39MpropertyPlantAndEquipmentNetResult 8.03x | 3.97xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$32.61McapitalExpendituresD&A$8.21MdepreciationAndAmortizationResult 3.97x | $4.26Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.28BtotalAssetsGoodwill$3.06MgoodWillIntangibles$21.00KintangibleAssetsLiabilities$536.39MtotalLiabTangible book$740.30MShares173,839,269commonStockSharesOutstandingResult $4.26 | -0.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$26.58MebitdaCapex$32.61McapitalExpendituresInterest$759.00KinterestExpenseShort-term debt$31.16MshortLongTermDebtEBITDA − capex-$6.03MPrincipal due is the current portion of debt.Result -0.19x | $186.65MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$219.26MtotalCashFromOperatingActivitiesCapex$32.61McapitalExpendituresFree cash flow$186.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $186.65M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.38MoperatingIncomeTax expense$4.51MincomeTaxExpensePretax income$105.60MincomeBeforeTaxTax rate4.3%Equity$730.54MtotalStockholderEquityDebt$86.13MshortLongTermDebtTotalCash$886.34McashAndShortTermInvestmentsInvested capital—Result — | 0.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$18.38MoperatingIncomeNet PP&E$104.39MpropertyPlantAndEquipmentNetResult 0.18x |
| 2024 | 11.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.00MpropertyPlantAndEquipmentNetInventory$50.40MinventoryTotal assets$1.27BtotalAssetsResult 11.6% | 6.50xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$630.20MtotalRevenueNet PP&E$97.00MpropertyPlantAndEquipmentNetResult 6.50x | 1.45xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$17.93McapitalExpendituresD&A$12.34MdepreciationAndAmortizationResult 1.45x | $4.40Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.27BtotalAssetsGoodwill$2.99MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$502.34MtotalLiabTangible book$768.86MShares174,565,800commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $4.40 | -1.88xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$31.36MebitdaCapex$17.93McapitalExpendituresInterest$2.87MinterestExpenseShort-term debt$23.37MshortLongTermDebtEBITDA − capex-$49.30MPrincipal due is the current portion of debt.Result -1.88x | -$17.44MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$497.00KtotalCashFromOperatingActivitiesCapex$17.93McapitalExpendituresFree cash flow-$17.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.44M | -269.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$43.71MoperatingIncomeTax expense$7.19MincomeTaxExpensePretax income$45.36MincomeBeforeTaxTax rate15.9%Equity$759.93MtotalStockholderEquityDebt$89.82MshortLongTermDebtTotalCash$836.11McashAndShortTermInvestmentsInvested capital$13.64MResult -269.6% | -0.45xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$43.71MoperatingIncomeNet PP&E$97.00MpropertyPlantAndEquipmentNetResult -0.45x |
| 2025 | 7.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.65MpropertyPlantAndEquipmentNetInventory$41.13MinventoryTotal assets$1.75BtotalAssetsResult 7.9% | 5.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$549.96MtotalRevenueNet PP&E$97.65MpropertyPlantAndEquipmentNetResult 5.63x | 1.81xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$24.15McapitalExpendituresD&A$13.31MdepreciationAndAmortizationResult 1.81x | $7.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.75BtotalAssetsGoodwill$3.11MgoodWillIntangibles$8.94MintangibleAssetsLiabilities$501.84MtotalLiabTangible book$1.24BShares174,578,224commonStockSharesOutstandingResult $7.10 | -2.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$41.42MebitdaCapex$24.15McapitalExpendituresInterest$2.87MinterestExpenseShort-term debt$24.97MshortLongTermDebtEBITDA − capex-$65.57MPrincipal due is the current portion of debt.Result -2.35x | -$88.81MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$64.66MtotalCashFromOperatingActivitiesCapex$24.15McapitalExpendituresFree cash flow-$88.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$88.81M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$54.73MoperatingIncomeTax expense$63.78MincomeTaxExpensePretax income$522.72MincomeBeforeTaxTax rate12.2%Equity$1.24BtotalStockholderEquityDebt$97.89MshortLongTermDebtTotalCash$1.37BcashAndShortTermInvestmentsInvested capital—Result — | -0.56xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$54.73MoperatingIncomeNet PP&E$97.65MpropertyPlantAndEquipmentNetResult -0.56x |
- 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.
Latest year inputs (2025)
Net PP&E: $97.65M
Inventory: $41.13M
Total assets: $1.75B
Goodwill: $3.11M
Intangibles: $8.94M
Liabilities: $501.84M
Tangible book: $1.24B
Shares: 174,578,224
Revenue: $549.96M
Capex: $24.15M
D&A: $13.31M
EBITDA: -$41.42M
Interest: $2.87M
Short-term debt: $24.97M
Free cash flow: -$88.81M
Operating income: -$54.73M
Invested capital: —
Tax rate: 12.2%