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.
IONQ Inc
Physical assets are 3.1% of total assets, a light footprint. Capex is 0.20x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.91x.
Physical asset ratio
3.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$142.87MpropertyPlantAndEquipmentNetInventory$57.70MinventoryTotal assets$6.57BtotalAssetsResult 3.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.91xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$130.02MtotalRevenueNet PP&E$142.87MpropertyPlantAndEquipmentNetResult 0.91x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$16.42McapitalExpendituresD&A$82.00MdepreciationAndAmortizationResult 0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.57BtotalAssetsGoodwill$1.96BgoodWillIntangibles$767.43MintangibleAssetsLiabilities$2.76BtotalLiabTangible book$1.08BShares280,345,046commonStockSharesOutstandingResult $3.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.92xPrice / tangible bookPrice / tangible book per sharePrice$30.59Latest quoteTangible book / share$3.862025-12-31Result 7.92x
Price $30.59.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$474.69MebitdaCapex$16.42McapitalExpendituresInterest—Not reportedShort-term debt$8.85MshortTermDebtEBITDA − capex-$491.11MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$299.60MfreeCashFlowMarket cap$11.35BMarketCapitalizationResult -2.6%
Latest free cash flow divided by current market cap ($11.35B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$633.72MoperatingIncomeTax expense-$44.57MincomeTaxExpensePretax income-$556.69MincomeBeforeTaxTax rate—Equity$3.80BtotalStockholderEquityDebt$30.02MshortLongTermDebtTotalCash$2.39BcashAndShortTermInvestmentsInvested capital$1.44BROIC 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 -4.44x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 5.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.65MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$65.35MtotalAssetsResult 5.6% | 0.05xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$200.00KtotalRevenueNet PP&E$3.65MpropertyPlantEquipmentResult 0.05x | 6.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.42McapitalExpendituresD&A$403.00KdepreciationAndAmortizationResult 6.00x | $15.74Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$65.35MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.28MintangibleAssetsLiabilities$1.36MtotalLiabTangible book$62.71MShares3,984,247commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.74 | -84.74xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.85MebitdaCapex$2.42McapitalExpendituresInterest$0.00interestExpenseShort-term debt$133.00KshortTermDebtEBITDA − capex-$11.27MPrincipal due is short-term debt.Result -84.74x | -$10.14MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$7.72MtotalCashFromOperatingActivitiesCapex$2.42McapitalExpendituresFree cash flow-$10.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.14M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$9.26MoperatingIncomeTax expense$9.00KincomeTaxExpensePretax income-$8.93MincomeBeforeTaxTax rate—Equity$63.99MtotalStockholderEquityDebt$684.00KshortLongTermDebtTotalCash$59.53McashInvested capital$5.14MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.54xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$9.26MoperatingIncomeNet PP&E$3.65MpropertyPlantEquipmentResult -2.54x |
| 2020 | 26.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.28MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$60.48MtotalAssetsInventory was not reported and is treated as zero.Result 26.9% | 0.01xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$143.00KtotalRevenueNet PP&E$16.28MpropertyPlantEquipmentResult 0.01x | 8.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$11.68McapitalExpendituresD&A$1.40MdepreciationAndAmortizationResult 8.34x | $0.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$60.48MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.69MintangibleAssetsLiabilities$6.78MtotalLiabTangible book$51.02MShares192,485,413commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.27 | -51.92xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$14.02MebitdaCapex$11.68McapitalExpendituresInterest$0.00interestExpenseShort-term debt$495.00KshortTermDebtEBITDA − capex-$25.70MPrincipal due is short-term debt.Result -51.92x | -$23.68MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$12.01MtotalCashFromOperatingActivitiesCapex$11.68McapitalExpendituresFree cash flow-$23.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$23.68M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.73MoperatingIncomeTax expense$1.19MincomeTaxExpensePretax income-$15.42MincomeBeforeTaxTax rate—Equity$53.70MtotalStockholderEquityDebt$4.27MshortLongTermDebtTotalCash$36.12McashInvested capital$21.85MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.97xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$15.73MoperatingIncomeNet PP&E$16.28MpropertyPlantEquipmentResult -0.97x |
| 2021 | 3.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.90MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$642.03MtotalAssetsResult 3.6% | 0.09xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.10MtotalRevenueNet PP&E$22.90MpropertyPlantEquipmentResult 0.09x | 3.93xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$10.02McapitalExpendituresD&A$2.55MdepreciationAndAmortizationResult 3.93x | $3.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$642.03MtotalAssetsGoodwill$0.00goodWillIntangibles$5.84MintangibleAssetsLiabilities$50.80MtotalLiabTangible book$585.39MShares194,058,194commonStockSharesOutstandingResult $3.02 | -23.55xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$103.64MebitdaCapex$10.02McapitalExpendituresInterest$4.26MinterestExpenseShort-term debt$568.00KshortTermDebtEBITDA − capex-$113.66MPrincipal due is short-term debt.Result -23.55x | -$36.56MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$26.54MtotalCashFromOperatingActivitiesCapex$10.02McapitalExpendituresFree cash flow-$36.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$36.56M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.69MoperatingIncomeTax expense$67.53MincomeTaxExpensePretax income-$106.19MincomeBeforeTaxTax rate—Equity$591.23MtotalStockholderEquityDebt$4.21MshortLongTermDebtTotalCash$522.47McashAndShortTermInvestmentsInvested capital$72.97MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.69xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$38.69MoperatingIncomeNet PP&E$22.90MpropertyPlantEquipmentResult -1.69x |
| 2022 | 5.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.77MpropertyPlantEquipmentInventory$5.16MinventoryTotal assets$597.99MtotalAssetsResult 5.8% | 0.37xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$11.13MtotalRevenueNet PP&E$29.77MpropertyPlantEquipmentResult 0.37x | 2.24xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$12.56McapitalExpendituresD&A$5.60MdepreciationAndAmortizationResult 2.24x | $2.82Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$597.99MtotalAssetsGoodwill$742.00KgoodWillIntangibles$8.94MintangibleAssetsLiabilities$29.78MtotalLiabTangible book$558.53MShares197,727,642commonStockSharesOutstandingResult $2.82 | -1.47xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$42.91MebitdaCapex$12.56McapitalExpendituresInterest$37.24MinterestExpenseShort-term debt$591.00KshortTermDebtEBITDA − capex-$55.47MPrincipal due is short-term debt.Result -1.47x | -$57.26MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$44.70MtotalCashFromOperatingActivitiesCapex$12.56McapitalExpendituresFree cash flow-$57.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$57.26M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$85.75MoperatingIncomeTax expense-$37.23MincomeTaxExpensePretax income-$48.51MincomeBeforeTaxTax rate—Equity$568.21MtotalStockholderEquityDebt$4.05MshortLongTermDebtTotalCash$355.80McashAndShortTermInvestmentsInvested capital$216.46MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.88xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$85.75MoperatingIncomeNet PP&E$29.77MpropertyPlantEquipmentResult -2.88x |
| 2023 | 9.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.13MpropertyPlantAndEquipmentNetInventory$12.48MinventoryTotal assets$553.58MtotalAssetsResult 9.9% | 0.52xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$22.04MtotalRevenueNet PP&E$42.13MpropertyPlantAndEquipmentNetResult 0.52x | 1.88xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$19.55McapitalExpendituresD&A$10.38MdepreciationAndAmortizationResult 1.88x | $2.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$553.58MtotalAssetsGoodwill$742.00KgoodWillIntangibles$15.08MintangibleAssetsLiabilities$68.59MtotalLiabTangible book$469.18MShares202,576,492commonStockSharesOutstandingResult $2.32 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$147.35MebitdaCapex$19.55McapitalExpendituresInterest—Not reportedShort-term debt$710.00KshortTermDebtEBITDA − capex-$166.90MPrincipal due is short-term debt.Result — | -$98.36MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$78.81MtotalCashFromOperatingActivitiesCapex$19.55McapitalExpendituresFree cash flow-$98.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$98.36M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$157.75MoperatingIncomeTax expense$48.00KincomeTaxExpensePretax income-$157.72MincomeBeforeTaxTax rate—Equity$484.99MtotalStockholderEquityDebt$8.11MshortLongTermDebtTotalCash$355.44McashAndShortTermInvestmentsInvested capital$137.66MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.74xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$157.75MoperatingIncomeNet PP&E$42.13MpropertyPlantAndEquipmentNetResult -3.74x |
| 2024 | 15.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$62.23MpropertyPlantAndEquipmentNetInventory$18.66MinventoryTotal assets$508.39MtotalAssetsResult 15.9% | 0.69xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$43.07MtotalRevenueNet PP&E$62.23MpropertyPlantAndEquipmentNetResult 0.69x | 1.26xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$23.57McapitalExpendituresD&A$18.65MdepreciationAndAmortizationResult 1.26x | $1.62Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$508.39MtotalAssetsGoodwill$9.90MgoodWillIntangibles$29.47MintangibleAssetsLiabilities$124.53MtotalLiabTangible book$344.49MShares213,029,000commonStockSharesOutstandingResult $1.62 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$312.93MebitdaCapex$23.57McapitalExpendituresInterest—Not reportedShort-term debt$3.37MshortTermDebtEBITDA − capex-$336.50MPrincipal due is short-term debt.Result — | -$129.25MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$105.68MtotalCashFromOperatingActivitiesCapex$23.57McapitalExpendituresFree cash flow-$129.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$129.25M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$232.46MoperatingIncomeTax expense$59.00KincomeTaxExpensePretax income-$331.59MincomeBeforeTaxTax rate—Equity$383.86MtotalStockholderEquityDebt$17.73MshortLongTermDebtTotalCash$340.29McashAndShortTermInvestmentsInvested capital$61.30MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.74xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$232.46MoperatingIncomeNet PP&E$62.23MpropertyPlantAndEquipmentNetResult -3.74x |
| 2025 | 3.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$142.87MpropertyPlantAndEquipmentNetInventory$57.70MinventoryTotal assets$6.57BtotalAssetsResult 3.1% | 0.91xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$130.02MtotalRevenueNet PP&E$142.87MpropertyPlantAndEquipmentNetResult 0.91x | 0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$16.42McapitalExpendituresD&A$82.00MdepreciationAndAmortizationResult 0.20x | $3.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.57BtotalAssetsGoodwill$1.96BgoodWillIntangibles$767.43MintangibleAssetsLiabilities$2.76BtotalLiabTangible book$1.08BShares280,345,046commonStockSharesOutstandingResult $3.86 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$474.69MebitdaCapex$16.42McapitalExpendituresInterest—Not reportedShort-term debt$8.85MshortTermDebtEBITDA − capex-$491.11MPrincipal due is short-term debt.Result — | -$299.60MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$283.19MtotalCashFromOperatingActivitiesCapex$16.42McapitalExpendituresFree cash flow-$299.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$299.60M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$633.72MoperatingIncomeTax expense-$44.57MincomeTaxExpensePretax income-$556.69MincomeBeforeTaxTax rate—Equity$3.80BtotalStockholderEquityDebt$30.02MshortLongTermDebtTotalCash$2.39BcashAndShortTermInvestmentsInvested capital$1.44BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.44xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$633.72MoperatingIncomeNet PP&E$142.87MpropertyPlantAndEquipmentNetResult -4.44x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $142.87M
Inventory: $57.70M
Total assets: $6.57B
Goodwill: $1.96B
Intangibles: $767.43M
Liabilities: $2.76B
Tangible book: $1.08B
Shares: 280,345,046
Revenue: $130.02M
Capex: $16.42M
D&A: $82.00M
EBITDA: -$474.69M
Interest: —
Short-term debt: $8.85M
Free cash flow: -$299.60M
Operating income: -$633.72M
Invested capital: $1.44B
Tax rate: —