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.
Novavax Inc
Physical assets are 6.7% 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.
Fixed-asset turnover is 16.60x. Compare it with other names in the same basket.
Physical asset ratio
6.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.70MpropertyPlantAndEquipmentNetInventory$11.55MinventoryTotal assets$1.18BtotalAssetsResult 6.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
16.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.12BtotalRevenueNet PP&E$67.70MpropertyPlantAndEquipmentNetResult 16.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.56McapitalExpendituresD&A$27.61MdepreciationAndAmortizationResult 0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.18BtotalAssetsGoodwill$113.46MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.30BtotalLiabTangible book-$241.22MShares173,103,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$1.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$9.78Latest quoteTangible book / share-$1.392025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $9.78.
Fixed-charge coverage
19.43xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$492.33MebitdaCapex$5.56McapitalExpendituresInterest$22.55MinterestExpenseShort-term debt$2.51MshortTermDebtEBITDA − capex$486.77MPrincipal due is short-term debt.Result 19.43x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-14.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$250.20MfreeCashFlowMarket cap$1.76BMarketCapitalizationResult -14.2%
Latest free cash flow divided by current market cap ($1.76B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$563.27MoperatingIncomeTax expense$1.87MincomeTaxExpensePretax income$442.17MincomeBeforeTaxTax rate0.4%Equity-$127.75MtotalStockholderEquityDebt$248.81MshortLongTermDebtTotalCash$735.08McashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 8.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 19.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.43MpropertyPlantEquipmentInventory$11.97MinventoryTotal assets$207.98MtotalAssetsResult 19.4% | 1.21xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$34.29MtotalRevenueNet PP&E$28.43MpropertyPlantEquipmentResult 1.21x | 0.17xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.37McapitalExpendituresD&A$8.16MdepreciationAndAmortizationResult 0.17x | -$12.25Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$207.98MtotalAssetsGoodwill$51.97MgoodWillIntangibles$6.54MintangibleAssetsLiabilities$375.91MtotalLiabTangible book-$226.44MShares18,487,850commonStockSharesOutstandingResult -$12.25 | -4.54xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$165.76MebitdaCapex$1.37McapitalExpendituresInterest$12.19MinterestExpenseShort-term debt$24.63MshortTermDebtEBITDA − capex-$167.13MPrincipal due is short-term debt.Result -4.54x | -$186.20MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$184.83MtotalCashFromOperatingActivitiesCapex$1.37McapitalExpendituresFree cash flow-$186.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$186.20M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$173.92MoperatingIncomeTax expense$1.36MincomeTaxExpensePretax income-$184.75MincomeBeforeTaxTax rate—Equity-$167.94MtotalStockholderEquityDebt$343.82MshortLongTermDebtTotalCash$70.15McashInvested capital$105.73MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.12xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$173.92MoperatingIncomeNet PP&E$28.43MpropertyPlantEquipmentResult -6.12x |
| 2019 | -41.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.45MpropertyPlantEquipmentInventory-$82.97MinventoryTotal assets$172.96MtotalAssetsResult -41.4% | 1.63xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$18.66MtotalRevenueNet PP&E$11.45MpropertyPlantEquipmentResult 1.63x | 0.33xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.86McapitalExpendituresD&A$5.68MdepreciationAndAmortizationResult 0.33x | -$10.07Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$172.96MtotalAssetsGoodwill$51.15MgoodWillIntangibles$5.58MintangibleAssetsLiabilities$358.97MtotalLiabTangible book-$242.75MShares24,100,000commonStockSharesOutstandingResult -$10.07 | -7.75xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$113.41MebitdaCapex$1.86McapitalExpendituresInterest$13.61MinterestExpenseShort-term debt$1.26MshortTermDebtEBITDA − capex-$115.26MPrincipal due is short-term debt.Result -7.75x | -$138.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$136.62MtotalCashFromOperatingActivitiesCapex$1.86McapitalExpendituresFree cash flow-$138.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$138.48M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$120.58MoperatingIncomeTax expense-$2.59MincomeTaxExpensePretax income-$132.69MincomeBeforeTaxTax rate—Equity-$186.02MtotalStockholderEquityDebt$321.87MshortLongTermDebtTotalCash$78.82McashInvested capital$57.03MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.54xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$120.58MoperatingIncomeNet PP&E$11.45MpropertyPlantEquipmentResult -10.54x |
| 2020 | 0.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$179.95MpropertyPlantEquipmentInventory-$166.67MinventoryTotal assets$1.58BtotalAssetsResult 0.8% | 2.64xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$475.60MtotalRevenueNet PP&E$179.95MpropertyPlantEquipmentResult 2.64x | 11.18xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$54.62McapitalExpendituresD&A$4.89MdepreciationAndAmortizationResult 11.18x | $8.45Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.58BtotalAssetsGoodwill$135.38MgoodWillIntangibles$5.73MintangibleAssetsLiabilities$955.27MtotalLiabTangible book$486.11MShares57,554,000commonStockSharesOutstandingResult $8.45 | -1.38xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$411.83MebitdaCapex$54.62McapitalExpendituresInterest$15.15MinterestExpenseShort-term debt$322.04MshortLongTermDebtEBITDA − capex-$466.46MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -1.38x | -$97.16MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$42.54MtotalCashFromOperatingActivitiesCapex$54.62McapitalExpendituresFree cash flow-$97.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$97.16M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$416.72MoperatingIncomeTax expense$9.25MincomeTaxExpensePretax income-$418.26MincomeBeforeTaxTax rate—Equity$627.21MtotalStockholderEquityDebt$322.04MshortLongTermDebtTotalCash$711.05McashAndShortTermInvestmentsInvested capital$238.20MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.32xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$416.72MoperatingIncomeNet PP&E$179.95MpropertyPlantEquipmentResult -2.32x |
| 2021 | 9.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$228.70MpropertyPlantEquipmentInventory$8.87MinventoryTotal assets$2.58BtotalAssetsResult 9.2% | 5.01xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$228.70MpropertyPlantEquipmentResult 5.01x | 4.54xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$57.49McapitalExpendituresD&A$12.66MdepreciationAndAmortizationResult 4.54x | -$6.56Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.58BtotalAssetsGoodwill$131.48MgoodWillIntangibles$4.77MintangibleAssetsLiabilities$2.93BtotalLiabTangible book-$487.92MShares74,400,000commonStockSharesOutstandingResult -$6.56 | -11.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.67BebitdaCapex$57.49McapitalExpendituresInterest$21.13MinterestExpenseShort-term debt$130.53MshortTermDebtEBITDA − capex-$1.73BPrincipal due is short-term debt.Result -11.42x | $265.46MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$322.95MtotalCashFromOperatingActivitiesCapex$57.49McapitalExpendituresFree cash flow$265.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $265.46M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.69BoperatingIncomeTax expense$29.22MincomeTaxExpensePretax income-$1.71BincomeBeforeTaxTax rate—Equity-$351.67MtotalStockholderEquityDebt$453.99MshortLongTermDebtTotalCash$1.52BcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.37xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.69BoperatingIncomeNet PP&E$228.70MpropertyPlantEquipmentResult -7.37x |
| 2022 | 19.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$400.49MpropertyPlantEquipmentInventory$36.68MinventoryTotal assets$2.26BtotalAssetsResult 19.4% | 3.99xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.60BtotalRevenueNet PP&E$400.49MpropertyPlantEquipmentResult 3.99x | 3.20xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$92.99McapitalExpendituresD&A$29.05MdepreciationAndAmortizationResult 3.20x | -$9.73Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.26BtotalAssetsGoodwill$126.33MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.89BtotalLiabTangible book-$760.41MShares78,183,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$9.73 | -2.02xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$604.71MebitdaCapex$92.99McapitalExpendituresInterest$19.88MinterestExpenseShort-term debt$324.88MshortLongTermDebtEBITDA − capex-$697.70MPrincipal due is the current portion of debt.Result -2.02x | -$508.92MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$415.94MtotalCashFromOperatingActivitiesCapex$92.99McapitalExpendituresFree cash flow-$508.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$508.92M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$644.74MoperatingIncomeTax expense$4.29MincomeTaxExpensePretax income-$653.65MincomeBeforeTaxTax rate—Equity-$634.08MtotalStockholderEquityDebt$549.78MshortLongTermDebtTotalCash$1.34BcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.61xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$644.74MoperatingIncomeNet PP&E$400.49MpropertyPlantEquipmentResult -1.61x |
| 2023 | 29.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$490.99MpropertyPlantAndEquipmentNetInventory$41.70MinventoryTotal assets$1.80BtotalAssetsResult 29.6% | 1.13xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$556.38MtotalRevenueNet PP&E$490.99MpropertyPlantAndEquipmentNetResult 1.13x | 1.43xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$58.81McapitalExpendituresD&A$41.23MdepreciationAndAmortizationResult 1.43x | -$8.38Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$127.45MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.51BtotalLiabTangible book-$844.38MShares100,768,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$8.38 | -27.93xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$487.39MebitdaCapex$58.81McapitalExpendituresInterest$14.42MinterestExpenseShort-term debt$5.14MshortTermDebtEBITDA − capex-$546.20MPrincipal due is short-term debt.Result -27.93x | -$772.77MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$713.97MtotalCashFromOperatingActivitiesCapex$58.81McapitalExpendituresFree cash flow-$772.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$772.77M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$566.51MoperatingIncomeTax expense$2.03MincomeTaxExpensePretax income-$543.03MincomeBeforeTaxTax rate—Equity-$716.93MtotalStockholderEquityDebt$229.08MshortLongTermDebtTotalCash$568.51McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.15xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$566.51MoperatingIncomeNet PP&E$490.99MpropertyPlantAndEquipmentNetResult -1.15x |
| 2024 | 19.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$300.00MpropertyPlantAndEquipmentNetInventory$8.75MinventoryTotal assets$1.56BtotalAssetsResult 19.8% | 2.27xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$682.16MtotalRevenueNet PP&E$300.00MpropertyPlantAndEquipmentNetResult 2.27x | 0.27xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$13.06McapitalExpendituresD&A$48.50MdepreciationAndAmortizationResult 0.27x | -$4.81Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.56BtotalAssetsGoodwill$107.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.18BtotalLiabTangible book-$731.32MShares152,190,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$4.81 | -4.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$108.04MebitdaCapex$13.06McapitalExpendituresInterest$20.08MinterestExpenseShort-term debt$7.01MshortTermDebtEBITDA − capex-$121.10MPrincipal due is short-term debt.Result -4.47x | -$100.32MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$87.26MtotalCashFromOperatingActivitiesCapex$13.06McapitalExpendituresFree cash flow-$100.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$100.32M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$248.93MoperatingIncomeTax expense$10.88MincomeTaxExpensePretax income-$176.62MincomeBeforeTaxTax rate—Equity-$623.84MtotalStockholderEquityDebt$230.42MshortLongTermDebtTotalCash$923.12McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.83xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$248.93MoperatingIncomeNet PP&E$300.00MpropertyPlantAndEquipmentNetResult -0.83x |
| 2025 | 6.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.70MpropertyPlantAndEquipmentNetInventory$11.55MinventoryTotal assets$1.18BtotalAssetsResult 6.7% | 16.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.12BtotalRevenueNet PP&E$67.70MpropertyPlantAndEquipmentNetResult 16.60x | 0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.56McapitalExpendituresD&A$27.61MdepreciationAndAmortizationResult 0.20x | -$1.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.18BtotalAssetsGoodwill$113.46MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.30BtotalLiabTangible book-$241.22MShares173,103,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$1.39 | 19.43xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$492.33MebitdaCapex$5.56McapitalExpendituresInterest$22.55MinterestExpenseShort-term debt$2.51MshortTermDebtEBITDA − capex$486.77MPrincipal due is short-term debt.Result 19.43x | -$250.20MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$244.64MtotalCashFromOperatingActivitiesCapex$5.56McapitalExpendituresFree cash flow-$250.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$250.20M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$563.27MoperatingIncomeTax expense$1.87MincomeTaxExpensePretax income$442.17MincomeBeforeTaxTax rate0.4%Equity-$127.75MtotalStockholderEquityDebt$248.81MshortLongTermDebtTotalCash$735.08McashAndShortTermInvestmentsInvested capital—Result — | 8.32xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$563.27MoperatingIncomeNet PP&E$67.70MpropertyPlantAndEquipmentNetResult 8.32x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $67.70M
Inventory: $11.55M
Total assets: $1.18B
Goodwill: $113.46M
Intangibles: $0.00
Liabilities: $1.30B
Tangible book: -$241.22M
Shares: 173,103,000
Revenue: $1.12B
Capex: $5.56M
D&A: $27.61M
EBITDA: $492.33M
Interest: $22.55M
Short-term debt: $2.51M
Free cash flow: -$250.20M
Operating income: $563.27M
Invested capital: —
Tax rate: 0.4%