Sunday, 8 November 2026 Weekly snapshot · Not investment advice standard-equity.report
Cash Flow
Capital Expenditure (CapEx)
Cash spent on property, plant, and equipment.
Definition
Capital expenditure is the cash a company spends to acquire, upgrade, or maintain physical assets like buildings, equipment, and infrastructure. Distinguished into 'maintenance capex' (keeping current operations running) and 'growth capex' (expanding capacity).
Why it matters
Capex intensity defines the business model. Software businesses spend 1–3% of revenue on capex; railroads and utilities spend 15–20%+. High capex intensity is fine if returns on that capex are high — and a problem if not.
How Standard Equity uses it
Used to compute free cash flow (operating cash flow − capex), which feeds every FCF figure in the report.
The metric
| Category | Cash Flow |
|---|---|
| Unit | $M |