Data and method

Data

Source status

Method

• Capex ÷ depreciation: for companies, the cash spent on property, plant and equipment divided by depreciation (for miners, oil companies and utilities, depreciation including depletion). Companies use different XBRL tags; for each company we use the tag that runs to the latest year and fill earlier gaps from other tags, scaled by their ratio in the overlapping years.
• Industry totals: the sum of capex over the sum of depreciation for the companies with both figures that year. The latest 12 months: the latest fiscal year plus the year-to-date since, minus the same period a year earlier. Companies whose latest figures are more than about 18 months old are left out of the latest total.
• Height since 2008: the share of fiscal years since 2008 with a lower ratio than the latest 12 months (0–100). Top third = heavy investment, bottom third = holding back.
• The long test, the random pairings and the definitions are described on the Evidence page. The useful-life estimate is described on its page.
• No AI is used. Every figure is calculated from the fetched data; only the useful-life changes are entered by hand from each company's 10-K notes, with links.

Companies left out

• ExxonMobil: reports capex and depreciation under its own tags, which are not in SEC companyfacts
• NextEra: reports capex under its own tags
• PG&E: reports depreciation under its own tags

Updates

Rebuilt every Tuesday morning (Japan time). SEC filings arrive quarterly, French’s returns monthly and BEA’s industry figures once a year (usually in the autumn).

Operator

• Operator: After Deal operator (an individual)
• No connection with any organisation, including the operator's employer, and none of its work product or data is used.
• Nothing on this site is investment advice. Data belongs to each publisher and may contain errors or delays.

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