S&P 500 Capital Expenditure as a Share of Revenue (TTM)

Live value temporarily unavailable.

Source: Company filings (aggregated)

Data updated daily

What it measures

The S&P 500 capex-to-revenue ratio measures aggregate capital expenditures as a percentage of aggregate revenue for index constituents on a trailing-twelve-month basis. A reading of 4.5% means S&P 500 companies collectively spent $4.50 on property, plant, and equipment for every $100 of revenue generated.

Why it matters

Capex intensity is a fundamental determinant of free cash flow margin — higher capex relative to revenue mechanically compresses FCF even with stable operating margins. It also reflects the capital intensity of the index's sector mix: infrastructure-heavy businesses carry structurally high capex ratios, while software and financial services operate at near-zero capex intensity. Rising capex-to-revenue signals an investment cycle ramp — a leading indicator of future capacity and potentially revenue growth — but at the near-term cost of reduced FCF. The AI infrastructure buildout visible in data center and semiconductor capex is an example of a structural shift that shows up in this ratio before it appears in revenues.

How it is calculated

Capex / Revenue (TTM) = Σ TTM Capital Expenditures ÷ Σ TTM Revenue × 100

LENSE computes the S&P 500 capex-to-revenue ratio as aggregate TTM capital expenditures divided by aggregate TTM revenue — not a simple average of per-company ratios. Capital expenditures per constituent are sourced from as-reported quarterly cash flow statements (purchases of property, plant, and equipment); TTM figures are constructed by summing the four most recently reported quarters. Constituents with zero or negative revenue are excluded. Index constituency is resolved point-in-time using point-in-time index constituency.

Recent (monthly)

Recent data unavailable.

Data source: Company filings (aggregated). Computed and published by LENSE Analytics.