Historical source-based research. Compilation date and financial period are different dates.
Observation
Across 9 eligible industrials companies, the equal-weight median capital expenditure as a share of revenue was 3.25% for the prior selected annual periods.
Data context
The eligible sample covers 9 of 11 selected companies. The prior selected annual periods span 2024-10-27 to 2025-06-30. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.
Company evidence
CAT 3.07% (period 2024-12-31); RTX 3.25% (period 2024-12-31); DE 3.17% (period 2024-10-27); UNP 14.24% (period 2024-12-31); ETN 3.25% (period 2024-12-31); BA 3.35% (period 2024-12-31); PH 2.19% (period 2025-06-30); GD 1.92% (period 2024-12-31); UPS 4.29% (period 2024-12-31).
Distribution
The sample range is 1.92% (GD) to 14.24% (UNP). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.
Interpretation
Equipment manufacturers, transport operators and industrial service providers face differing order and asset cycles. The numerator is capex; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.
What to watch
Backlog conversion, utilization, deliveries, working capital and service revenue.
Research limitations
Order cancellations, supply constraints, execution risk, labor costs and capital-cycle sensitivity. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.
| Company | Value | Period end |
|---|---|---|
| CAT | 3.07% | 2024-12-31 |
| RTX | 3.25% | 2024-12-31 |
| DE | 3.17% | 2024-10-27 |
| UNP | 14.24% | 2024-12-31 |
| ETN | 3.25% | 2024-12-31 |
| BA | 3.35% | 2024-12-31 |
| PH | 2.19% | 2025-06-30 |
| GD | 1.92% | 2024-12-31 |
| UPS | 4.29% | 2024-12-31 |
Sources & dates
- CAT · period 2024-12-31 ↗Source date 2026-02-13
- RTX · period 2024-12-31 ↗Source date 2026-02-06
- DE · period 2024-10-27 ↗Source date 2025-12-18
- UNP · period 2024-12-31 ↗Source date 2026-02-06
- ETN · period 2024-12-31 ↗Source date 2026-02-26
- BA · period 2024-12-31 ↗Source date 2026-01-30
- PH · period 2025-06-30 ↗Source date 2026-08-21
- GD · period 2024-12-31 ↗Source date 2026-01-30
- UPS · period 2024-12-31 ↗Source date 2026-02-17