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Paper Mills: capital spending and supply chain

SIC 2621 · 5 companies with filed cash-flow statements

Capital spending, 12 months$2.9B
Operating cash flow$2.9B
Capex / cash flow98%
Capex / revenue7.3%
Top 3 share97%

Analysis

5 companies in Paper Mills (SIC 2621) spent $2.9B on capital projects over their latest twelve months, 98% of the $2.9B their operations generated; the three largest spenders — IP, SLVM, Domtar — account for 97%.

Capital spending is 7.3% of the industry's $39.3B of annual revenue.

By the industry's asset mix most of it goes to equipment (56%); about $610M is imported.

The largest supplier of that spending is manufacturing structures ($658M).

Its largest supplying industries, by the input-output tables: imports ($4.0B), pulp mills ($2.2B), electric power generation, transmission, and distribution ($1.3B).

Charts

Paper Mills: capital spending by company, latest twelve monthsPaper Mills: capital spending by company, latest twelve monthsIP$2.3BSLVM$238MDomtar$235MMAGN$59.0MMATV$38.2M
Filed cash-flow statements (SEC XBRL).
Paper Mills: what the capital spending buys (US part)Paper Mills: what the capital spending buys (US part)Structures$682MEquipment$1.3BSoftware$175MOther$121M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Paper Mills: the industries that build and sell what it buysPaper Mills: the industries that build and sell what it buysManufacturing structures$658MOther industrial machinery manufa…$394MMaterial handling equipment manuf…$137MAir conditioning, refrigeration, …$126MSemiconductor machinery manufactu…$107MSoftware publishers$100MOther general purpose machinery m…$86.8MMeasuring, dispensing, and other …$79.7MAir and gas compressor manufactur…$74.4MMachine tool manufacturing$55.4M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Paper Mills: its first-tier supplying industriesPaper Mills: its first-tier supplying industriesImports$4.0BPulp mills$2.2BElectric power generation, transm…$1.3BSawmills and wood preservation$1.3BOther durable goods merchant whol…$1.2BPaperboard container manufacturing$1.1BOther nondurable goods merchant w…$1.0BManagement of companies and enter…$877MFabric mills$875MTruck transportation$834M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Paper Mills: where the industry's cash came from (+) and went (−)Paper Mills: where the industry's cash came from (+) and went (−)Operating cash flow$2.9BCapital spending−$2.9BSales of assets & businesses$1.3BDividends−$1.1BOther investing (out)−$411MNet borrowing$283MCash drawn from the balance s…$217MNet debt repaid−$153MOther financing (out)−$102MExchange-rate losses on cash−$70.4MOther investing (in)$64.0MNot reconciled (out)−$38.0MBuybacks−$32.0MCash added to the balance she…−$8.0M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
IP International Paper$2.3B$2.4B97%TTM to Q3 2026
SLVM Sylvamo$238M$186M128%TTM to Q3 2026
Domtar$235M$46.0M511%TTM to Q3 2026
MAGN Magnera$59.0M$172M34%TTM to Q3 FY26
MATV Mativ Holdings$38.2M$137M28%TTM to Q3 2026

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.