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Ordnance & Accessories, (No Vehicles/Guided Missiles): capital spending and supply chain

SIC 3480 · 5 companies with filed cash-flow statements

Capital spending, 12 months$195M
Operating cash flow$403M
Capex / cash flow48%
Capex / revenue3.8%
Top 3 share96%

Analysis

5 companies in Ordnance & Accessories, (No Vehicles/Guided Missiles) (SIC 3480) spent $195M on capital projects over their latest twelve months, 48% of the $403M their operations generated; the three largest spenders — AXON, SWBI, RGR — account for 96%.

Capital spending is 3.8% of the industry's $5.1B of annual revenue.

By the industry's asset mix most of it goes to equipment (57%); about $38.8M is imported.

The largest supplier of that spending is manufacturing structures ($48.1M).

Its largest supplying industries, by the input-output tables: ammunition, arms, ordnance, and accessories manufacturing ($446M), imports ($315M), paperboard container manufacturing ($167M).

Charts

Ordnance & Accessories, (No Vehicles/Guided Missiles): capital spending by company, latest twelve monthsOrdnance & Accessories, (No Vehicles/Guided Missiles): capital spending by company, latest twelve monthsAXON$145MSWBI$31.4MRGR$12.2MNPK$7.0MWRAP$103K
Filed cash-flow statements (SEC XBRL).
Ordnance & Accessories, (No Vehicles/Guided Missiles): what the capital spending buys (US part)Ordnance & Accessories, (No Vehicles/Guided Missiles): what the capital spending buys (US part)Structures$49.8MEquipment$88.8MSoftware$7.6MOther$8.9M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Ordnance & Accessories, (No Vehicles/Guided Missiles): the industries that build and sell what it buysOrdnance & Accessories, (No Vehicles/Guided Missiles): the industries that build and sell what it buysManufacturing structures$48.1MMachine tool manufacturing$15.4MPlate work and fabricated structu…$14.2MCutting and machine tool accessor…$10.6MSpecial tool, die, jig, and fixtu…$10.5MOther fabricated metal manufactur…$8.4MMetal tank (heavy gauge) manufact…$6.3MSoftware publishers$4.3MMaterial handling equipment manuf…$3.7MAir conditioning, refrigeration, …$3.4M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Ordnance & Accessories, (No Vehicles/Guided Missiles): its first-tier supplying industriesOrdnance & Accessories, (No Vehicles/Guided Missiles): its first-tier supplying industriesAmmunition, arms, ordnance, and a…$446MImports$315MPaperboard container manufacturing$167MCopper rolling, drawing, extrudin…$160MMachine shops$115MAll other forging, stamping, and …$112MOther durable goods merchant whol…$99.8MCoating, engraving, heat treating…$63.2MInsurance agencies, brokerages, a…$59.0MPower, distribution, and specialt…$56.9M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Ordnance & Accessories, (No Vehicles/Guided Missiles): where the industry's cash came from (+) and went (−)Ordnance & Accessories, (No Vehicles/Guided Missiles): where the industry's cash came from (+) and went (−)Acquisitions−$1.2BNet borrowing$867MOther investing (in)$483MOperating cash flow$412MTaxes paid on employees' shar…−$309MCapital spending−$195MOther financing (in)$106MNet debt repaid−$67.6MCash added to the balance she…−$59.4MDividends−$37.5MOther investing (out)−$15.5MOperating cash outflow−$9.0MOther financing (out)−$376KExchange-rate gains on cash$229K
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
AXON Axon Enterprise$145M$225M64%TTM to Q3 2026
SWBI Smith & Wesson Brands$31.4M$113M28%TTM to Q1 FY27
RGR Sturm Ruger$12.2M$39.8M31%TTM to Q3 2026
NPK National Presto Industries$7.0M$33.5M21%TTM to Q2 2026
WRAP Wrap Technologies$103K−$9.0M—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
PEWRGR10%Stated in 10-K (sentence)filing
PEWSWBI8%Stated in 10-K (sentence)filing
PPLINPK—Stated in 10-K (named, share not stated)filing

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.