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Communications Equipment, NEC: capital spending and supply chain

SIC 3669 · 12 companies with filed cash-flow statements

Capital spending, 12 months$672M
Operating cash flow$1.3B
Capex / cash flow53%
Capex / revenue10.6%
Top 3 share98%

Analysis

12 companies in Communications Equipment, NEC (SIC 3669) spent $672M on capital projects over their latest twelve months, 53% of the $1.3B their operations generated; the three largest spenders — LITE, ESE, AIOT — account for 98%.

Capital spending is 10.6% of the industry's $6.3B of annual revenue.

By the industry's asset mix most of it goes to equipment (44%); about $146M is imported.

The largest supplier of that spending is manufacturing structures ($143M).

Its largest supplying industries, by the input-output tables: imports ($350M), other communications equipment manufacturing ($236M), turned product and screw, nut, and bolt manufacturing ($141M).

Charts

Communications Equipment, NEC: capital spending by company, latest twelve monthsCommunications Equipment, NEC: capital spending by company, latest twelve monthsLITE$605MESE$36.7MAIOT$18.4MREKR$2.3MNSSC$2.2MTRCK$2.1MTBCH$2.0MAMPG$1.1MINSG$889KKSCP$869KRSKIA$256KASNS$93K
Filed cash-flow statements (SEC XBRL).
Communications Equipment, NEC: what the capital spending buys (US part)Communications Equipment, NEC: what the capital spending buys (US part)Structures$152MEquipment$230MSoftware$110MOther$33.2M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Communications Equipment, NEC: the industries that build and sell what it buysCommunications Equipment, NEC: the industries that build and sell what it buysManufacturing structures$143MSoftware publishers$55.1MOther industrial machinery manufa…$53.0MComputer systems design services$28.9MElectromedical and electrotherape…$21.2MCustom computer programming servi…$20.6MSemiconductor machinery manufactu…$14.4MMaterial handling equipment manuf…$12.1MAir conditioning, refrigeration, …$11.1MIndustrial process variable instr…$10.1M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Communications Equipment, NEC: its first-tier supplying industriesCommunications Equipment, NEC: its first-tier supplying industriesImports$350MOther communications equipment ma…$236MTurned product and screw, nut, an…$141MHousehold appliances and electric…$102MPrinted circuit assembly (electro…$92.4MLegal services$89.9MOther real estate$80.8MOther durable goods merchant whol…$76.3MManagement of companies and enter…$70.5MElectricity and signal testing in…$44.0M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Communications Equipment, NEC: where the industry's cash came from (+) and went (−)Communications Equipment, NEC: where the industry's cash came from (+) and went (−)Operating cash flow$1.3BOther financing (in)$1.2BCapital spending−$672MOther financing (out)−$604MCash added to the balance she…−$542MTaxes paid on employees' shar…−$540MOther investing (out)−$444MOther investing (in)$261MNet borrowing$147MOperating cash outflow−$73.6MNet debt repaid−$53.8MSales of assets & businesses$48.2MBuybacks−$29.2MDividends−$29.0M
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
LITE Lumentum Holdings$605M$961M63%TTM to Q1 FY27
ESE ESCO Technologies$36.7M$244M15%TTM to Q3 FY26
AIOT Powerfleet$18.4M$34.2M54%TTM to Q1 FY27
REKR Rekor Systems$2.3M−$10.8M—TTM to Q2 2026
NSSC Napco Security Technologies$2.2M$52.3M4%TTM to Q1 FY27
TRCK Track Group$2.1M$5.8M37%TTM to Q3 FY26
TBCH Turtle Beach$2.0M$42.8M5%TTM to Q3 2026
AMPG AmpliTech Group$1.1M−$13.1M—TTM to Q2 2026
INSG Inseego$889K$2.8M32%TTM to Q3 2026
KSCP Knightscope$869K−$41.6M—TTM to Q2 2026
RSKIA George Risk Industries$256K$4.5M6%TTM to Q1 FY27
ASNS Actelis Networks$93K−$8.1M—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
INSGTMUS89%Stated in 10-K (sentence)filing
INSGVZ76%Stated in 10-K (sentence)filing
TBCHWMT—Stated in 10-K (named, share not stated)filing
TBCHAMZN—Stated in 10-K (named, share not stated)filing
TBCHBBY—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.