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Industrial Instruments For Measurement, Display, and Control: capital spending and supply chain

SIC 3823 · 13 companies with filed cash-flow statements

Capital spending, 12 months$1.9B
Operating cash flow$13.9B
Capex / cash flow14%
Capex / revenue2.9%
Top 3 share77%

Analysis

13 companies in Industrial Instruments For Measurement, Display, and Control (SIC 3823) spent $1.9B on capital projects over their latest twelve months, 14% of the $13.9B their operations generated; the three largest spenders — DHR, MKSI, AME — account for 77%.

Capital spending is 2.9% of the industry's $65.8B of annual revenue.

By the industry's asset mix most of it goes to equipment (44%); about $403M is imported.

The largest supplier of that spending is manufacturing structures ($393M).

Its largest supplying industries, by the input-output tables: imports ($2.5B), industrial process variable instruments manufacturing ($804M), household appliances and electrical and electronic goods ($788M).

Charts

Industrial Instruments For Measurement, Display, and Control: capital spending by company, latest twelve monthsIndustrial Instruments For Measurement, Display, and Control: capital spending by company, latest twelve monthsDHR$1.1BMKSI$178MAME$148MKEYS$135MST$118MFTV$115MRAL$34.5MCGNX$9.5MFCUV$6.7MMLAB$2.8MSYPR$1.2MHURC$619K
Filed cash-flow statements (SEC XBRL).
Industrial Instruments For Measurement, Display, and Control: what the capital spending buys (US part)Industrial Instruments For Measurement, Display, and Control: what the capital spending buys (US part)Structures$417MEquipment$635MSoftware$303MOther$91.5M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Industrial Instruments For Measurement, Display, and Control: the industries that build and sell what it buysIndustrial Instruments For Measurement, Display, and Control: the industries that build and sell what it buysManufacturing structures$393MSoftware publishers$152MOther industrial machinery manufa…$146MComputer systems design services$79.5MElectromedical and electrotherape…$58.3MCustom computer programming servi…$56.6MSemiconductor machinery manufactu…$39.6MMaterial handling equipment manuf…$33.4MAir conditioning, refrigeration, …$30.6MIndustrial process variable instr…$27.9M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Industrial Instruments For Measurement, Display, and Control: its first-tier supplying industriesIndustrial Instruments For Measurement, Display, and Control: its first-tier supplying industriesImports$2.5BIndustrial process variable instr…$804MHousehold appliances and electric…$788MElectricity and signal testing in…$669MManagement of companies and enter…$560MTurned product and screw, nut, an…$493MPrinted circuit assembly (electro…$375MMachine shops$371MLegal services$305MOther real estate$251M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Industrial Instruments For Measurement, Display, and Control: where the industry's cash came from (+) and went (−)Industrial Instruments For Measurement, Display, and Control: where the industry's cash came from (+) and went (−)Acquisitions−$17.8BOperating cash flow$16.6BNet borrowing$10.9BBuybacks−$6.5BOther financing (in)$6.4BCash added to the balance she…−$5.0BNet debt repaid−$3.2BDividends−$2.0BCapital spending−$1.9BOther investing (in)$1.8BCash drawn from the balance s…$1.1BOther financing (out)−$378MShares issued$129MOperating cash outflow−$108M
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
DHR Danaher$1.1B$6.9B17%TTM to Q3 2026
MKSI MKS$178M$730M24%TTM to Q3 2026
AME Ametek$148M$2.1B7%TTM to Q3 2026
KEYS Keysight Technologies$135M$1.6B8%TTM to Q3 FY26
ST Sensata Technologies Holding$118M$759M16%TTM to Q3 2026
FTV Fortive$115M$1.2B10%TTM to Q3 2026
RAL Ralliant$34.5M$338M10%TTM to Q3 2026
CGNX Cognex$9.5M$296M3%TTM to Q3 2026
FCUV Focus Universal$6.7M−$4.3M—TTM to Q2 2026
MLAB Mesa Laboratories$2.8M$55.7M5%TTM to Q1 FY27
SYPR Sypris Solutions$1.2M−$1.8M—TTM to Q2 2026
HURC Hurco Companies$619K$9.0M7%TTM to Q3 FY26
INIS Radnostix$549K−$376K—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
SYPRNOC63%Stated in 10-K (sentence)filing
CLIRBirwelco USA Inc66%Stated in 10-K (XBRL)filing
ADIFCUV—Stated in 10-K (named, share not stated)filing
SWKSFCUV—Stated in 10-K (named, share not stated)filing
CMISYPR—Stated in 10-K (named, share not stated)filing
NXPIFCUV—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.