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Ophthalmic Goods: capital spending and supply chain

SIC 3851 · 6 companies with filed cash-flow statements

Capital spending, 12 months$827M
Operating cash flow$1.9B
Capex / cash flow44%
Capex / revenue6.3%
Top 3 share89%

Analysis

6 companies in Ophthalmic Goods (SIC 3851) spent $827M on capital projects over their latest twelve months, 44% of the $1.9B their operations generated; the three largest spenders — COO, BLCO, WRBY — account for 89%.

Capital spending is 6.3% of the industry's $13.1B of annual revenue.

By the industry's asset mix most of it goes to equipment (55%); about $155M is imported.

The largest supplier of that spending is electromedical and electrotherapeutic apparatus manufacturing ($132M).

Its largest supplying industries, by the input-output tables: imports ($721M), professional and commercial equipment and supplies ($440M), surgical appliance and supplies manufacturing ($276M).

Charts

Ophthalmic Goods: capital spending by company, latest twelve monthsOphthalmic Goods: capital spending by company, latest twelve monthsCOO$355MBLCO$302MWRBY$80.8MEYE$80.5MRXST$5.0MSTAA$3.5M
Filed cash-flow statements (SEC XBRL).
Ophthalmic Goods: what the capital spending buys (US part)Ophthalmic Goods: what the capital spending buys (US part)Structures$113MEquipment$367MSoftware$148MOther$40.7M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Ophthalmic Goods: the industries that build and sell what it buysOphthalmic Goods: the industries that build and sell what it buysElectromedical and electrotherape…$132MManufacturing structures$103MSoftware publishers$84.7MSurgical and medical instrument m…$41.9MIrradiation apparatus manufacturi…$32.6MCustom computer programming servi…$30.8MComputer systems design services$28.0MMaterial handling equipment manuf…$19.5MSurgical appliance and supplies m…$19.0MAir conditioning, refrigeration, …$18.1M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Ophthalmic Goods: its first-tier supplying industriesOphthalmic Goods: its first-tier supplying industriesImports$721MProfessional and commercial equip…$440MSurgical appliance and supplies m…$276MManagement of companies and enter…$273MLegal services$167MPlastics material and resin manuf…$167MOther plastics product manufactur…$126MMonetary authorities and deposito…$125MOther nondurable goods merchant w…$122MPlastics packaging materials and …$122M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Ophthalmic Goods: where the industry's cash came from (+) and went (−)Ophthalmic Goods: where the industry's cash came from (+) and went (−)Operating cash flow$1.9BCapital spending−$827MBuybacks−$676MCash added to the balance she…−$258MOther investing (out)−$241MNet borrowing$212MOther financing (out)−$75.2MCash drawn from the balance s…$55.2MTaxes paid on employees' shar…−$53.3MNet debt repaid−$35.2MShares issued$20.8MOther investing (in)$18.9MPaid to partners−$10.0MOther financing (in)$3.4M
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
COO Cooper Companies$355M$1.0B34%TTM to Q3 FY26
BLCO Bausch & Lomb$302M$554M55%TTM to Q3 2026
WRBY Warby Parker$80.8M$102M79%TTM to Q3 2026
EYE National Vision Holdings$80.5M$130M62%TTM to Q2 2026
RXST RxSight$5.0M$23.7M21%TTM to Q3 2026
STAA Staar Surgical$3.5M$21.4M17%TTM to Q3 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
BLCOMCK10%Stated in 10-K (customer table)filing
BLCOCAH10%Stated in 10-K (customer table)filing
LUCYWAMZN1%Stated in 10-K (sentence)filing
AFRMWRBY—Stated in 10-K (named, share not stated)filing
AMZNWRBY—Stated in 10-K (named, share not stated)filing
PYPLWRBY—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.