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Air Courier Services: capital spending and supply chain

SIC 4513 · 3 companies with filed cash-flow statements

Capital spending, 12 months$4.5B
Operating cash flow$8.4B
Capex / cash flow54%
Capex / revenue1221.9%
Top 3 share100%

Analysis

3 companies in Air Courier Services (SIC 4513) spent $4.5B on capital projects over their latest twelve months, 54% of the $8.4B their operations generated.

Capital spending is 1221.9% of the industry's $372M of annual revenue.

By the industry's asset mix most of it goes to equipment (54%); about $7.9M is imported.

The largest supplier of that spending is office and commercial structures ($6.3M).

Its largest supplying industries, by the input-output tables: scenic and sightseeing transportation and support activities ($32.2M), petroleum refineries ($23.8M), imports ($11.9M).

Charts

Air Courier Services: capital spending by company, latest twelve monthsAir Courier Services: capital spending by company, latest twelve monthsFDX$4.0BFDXF$475MAIRT$37.6M
Filed cash-flow statements (SEC XBRL).
Air Courier Services: what the capital spending buys (US part)Air Courier Services: what the capital spending buys (US part)Structures$7.7MEquipment$16.1MSoftware$4.4MOther$1.4M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Air Courier Services: the industries that build and sell what it buysAir Courier Services: the industries that build and sell what it buysOffice and commercial structures$6.3MHeavy duty truck manufacturing$3.4MSoftware publishers$2.4MAircraft manufacturing$2.4MLight truck and utility vehicle m…$1.9MTruck trailer manufacturing$1.4MRailroad rolling stock manufactur…$1.4MMotor vehicle body manufacturing$1.3MTransportation structures and hig…$1.0MComputer systems design services$916K
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Air Courier Services: its first-tier supplying industriesAir Courier Services: its first-tier supplying industriesScenic and sightseeing transporta…$32.2MPetroleum refineries$23.8MImports$11.9MManagement of companies and enter…$11.6MOther real estate$9.0MEmployment services$8.3MOther plastics product manufactur…$7.2MPetroleum and petroleum products$7.0MCouriers and messengers$4.5MInsurance agencies, brokerages, a…$4.3M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Air Courier Services: where the industry's cash came from (+) and went (−)Air Courier Services: where the industry's cash came from (+) and went (−)Net borrowing$104MCapital spending−$37.6MOperating cash outflow−$26.8MAcquisitions−$24.7MOther financing (out)−$8.8MCash added to the balance she…−$6.4MExchange-rate gains on cash$1.2MOther investing (out)−$820K
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
FDX FedEx$4.0B$8.9B45%TTM to Q1 FY27
FDXF FedEx Freight Holding Company$475M−$528M—TTM to Q1 FY27
AIRT Air T$37.6M−$26.8M—TTM to Q1 FY27

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
AIRTFDX35%Stated in 10-K (sentence)filing
AIRTAAL4%Stated in 10-K (sentence)filing
FDXBTOC12%Stated in 10-K (sentence)filing
FDXW—Stated in 10-K (named, share not stated)filing
FDXACVA—Stated in 10-K (named, share not stated)filing
FDXPEW—Stated in 10-K (named, share not stated)filing
FDXAIRT—Stated in 10-K (named, share not stated)filing
FDXETS—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.