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Services-Computer Programming Services: capital spending and supply chain

SIC 7371 · 12 companies with filed cash-flow statements

Capital spending, 12 months$470M
Operating cash flow$4.5B
Capex / cash flow11%
Capex / revenue1.4%
Top 3 share92%

Analysis

12 companies in Services-Computer Programming Services (SIC 7371) spent $470M on capital projects over their latest twelve months, 11% of the $4.5B their operations generated; the three largest spenders — CTSH, EPAM, VRSN — account for 92%.

Capital spending is 1.4% of the industry's $34.8B of annual revenue.

By the industry's asset mix most of it goes to software (72%); about $183M is imported.

The largest supplier of that spending is software publishers ($233M).

Its largest supplying industries, by the input-output tables: employment services ($2.3B), other real estate ($816M), monetary authorities and depository credit intermediation ($470M).

Charts

Services-Computer Programming Services: capital spending by company, latest twelve monthsServices-Computer Programming Services: capital spending by company, latest twelve monthsCTSH$331MEPAM$62.5MVRSN$38.1MRGTI$26.9MRDNW$4.8MIA$4.2MCYN$1.5MCYCU$473KXTIA$282KBMTM$149KDOCS$62KSBIG$29K
Filed cash-flow statements (SEC XBRL).
Services-Computer Programming Services: what the capital spending buys (US part)Services-Computer Programming Services: what the capital spending buys (US part)Structures$32.9MEquipment$63.1MSoftware$404MOther$63.6M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Services-Computer Programming Services: the industries that build and sell what it buysServices-Computer Programming Services: the industries that build and sell what it buysSoftware publishers$233MCustom computer programming servi…$84.5MComputer systems design services$70.3MOffice and commercial structures$32.6MLight truck and utility vehicle m…$17.2MElectronic computer manufacturing$16.3MData processing, hosting, and rel…$12.8MManagement of companies and enter…$7.8MOffice furniture and custom archi…$6.3MOther communications equipment ma…$4.9M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Services-Computer Programming Services: its first-tier supplying industriesServices-Computer Programming Services: its first-tier supplying industriesEmployment services$2.3BOther real estate$816MMonetary authorities and deposito…$470MManagement of companies and enter…$430MManagement consulting services$403MLegal services$374MImports$344MInvestigation and security servic…$245MSecurities and commodity contract…$237MAccounting, tax preparation, book…$212M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Services-Computer Programming Services: where the industry's cash came from (+) and went (−)Services-Computer Programming Services: where the industry's cash came from (+) and went (−)Operating cash flow$5.7BBuybacks−$4.2BCash drawn from the balance s…$2.7BAcquisitions−$2.2BOther investing (out)−$1.6BNet borrowing$1.5BDividends−$908MCapital spending−$747MOther financing (out)−$621MOther investing (in)$331MOther financing (in)$240MOperating cash outflow−$157MShares issued$115MCash added to the balance she…−$63.6M
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
CTSH Cognizant Technology Solutions$331M$2.7B12%TTM to Q3 2026
EPAM Epam Systems$62.5M$533M12%TTM to Q3 2026
VRSN VeriSign$38.1M$1.1B4%TTM to Q3 2026
RGTI Rigetti Computing$26.9M−$60.7M—TTM to Q2 2026
RDNW RideNow Group$4.8M−$15.8M—TTM to Q2 2026
IA Innovative Solutions & Support$4.2M$18.5M23%TTM to Q3 FY26
CYN Cyngn$1.5M−$24.0M—TTM to Q2 2026
CYCU Cycurion$473K−$12.0M—TTM to Q2 2026
XTIA XTI Aerospace$282K−$35.6M—TTM to Q2 2026
BMTM Bright Mountain Media$149K−$465K—TTM to Q2 2026
DOCS Doximity$62K$306M0%TTM to Q2 FY27
SBIG Sbig Holdings$29K−$1.0M—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
IALMT36%Stated in 10-K (sentence)filing
IABA8%Stated in 10-K (sentence)filing
RGTIU.S. government54%Stated in 10-K (sentence)filing
ANKMM And D Innovation Technology Limited46%Stated in 10-K (XBRL)filing
ANKMLiushi International Co Ltd31%Stated in 10-K (XBRL)filing
ANKMConsummation International Business Co Ltd23%Stated in 10-K (XBRL)filing
AMZNDOCS—Stated in 10-K (named, share not stated)filing
HOGRDNW—Stated in 10-K (named, share not stated)filing
GOOGLDOCS—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.