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Services-Engineering Services: capital spending and supply chain

SIC 8711 · 6 companies with filed cash-flow statements

Capital spending, 12 months$250M
Operating cash flow$1.1B
Capex / cash flow22%
Capex / revenue1.1%
Top 3 share89%

Analysis

6 companies in Services-Engineering Services (SIC 8711) spent $250M on capital projects over their latest twelve months, 22% of the $1.1B their operations generated; the three largest spenders — ACM, VSEC, MG — account for 89%.

Capital spending is 1.1% of the industry's $23.6B of annual revenue.

By the industry's asset mix most of it goes to software (37%); about $36.0M is imported.

The largest supplier of that spending is manufacturing structures ($38.0M).

Its largest supplying industries, by the input-output tables: architectural, engineering, and related services ($1.2B), other real estate ($790M), imports ($675M).

Charts

Services-Engineering Services: capital spending by company, latest twelve monthsServices-Engineering Services: capital spending by company, latest twelve monthsACM$162MVSEC$31.5MMG$27.9MTTEK$20.1MWLDN$7.7MOFAL$593K
Filed cash-flow statements (SEC XBRL).
Services-Engineering Services: what the capital spending buys (US part)Services-Engineering Services: what the capital spending buys (US part)Structures$53.9MEquipment$52.5MSoftware$74.6MOther$22.8M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Services-Engineering Services: the industries that build and sell what it buysServices-Engineering Services: the industries that build and sell what it buysManufacturing structures$38.0MSoftware publishers$26.8MCustom computer programming servi…$23.7MComputer systems design services$21.0MOffice and commercial structures$14.1MIndustrial process variable instr…$5.4MSearch, detection, and navigation…$5.0MLight truck and utility vehicle m…$4.9MElectromedical and electrotherape…$4.5MSurgical and medical instrument m…$4.2M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Services-Engineering Services: its first-tier supplying industriesServices-Engineering Services: its first-tier supplying industriesArchitectural, engineering, and r…$1.2BOther real estate$790MImports$675MEmployment services$575MManagement consulting services$485MManagement of companies and enter…$339MAll other miscellaneous professio…$313MInsurance carriers, except direct…$216MEnvironmental and other technical…$200MFull-service restaurants$187M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Services-Engineering Services: where the industry's cash came from (+) and went (−)Services-Engineering Services: where the industry's cash came from (+) and went (−)Acquisitions−$2.6BShares issued$1.3BOperating cash flow$1.1BBuybacks−$944MCash drawn from the balance s…$802MOther financing (in)$580MNet borrowing$545MCapital spending−$249MDividends−$229MNet debt repaid−$189MOther investing (out)−$78.8MCash added to the balance she…−$66.4MSales of assets & businesses$47.1MTaxes paid on employees' shar…−$24.8M
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
ACM AECOM$162M$365M44%TTM to Q3 FY26
VSEC VSE$31.5M$58.9M53%TTM to Q3 2026
MG Mistras Group$27.9M$61.6M45%TTM to Q3 2026
TTEK Tetra Tech$20.1M$567M4%TTM to Q3 FY26
WLDN Willdan Group$7.7M$72.1M11%TTM to Q3 2026
OFAL OFA$593K$7.1M8%TTM to Q1 FY27

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
TTEKU.S. government9%Stated in 10-K (sentence)filing
ACMU.S. government7%Stated in 10-K (sentence)filing
WLDNSCE-PM27%Stated in 10-K (sentence)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.