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Services-Commercial Physical & Biological Research: capital spending and supply chain

SIC 8731 · 10 companies with filed cash-flow statements

Capital spending, 12 months$943M
Operating cash flow$4.0B
Capex / cash flow24%
Capex / revenue3.1%
Top 3 share99%

Analysis

10 companies in Services-Commercial Physical & Biological Research (SIC 8731) spent $943M on capital projects over their latest twelve months, 24% of the $4.0B their operations generated; the three largest spenders — IQV, CRL, MEDP — account for 99%.

Capital spending is 3.1% of the industry's $30.4B of annual revenue.

By the industry's asset mix most of it goes to software (37%); about $150M is imported.

The largest supplier of that spending is manufacturing structures ($159M).

Its largest supplying industries, by the input-output tables: other real estate ($1.5B), management consulting services ($1.2B), imports ($944M).

Charts

Services-Commercial Physical & Biological Research: capital spending by company, latest twelve monthsServices-Commercial Physical & Biological Research: capital spending by company, latest twelve monthsIQV$657MCRL$223MMEDP$55.4MNRC$5.3MABSI$890KMXCT$665KOABI$286KBIAF$173KFOXO$56KONMD$16K
Filed cash-flow statements (SEC XBRL).
Services-Commercial Physical & Biological Research: what the capital spending buys (US part)Services-Commercial Physical & Biological Research: what the capital spending buys (US part)Structures$225MEquipment$219MSoftware$312MOther$95.2M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Services-Commercial Physical & Biological Research: the industries that build and sell what it buysServices-Commercial Physical & Biological Research: the industries that build and sell what it buysManufacturing structures$159MSoftware publishers$112MCustom computer programming servi…$98.8MComputer systems design services$87.7MOffice and commercial structures$59.0MIndustrial process variable instr…$22.4MSearch, detection, and navigation…$21.1MLight truck and utility vehicle m…$20.5MElectromedical and electrotherape…$18.8MSurgical and medical instrument m…$17.7M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Services-Commercial Physical & Biological Research: its first-tier supplying industriesServices-Commercial Physical & Biological Research: its first-tier supplying industriesOther real estate$1.5BManagement consulting services$1.2BImports$944MLegal services$823MArchitectural, engineering, and r…$725MEmployment services$529MAll other miscellaneous professio…$425MEnvironmental and other technical…$381MOffice administrative services$325MAdvertising, public relations, an…$297M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Services-Commercial Physical & Biological Research: where the industry's cash came from (+) and went (−)Services-Commercial Physical & Biological Research: where the industry's cash came from (+) and went (−)Net borrowing$6.5BOther financing (out)−$5.3BOperating cash flow$4.9BAcquisitions−$2.0BBuybacks−$1.8BCash added to the balance she…−$1.8BCapital spending−$943MShares issued$726MOther investing (out)−$324MSales of assets & businesses$177MOperating cash outflow−$158MTaxes paid on employees' shar…−$130MOther investing (in)$77.5MExchange-rate losses on cash−$32.8M
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
IQV IQVIA Holdings$657M$2.7B24%TTM to Q3 2026
CRL Charles River Laboratories International$223M$622M36%TTM to Q3 2026
MEDP Medpace Holdings$55.4M$723M8%TTM to Q3 2026
NRC NRC Health$5.3M$23.8M22%TTM to Q3 2026
ABSI Absci$890K−$108M—TTM to Q2 2026
MXCT Maxcyte$665K−$23.0M—TTM to Q2 2026
OABI OmniAb$286K$2.7M11%TTM to Q3 2026
BIAF bioAffinity Technologies$173K−$12.9M—TTM to Q3 2026
FOXO Foxo Technologies$56K−$428K—TTM to Q2 2026
ONMD OneMedNet$16K−$6.9M—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
LLYINCY—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.