16 US companies now spend more on capex than they earn
A screen of 5,678 SEC filers. Excluding utilities, sixteen listed companies with over $1B in operating cash flow spent more building than they collected.
6 primary sourcesSEC EDGAR · primary sources only
We read the filings,
then we do the math.
Most finance sites explain what a metric means. Catlytic computes it — company by company, straight out of the 10-K — and shows you the document it came from. If an AI can answer it in three lines, we don't publish it.
- 16 / 5,678 filers whose capex passed operating cash flow
- −$23.7B Oracle free cash flow, in its own 10-K
- $2.0B CoreWeave depreciation + interest, against $1.5B EBITDA
- 191 non-financial firms tracked through the Fed’s cuts
- 01
Every figure links to its filing. Not to a database, not to another article. To the document.
- 02
Every calculation is shown. The formula sits under the table, so you can disagree with it.
- 03
Corrections stay published. When we get something wrong, the record shows what changed and when.
12 articles · 50 primary sources cited
Latest
US capex overtook buybacks in 2025. Five companies did it.
Across 361 listed non-financial companies, capital spending passed share repurchases for the first time since 2021. Remove five names and the shift disappears.
5 primary sourcesThe Fed has been cutting since 2024. Interest costs kept rising.
A consistent panel of 191 listed non-financial companies, built from SEC filings. Aggregate interest expense rose again in 2025 — the second full year of Fed cuts.
6 primary sourcesmonday.com grew revenue 22%. Its operating cash flow fell 17%.
Record non-GAAP operating income and decelerating guidance. Underneath, deferred revenue swung negative and operating cash flow fell while revenue grew.
4 primary sourcesCoreWeave's EBITDA was $1.5B. Depreciation and interest were $2.0B.
Revenue doubled to $2.6bn in the June quarter, operating income turned negative, and debt rose $13.7bn in six months. What the filings show.
3 primary sourcesNo 10-Q: what you get and don't get from a foreign issuer
ASML, TSMC, SAP, Alibaba and Arm file 20-Fs and 6-Ks instead of 10-Ks and 10-Qs. What changes, what does not, and where the quarterly detail goes.
4 primary sourcesOracle's own 10-K puts free cash flow at negative $23.7 billion
Capital expenditure rose 26-fold in five years to $55.7bn, funded by $43bn of new senior notes. Remaining performance obligations went from $138bn to $638bn.
3 primary sourcesThree ways reported capex understates what a company spends
A semiconductor maker with capex at 0.48% of revenue. A retailer whose free cash flow flips sign. A tag that returns nothing. All three are in the filings.
4 primary sourcesWhy FICO fell 17% on the day it raised guidance
Revenue up 26%, EPS up 41%, every guidance line revised upward — and the market cut the stock 17%. What the filing shows, and what it never mentions.
4 primary sourcesWhy Sandisk fell after earning $6.9B in a single quarter
Revenue up 372%, gross margin at 84.6%, guidance above the quarter just reported — and the stock still dropped. The filing shows what the headlines missed.
3 primary sourcesSections
06
Company Analysis
Individual companies, read from their own 10-K and 10-Q filings. Numbers pulled from the source, not from summaries.
Open → 02Market & Macro
Rates, tariffs, and cycles — compared against what actually happened in prior periods, not against forecasts.
Open → 01Screens & Data
Full-universe screens run against SEC data and rebuilt on a schedule. The tables are the article.
Open → 03Method
How the numbers are calculated, where the public data is wrong, and what failed when we tested it.
Open →Newsletter
New screens and filings analysis, when they're published.
No daily digest, no market commentary. Only when there is something with numbers behind it.