HomeCapEx Efficiency and the Race Against Depreciation
D&A Growth vs Cloud Revenue Growth (YoY, Combined)
D&A Growth vs Cloud Revenue Growth (YoY, Combined)#
Cloud revenue growth is still outrunning depreciation growth; read the trend, not any single quarter.Draft, pending review
How to read this chart
If depreciation growth stays above cloud revenue growth, margins come under pressure. The dashed line is the mechanically projected hurdle rate, same method as above. Read the trend, not single quarters; there is a model seam where actuals meet the projection.
Source: Company filings and analyst estimates (FinSight compilation and estimates) · Updated 2026-09-03
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