HomeCapEx Efficiency and the Race Against Depreciation
CapEx ÷ D&A (x) = a Lead Indicator of Future Depreciation Pressure
CapEx ÷ D&A (x) = a Lead Indicator of Future Depreciation Pressure#
CapEx at 3 to 4 times depreciation means depreciation must accelerate; the investment cycle only ends when the ratio falls back near 1x.Draft, pending review
How to read this chart
Today's CapEx is the depreciation of the next two years.
Source: FinSight compilation and estimates · Updated 2026-09-03
↩ This chart lives on the pages2-efficiency-csp-03