Geschäftsplanung und -strategie, Finanzmodelle
US-Benchmarks für das Verhältnis von Investitionsausgaben zum Umsatz: Kapitalintensität auf Sektor- und Branchenebene
Die Investitionsausgaben als Prozentsatz des Umsatzes sind eine zentrale Strukturkennzahl. Sie definieren, wie viel Reinvestition erforderlich ist, um den Betrieb aufrechtzuerhalten oder auszubauen und so Liquidität, Skalierbarkeit und langfristige Kapitalrendite zu beeinflussen. Unternehmen mit hohen Investitionsausgaben haben mit langsameren Liquiditätsumsätzen und höheren Fixkosten zu kämpfen. Unternehmen mit niedrigen Investitionsausgaben skalieren schneller und agieren mit größerer Kapitalflexibilität.
This report consolidates U.S. sector and industry benchmarks for CapEx-to-Revenue, sourced from RiskConcern.
CapEx-to-Revenue by Sector
The following table summarizes the average capital intensity across major U.S. sectors. Negative values reflect net capital inflows relative to revenue, after accounting for depreciation and asset write-downs.
| Sektor | CapEx/Revenue (%) |
|---|---|
| Communication Services | -0.11 |
| Industrials | -0.07 |
| Basic Materials | -2.29 |
| Consumer Cyclical | -0.10 |
| Financial Services | -0.02 |
| Consumer Defensive | -0.05 |
| Gesundheitspflege | -0.14 |
| Technologie | -0.07 |
| Immobilie | -0.16 |
| Energie | -0.14 |
CapEx-to-Revenue by Industry
The table below provides a comprehensive view across over 200 U.S. industries. Capital intensity varies dramatically even within sectors – driven by asset configuration, operating models, and lifecycle maturity.
| Industrie | CapEx/Revenue (%) |
|---|---|
| Communication Services | -0.11 |
| Industrials | -0.07 |
| Basic Materials | -2.29 |
| Consumer Cyclical | -0.10 |
| Financial Services | -0.02 |
| Consumer Defensive | -0.05 |
| Gesundheitspflege | -0.14 |
| Technologie | -0.07 |
| Immobilie | -0.16 |
| Energie | -0.14 |
| Advertising Agencies | -0.06 |
| Aerospace & Defense | -0.13 |
| Agricultural Inputs | -0.06 |
| Airlines | -0.06 |
| Leisure | -0.04 |
| Lodging | -0.03 |
| Lumber & Wood Production | -0.02 |
| Luxury Goods | -0.04 |
| Airports & Air Services | -0.02 |
| Aluminum | -0.03 |
| Apparel Manufacturing | -0.01 |
| Apparel Retail | -0.03 |
| Asset Management | -0.02 |
| Auto & Truck Dealerships | -0.03 |
| Auto Parts | -0.03 |
| Auto Manufacturers | -1.32 |
| Banks – Diversified | -0.03 |
| Banks – Regional | -0.02 |
| Beverages – Brewers | -0.05 |
| Beverages – Non-Alcoholic | -0.01 |
| Beverages – Wineries & Distilleries | -0.11 |
| Biotechnology | -0.31 |
| Broadcasting | -0.05 |
| Building Materials | -0.07 |
| Building Products & Equipment | -0.14 |
| Business Equipment & Supplies | -0.03 |
| Capital Markets | -0.03 |
| Chemikalien | -0.04 |
| Coking Coal | -0.08 |
| Communication Equipment | -0.05 |
| Computer Hardware | -0.03 |
| Confectioners | -0.04 |
| Marine Shipping | -0.21 |
| Medical Devices | -0.05 |
| Medical Distribution | -0.01 |
| Medical Instruments & Supplies | -0.06 |
| Metal Fabrication | -0.02 |
| Mortgage Finance | -0.02 |
| Oil & Gas Drilling | -0.12 |
| Oil & Gas E&P | -0.22 |
| Oil & Gas Equipment & Services | -0.04 |
| Oil & Gas Integrated | -0.17 |
| Oil & Gas Midstream | -0.06 |
| Oil & Gas Refining & Marketing | -0.04 |
| Packaged Foods | -0.07 |
| Packaging & Containers | -0.06 |
| Paper & Paper Products | -0.02 |
| Personal Services | -0.04 |
| Pharmaceutical Retailers | -0.01 |
| Pollution & Treatment Controls | -0.06 |
| Publishing | -0.03 |
| Railroads | -0.11 |
| Real Estate Services | 0.00 |
| Real Estate – Diversified | 0.32 |
| Conglomerates | -0.05 |
| Consulting Services | -0.04 |
| Consumer Electronics | -0.02 |
| Copper – Mining & Related | -0.09 |
| Credit Services | -0.05 |
| Department Stores | -0.03 |
| Diagnostics & Research | -0.07 |
| Discount Stores | -0.03 |
| Drug Manufacturers – General | -0.04 |
| Drug Manufacturers – Specialty & Generic | -0.04 |
| Recreational Vehicles | -0.02 |
| REIT – Diversified | -0.04 |
| REIT – Healthcare Facilities | -0.07 |
| REIT – Hotel & Motel | -0.06 |
| REIT – Industrial | -0.10 |
| REIT – Mortgage | -0.79 |
| REIT – Office | -0.60 |
| REIT – Residential | -0.11 |
| REIT – Retail | -0.19 |
| REIT – Specialty | -0.15 |
| Rental & Leasing Services | -0.21 |
| Education & Training Services | -0.12 |
| Electrical Equipment & Parts | -0.03 |
| Electronic Components | -0.05 |
| Electronic Gaming & Multimedia | -0.02 |
| Residential Construction | -0.01 |
| Resorts & Casinos | -0.05 |
| Restaurants | -0.04 |
| Retail Apparel & Specialty | -0.01 |
| Electronics & Computer Distribution | 0.00 |
| Scientific & Technical Instruments | -0.03 |
| Engineering & Construction | -0.07 |
| Entertainment | -0.27 |
| Security & Protection Services | -0.10 |
| Semiconductor Equipment & Materials | -0.04 |
| Farm & Heavy Construction Machinery | -0.03 |
| Farm Products | -0.05 |
| Financial Conglomerates | -0.01 |
| Semiconductors | -0.10 |
| Software – Application | -0.10 |
| Financial Data & Stock Exchanges | -0.03 |
| Food Distribution | -0.01 |
| Footwear & Accessories | -0.02 |
| Furnishings, Fixtures & Appliances | -0.03 |
| Software – Infrastructure | -0.04 |
| Solar | -0.20 |
| Specialty Business Services | -0.04 |
| Specialty Chemicals | -5.43 |
| Specialty Industrial Machinery | -0.03 |
| Gambling | -0.03 |
| Gold – Mining & Related | -0.36 |
| Grocery Stores | -0.04 |
| Health Information Services | -0.06 |
| Healthcare Plans | -0.01 |
| Home Improvement Retail | -0.04 |
| Homebuilding & Construction | 0.00 |
| Household & Personal Products | -0.04 |
| Industrial Distribution | -0.02 |
| Information Technology Services | -0.05 |
| Insurance Brokers | -0.03 |
| Insurance – Diversified | -0.02 |
| Life Insurance | -0.01 |
| Property & Casualty Insurance | -0.01 |
| Insurance – Reinsurance | 0.00 |
| Insurance – Specialty | -0.01 |
| Integrated Freight & Logistics | -0.06 |
| Internet Content & Information | -0.05 |
| Specialty Retail | -0.02 |
| Staffing & Employment Services | -0.01 |
| Steel | -0.03 |
| Telecom Services | -0.16 |
| Thermal Coal | -0.04 |
| Tobacco | -0.02 |
| Tools & Accessories | -0.03 |
| Travel Services | -0.64 |
| Trucking | -0.25 |
| Uranium | -0.28 |
| Utilities – Diversified | -0.12 |
| Utilities – Independent Power Producers | -0.05 |
| Utilities – Regulated Electric | -0.29 |
| Utilities – Regulated Gas | -0.35 |
| Utilities – Regulated Water | -0.55 |
| Utilities – Renewable | -0.42 |
| Waste Management | -0.09 |
| Internet Retail | -0.03 |
Na und?
Capital intensity defines more than just infrastructure – it shapes an industry’s financial DNA. Investors should interpret EBITDA margins, ROIC, and valuation multiples through the lens of CapEx burden. Operators must align strategic focus with their capital structure: optimize asset turnover in CapEx-heavy industries, or maximize growth reinvestment in capital-light models.
Ultimately, CapEx-to-Revenue is not just a cost ratio, it also is a strategic constraint or advantage. Understanding it is essential for building resilient, scalable, and capital-efficient businesses.
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