GCC valuation database · industry averages from audited accounts

4.4 Capex-to-CF Ratio

Capital spending divided by operating cash flow. Above 1.0, investment outruns the cash the business generates.

Saudi ArabiaSaudi Exchange (Tadawul)SAR

Times · industry averages · FY2018 to FY2025

IndustryCompaniesFY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Telecom30.54x0.93x0.44x0.66x0.34x0.45x0.54x0.58x
Mills40.06x0.33x0.18x0.24x0.18x0.19x0.17x0.25x
Car Rental30.02x-1.00x0.02x0.78x-0.05x-0.04x-0.46x-4.91x
Manpower4–––0.16x0.09x0.10x0.25x0.13x
Dairy–––––––––
Pharma–––––––––

Car rental companies buy their fleets inside operating cash flow, so their cash-flow ratios can be negative.

Industry averages from the companies' audited annual reports. A dash means the figure is not available yet.