Capital Expenditure Per Share is the amount of Capital Expenditure Per Share which the company incurs in order to maintain its operating assets. It is calculated as the Capital Expenditure from the Statement of Cash Flows divided by the Average Shares Outstanding for the same period. This is measured on a TTM basis. using Diluted Shares Outstanding.
Ideally a company should, over time, be generating a positive “Free Cash Flow" net of this number, in order to fund its dividend payments.
One possible adjustment worth considering is to strip property investment from this figure in order to get a closer approximation of the ongoing maintenance Capital Expenditure.
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