Derived metric methodology, version 1.0
Corporate physical economy pulse
Year-over-year growth of trailing-four-quarter capital expenditure across every curated company (the five pulse groups plus curated companies in no group), matched sample, from stored 10-K and 10-Q facts with the pulses.v2 methodology.
Specification
How the value is computed
Formula in plain words
The custom function corporate_pulse over the whole component dataset, for each geography and period. A period with any component missing produces no value. Rounded to 2 decimals.
Components
No component metrics: the value is an assessment recorded by the named function, with its basis on every row.
- Combination
- Named function corporate_pulse, evaluated once over the whole component dataset (it reads across geographies or records an assessment) and returning the observation ids it used.
- Missing data
- Skip the period: no value is produced unless every component is present. Nothing is interpolated or carried forward.
- Window
- None: each period stands on its own.
- Normalization
- None: the combined value is published in its own unit.
- Unit and rounding
- percent change yoy. Rounded to 2 decimals, applied last.
- Default geography
- USA
Parameters
{
"pulse_key": "all_curated",
"pulse_methodology": "pulses.v2",
"measure": "capital_expenditure",
"min_contributors": 2,
"formula": "100 x (sum(latest trailing-four-quarter capex) / sum(capex one year earlier) - 1) over the matched sample",
"external_inputs": {
"table": "corporate_facts (via computePulse)",
"loader": "loadCorporatePulseDataset",
"note": "inputs are stored pulse rows and XBRL facts, not observations; the row records the pulse row id (per group) and every contributor's values and period ends"
},
"sample": "allMembers(): every distinct company across the five groups plus curated companies in no group"
}What has been computed
- Current values
- 1
- Geographies
- 1
- Periods
- 1, 2026-08-02 to 2026-08-02
- Last computed
- 2026-09-07 22:04 UTC
- Produced by
- version 1.0
Last verification
- Outcome
- success
- Run at
- 2026-09-07 22:15 UTC
- Examined
- 5101 derived values across all metrics, 5090 reproduced, 0 issues
- This metric
- 0 of 1 reproduced, 0 issues
Worked example
United States, 2026-08-02
16.58 percent change yoy
- Observation id
- 404025
- Formula version
- 1.0
- Source revision
- v1.0/e3b0c44298fc
- Computed at
- 2026-09-07 22:04 UTC
- Coverage
- 1 of 1 components (minimum 1)
- capital_expenditure_growth_pct
- 16.5781
Recorded with the value
{
"companies": [
{
"cik": "0001045810",
"name": "NVIDIA CORP",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 5012000000,
"latest": 7354000000,
"prior_period_end": "2025-07-27",
"latest_period_end": "2026-07-26"
},
{
"cik": "0000002488",
"name": "ADVANCED MICRO DEVICES INC",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 834000000,
"latest": 1677000000,
"prior_period_end": "2025-06-28",
"latest_period_end": "2026-06-27"
},
{
"cik": "0000050863",
"name": "INTEL CORP",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 21025000000,
"latest": 12105000000,
"prior_period_end": "2025-06-28",
"latest_period_end": "2026-06-27"
},
{
"cik": "0000097476",
"name": "TEXAS INSTRUMENTS INCORPORATED",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 4936000000,
"latest": 3312000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001730168",
"name": "Broadcom Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 538000000,
"latest": 860000000,
"prior_period_end": "2025-05-04",
"latest_period_end": "2026-05-03"
},
{
"cik": "0000006951",
"name": "APPLIED MATERIALS INC /DE",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 1882000000,
"latest": 2773000000,
"prior_period_end": "2025-07-27",
"latest_period_end": "2026-07-26"
},
{
"cik": "0000707549",
"name": "LAM RESEARCH CORPORATION",
"basis": "annual",
"forms": [
"10-K"
],
"prior": 759186000,
"latest": 966405000,
"prior_period_end": "2025-06-29",
"latest_period_end": "2026-06-28"
},
{
"cik": "0000319201",
"name": "KLA CORP",
"basis": "annual",
"forms": [
"10-K"
],
"prior": 335259000,
"latest": 375945000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0000723125",
"name": "Micron Technology, Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 13319000000,
"latest": 25260000000,
"prior_period_end": "2025-05-29",
"latest_period_end": "2026-05-28"
},
{
"cik": "0000106040",
"name": "WESTERN DIGITAL CORPORATION",
"basis": "annual",
"forms": [
"10-K"
],
"prior": 412000000,
"latest": 418000000,
"prior_period_end": "2025-06-27",
"latest_period_end": "2026-07-03"
},
{
"cik": "0001326160",
"name": "Duke Energy CORP",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 12220000000,
"latest": 14964000000,
"prior_period_end": "2025-03-31",
"latest_period_end": "2026-03-31"
},
{
"cik": "0000092122",
"name": "SOUTHERN CO",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 9622000000,
"latest": 13244000000,
"prior_period_end": "2025-03-31",
"latest_period_end": "2026-03-31"
},
{
"cik": "0001692819",
"name": "Vistra Corp.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 2573000000,
"latest": 2866000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001868275",
"name": "CONSTELLATION ENERGY CORPORATION",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 2854000000,
"latest": 3897000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001551182",
"name": "EATON CORPORATION plc",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 787000000,
"latest": 1016000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001996810",
"name": "GE Vernova Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 868000000,
"latest": 1701000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0000048898",
"name": "HUBBELL INC",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 166100000,
"latest": 169700000,
"prior_period_end": "2025-03-31",
"latest_period_end": "2026-03-31"
},
{
"cik": "0001050915",
"name": "QUANTA SERVICES, INC.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 632594000,
"latest": 787091000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001674101",
"name": "Vertiv Holdings Co",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 178600000,
"latest": 424400000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001101239",
"name": "EQUINIX, INC.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 3109000000,
"latest": 4817000000,
"prior_period_end": "2025-03-31",
"latest_period_end": "2026-03-31"
},
{
"cik": "0000018230",
"name": "CATERPILLAR INC",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 2412000000,
"latest": 2871000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0000315189",
"name": "DEERE & CO",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 1449000000,
"latest": 1224000000,
"prior_period_end": "2025-07-27",
"latest_period_end": "2026-08-02"
},
{
"cik": "0000073309",
"name": "NUCOR CORP",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 3514766000,
"latest": 2841000000,
"prior_period_end": "2025-07-05",
"latest_period_end": "2026-07-04"
},
{
"cik": "0001022671",
"name": "Steel Dynamics, Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 1668367000,
"latest": 616009000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0000100885",
"name": "UNION PACIFIC CORP",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 3595000000,
"latest": 3759000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001090727",
"name": "UNITED PARCEL SERVICE INC",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 3940000000,
"latest": 3410000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001048911",
"name": "FedEx Corporation",
"basis": "annual",
"forms": [
"10-K"
],
"prior": 4055000000,
"latest": 3809000000,
"prior_period_end": "2025-05-31",
"latest_period_end": "2026-05-31"
},
{
"cik": "0000831259",
"name": "Freeport-McMoRan Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 4726000000,
"latest": 4295000000,
"prior_period_end": "2025-03-31",
"latest_period_end": "2026-03-31"
},
{
"cik": "0000915913",
"name": "ALBEMARLE CORPORATION",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 961106000,
"latest": 457956000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001801368",
"name": "MP Materials Corp. / DE",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 147565000,
"latest": 420613000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0000093410",
"name": "Chevron Corp",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 16032000000,
"latest": 18309000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001163165",
"name": "ConocoPhillips",
"basis": "annual",
"forms": [
"10-K"
],
"prior": 5324000000,
"latest": 10159000000,
"prior_period_end": "2021-12-31",
"latest_period_end": "2022-12-31"
},
{
"cik": "0001274494",
"name": "First Solar, Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 1241558000,
"latest": 655624000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
},
{
"cik": "0001318605",
"name": "Tesla, Inc.",
"basis": "ttm",
"forms": [
"10-K",
"10-Q"
],
"prior": 10182000000,
"latest": 12923000000,
"prior_period_end": "2025-06-30",
"latest_period_end": "2026-06-30"
}
],
"pulse_key": "all_curated",
"sample_size": 34,
"pulse_row_id": null,
"members_total": 43,
"prior_sum_usd": 141311101000,
"latest_sum_usd": 164737743000,
"members_stored": 37,
"pulse_computed_at": "2026-09-07T22:04:41.337Z",
"pulse_methodology": {
"formula": "Per member company: capital expenditure = trailing four quarters ending at the latest reported period end E from 10-K and 10-Q facts (annual value when a fiscal year ends at E; otherwise year-to-date ending at E + prior fiscal year annual - year-to-date for the same span ending one year before E); prior = the same construction ending one year before E. PP&E net and inventory = latest reported balance and the balance one year earlier (within 10 days). Contribution requires both values in USD. Component = sum(latest) / sum(prior) - 1 over contributing companies (minimum 2). Pulse value = capital expenditure component; as_of = latest E among its contributors.",
"version": "pulses.v2"
}
}0 observations
This value reads no component observations: it is an assessment, and its basis is recorded above.
History
Version history
Version 1.0, effective 2026-09-07 00:00 UTCcurrent
Formula The custom function corporate_pulse over the whole component dataset, for each geography and period. A period with any component missing produces no value. Rounded to 2 decimals.
Corporate physical economy pulse, version 1.0
Classification. Derived: deterministic arithmetic over stored values; every number is reproducible from the stored ids named in the observation's metadata.
Formula. Per company, capital expenditure over the trailing four quarters ending at its latest reported period end E, and the same construction ending one year before E, both from stored 10-K and 10-Q facts in USD (pulses.v2: the annual value when a fiscal year ends at E, otherwise year-to-date to E plus the prior fiscal year minus the year-to-date for the same span one year earlier). Value = 100 x (sum of latest over contributing companies / sum of prior over the same companies - 1). The period is the latest E among contributors. Custom function corporate_pulse over the dataset built by loadCorporatePulseDataset.
Engine rendering: The custom function corporate_pulse over the whole component dataset, for each geography and period. A period with any component missing produces no value. Rounded to 2 decimals.
Components.
- No component metrics: the inputs are stored rows outside the observations table, named below and recorded on every row.
Windows and alignment. Recomputed from corporate_facts at every derived pass (weekly) over every curated company (the five group memberships plus curated companies in no group). One observation per distinct period; a later computation with the same period replaces the value only when it changed.
Missing data. A period is produced only when every component has a value for it; nothing is interpolated, carried forward or estimated.
Rationale. Corporate Physical Economy Pulse (docs/upgrade/20) aggregates operational signals from public companies as sensors for physical systems. Capital expenditure is the component with the cleanest XBRL tagging and the most direct link to capacity being built, so version 1.0 publishes it alone; inventory and PP&E components stay in the pulse rows for a later version.
Limitations. A matched sample of large SEC registrants, not the economy: the companies are chosen as sensors for physical systems and the aggregate is dominated by the largest spenders. Capital expenditure is global for most filers, so this is a US-listed sample, not US investment. Fiscal years differ, so the period is the latest period end among contributors and companies contribute values ending up to a year apart. Nominal dollars. At least two contributors are required for a value; the sample size is on every row. The inputs are pulse rows and XBRL facts, not observations, so the reproducibility harness cannot rebuild the value from observation ids; the pulse row id and the contributors' values are the provenance.
Revision. Recomputed at every derived pass; a changed component value produces a new observation row and earlier rows are kept. A change to anything that affects the numbers is a new formula version (the spec hash is on every row and a changed spec under a used version is refused).