Did the purchases of property and equipment of Oracle for the quarter ended November 30, 2026 come to at or above 120.0% of its revenue?
Divide the purchases of property and equipment by the revenue that Oracle reports for the quarter ended November 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 120.0%; no if it is below 120.0%.
If the source is late or silent: If Oracle has not filed by January 18, 2027, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
If no
The case against it
No if spending eases below 120 percent as revenue catches up with the buildout.
If yes
Return on invested capital falls
Yes if Oracle keeps heavy data center spending near last quarter's 147.3 percent of revenue pace.
50%
NoYes
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The trail · since Oct 22
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The case · 7 people · 2 minutes
The case against it1 people argue noReturn on invested capital falls6 people argue yes
Hyperscaler capex turns ROI positive at roughly 1.7-1.8x revenue-to-depreciation ratio with 8% cost of capital, 30% operating margin, and 5-year depreciation. Currently at 1.2x with only 3-4% of global population paying for AI. As paying population…
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The thesis
Will the average trailing-twelve-month ROIC of Microsoft, Alphabet, Amazon and Meta fall by the quarter nearest Q3 2027 versus the quarter nearest Q4 2024?
Massive AI capital spending is piling into balance sheets and depreciation schedules faster than AI revenue shows up, which could drag down returns on invested capital across the biggest cloud players.