The Idiot Index

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Sector
Operational MarkupApplied to companies whose primary cost basis is physical materials and manufacturing.
OrderHighest first

Operational Markup in Hardware Manufacturing · FY 2023

24 of 45 companies · highest first
  1. 1
    AAPLApple
    $1 of cost+opex becomes $1.42 of revenue
    sector median 1.1333Top 2%
    1.4241
    × revenue / (cost + opex)
  2. 2
    MMM3M
    $1 of cost+opex becomes $1.26 of revenue
    sector median 1.1333Top 6%
    1.2633
    × revenue / (cost + opex)
  3. 3
    CATCaterpillar
    $1 of cost+opex becomes $1.23 of revenue
    sector median 1.1333Top 10%
    1.2285
    × revenue / (cost + opex)
  4. 4
    TELTE Connectivity
    $1 of cost+opex becomes $1.23 of revenue
    sector median 1.1333Top 15%
    1.2272
    × revenue / (cost + opex)
  5. 5
    IRIngersoll Rand
    $1 of cost+opex becomes $1.23 of revenue
    sector median 1.1333Top 19%
    1.2256
    × revenue / (cost + opex)
  6. 6
    HONHoneywell
    $1 of cost+opex becomes $1.22 of revenue
    sector median 1.1333Top 23%
    1.2199
    × revenue / (cost + opex)
  7. 7
    PHParker Hannifin
    $1 of cost+opex becomes $1.18 of revenue
    sector median 1.1333Median range
    1.1767
    × revenue / (cost + opex)
  8. 8
    EMREmerson
    $1 of cost+opex becomes $1.17 of revenue
    sector median 1.1333Median range
    1.1711
    × revenue / (cost + opex)
  9. 9
    BWXTBWX Technologies
    $1 of cost+opex becomes $1.17 of revenue
    sector median 1.1333Median range
    1.1710
    × revenue / (cost + opex)
  10. 10
    DOVDover
    $1 of cost+opex becomes $1.17 of revenue
    sector median 1.1333Median range
    1.1657
    × revenue / (cost + opex)

Not yet covered (21)

These companies are in the Hardware Manufacturing cohort but don't have a Operational Markup computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

Revenue per dollar of cost + operating expenses. The multiplier after legitimate operations.

Ratio
Operational Markup
Sector
Hardware Manufacturing
Methodology version
v1.0.0
Formula
Revenue / (COGS + OperatingExpenses)
Sector context

Applied to companies whose primary cost basis is physical materials and manufacturing.

The multiplier after legitimate operations. A high Markup combined with a low Operational Markup tells a specific story: surplus is being reinvested in the business. A high Markup combined with a high Operational Markup tells the opposite story: surplus is going to shareholders.

Source data: Revenues, CostOfGoodsAndServicesSold, OperatingExpenses (us-gaap) or equivalents in IFRS.