According to a recent study,
free cash flow for 20 industries increased to 4.97 percent last year,
meaning that for every dollar of sales, companies generated 4.97 cents
in cash flow. An increase in operating efficiency generated .89 percent,
a decrease in working capital contributed .69 percent, and lower capex
contributed .17 percent. The lower capex spending may be worrisome as it
is an indication of lower investment in fixed assets.