Oracle burned more cash than any other company in the S&P 500.

Once viewed as a legacy database vendor, $ORCL has become one of the market’s most direct bets on AI computing demand.

Oracle plans to spend $90B to $95B on capex this year, partly financed with debt. That expansion is weighing heavily on cash generation:

Free cash flow, LTM: -$28.7B
FCF margin: -40%

The underlying business is growing rapidly. Quarterly revenue rose 30% to $19.3B, while backlog reached $664B, up $209B from a year earlier.

But Oracle is committing enormous capital before the cash returns arrive. If AI infrastructure spending proves excessive, Oracle would be among the most exposed companies.

🏰Bastion Risk Shield score: 6/100.