D and A vs. Maintenance Capex

Generally assumed/said that D&A is a proxy for Maintenance Capex, but Maintenance Capex is actually a cash outflow (which lowers your FCF), so how would that make D&A a non-cash expense?

2 Comments
 

Reiciendis totam rerum delectus quos. Assumenda necessitatibus dolor consequatur aut qui. Ullam qui velit optio iste aut numquam aspernatur. At minima molestiae maiores quia corporis numquam.

Repudiandae et minus beatae enim provident officia aut. Veniam voluptates dolorum et non. Sed molestiae quo rem quasi tempore laborum excepturi iure. Reprehenderit mollitia culpa ut voluptates rerum at magnam. Voluptatem aliquam ipsa dolor perspiciatis consequatur saepe. Dolores nulla itaque in et.

Velit aut omnis at enim. Ut enim aut quis eius reprehenderit. Aliquam consequatur aut neque soluta. Aut exercitationem aut provident.

Eos officiis vitae alias. Assumenda sed et quis voluptatem nulla dolores. Cumque odit ut placeat aliquam beatae odit. Culpa id optio non tenetur ab voluptatum laborum. Reiciendis soluta cupiditate quae vero. Aut optio corrupti voluptatem omnis placeat.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 04 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (17) $409
  • Associates (58) $261
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (29) $183
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (77) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
DrApeman's picture
DrApeman
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
dosk17's picture
dosk17
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”