Oracle provides database software, business applications and cloud infrastructure for enterprises.
Oracle's $600B+ remaining performance obligations require $90-100B/year capex but the company only generates ~$38B operating cash flow, forcing debt issuance at yields that have risen from 5.7% to 7.3%+ while ROIC has fallen from 22% to 9.6%, creating a downward spiral versus hyperscalers with far lower cost of capital.