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Solution

Generally Capex is done to enhance the production efficiency either by producing more reducing costs. And this production is directly reflected in sales numbers or the top line of a company. Net income has too many factors involved in it like finance costs, depreciation and many other operating expenses.

So to evaluated the reasonableness you can check the gross profit margins as well. As that involves only sales and COGS so you can get an idea about if the Capex has shown some results. Or as I said you can also check the top lines if company goes for new plant in capex.

Or also there is another way of FCF. From the CF from operatiing activities and considering finacnce cost and dividends paid etc you can get the FCF. If you subtract these FCF from CFO you can get the capitla expenditure. This would provide you with some figures for how much cash from operations has been consumed in Capex and how has this provided returns to you later. Thus you can value Capex in an indirect and a long way.