Betas by Sector

Data Used: S&P Capital IQ, Bloomberg and the Fed (US companies)

Date of Analysis: Data used is as of January 2014

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/betas.xls

can be obtained by clicking here

on which companies are included in each industry


Industry Name Number of firms Beta  D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash
Advertising 65 1.03 52.57% 6.04% 0.69 5.91% 0.73
Aerospace/Defense 95 1.01 18.99% 15.03% 0.87 6.24% 0.92
Air Transport 25 0.94 109.48% 13.79% 0.48 6.92% 0.52
Apparel 70 1.15 21.33% 10.29% 0.96 2.99% 0.99
Auto & Truck 26 1.28 97.56% 4.71% 0.66 8.48% 0.72
Auto Parts 75 1.46 32.00% 9.43% 1.13 8.04% 1.23
Bank 7 0.72 84.19% 22.17% 0.43 10.94% 0.49
Banks (Regional) 721 0.58 72.00% 18.00% 0.37 13.80% 0.43
Beverage  47 1.42 22.16% 3.95% 1.17 5.06% 1.24
Beverage (Alcoholic) 19 1.14 27.56% 10.72% 0.91 1.38% 0.93
Biotechnology 349 1.12 9.15% 1.13% 1.02 4.39% 1.07
Broadcasting 30 1.53 48.49% 13.21% 1.08 2.31% 1.10
Brokerage & Investment Banking 49 1.11 400.56% 13.44% 0.25 24.39% 0.33
Building Materials 37 1.27 30.05% 16.33% 1.02 5.04% 1.07
Business & Consumer Services 179 0.90 29.23% 13.41% 0.72 4.33% 0.75
Cable TV 16 0.97 49.23% 15.00% 0.69 2.58% 0.71
Chemical (Basic) 47 1.01 29.67% 6.27% 0.79 7.19% 0.85
Chemical (Diversified) 10 1.42 33.39% 25.03% 1.13 6.82% 1.22
Chemical (Specialty) 100 1.01 16.30% 12.74% 0.89 6.25% 0.95
Coal & Related Energy 45 1.28 86.63% 2.44% 0.69 5.86% 0.73
Computer Services 129 0.92 20.48% 9.94% 0.78 5.48% 0.82
Computer Software 273 1.07 8.68% 6.16% 0.99 5.50% 1.04
Computers/Peripherals 66 1.15 8.83% 5.66% 1.06 5.92% 1.13
Construction 18 0.96 30.47% 9.82% 0.75 1.89% 0.77
Diversified 20 0.77 94.47% 12.60% 0.42 2.27% 0.43
Educational Services 40 1.24 39.03% 11.84% 0.92 11.98% 1.04
Electrical Equipment 135 1.14 13.74% 7.49% 1.01 5.37% 1.07
Electronics 191 1.02 16.01% 7.52% 0.89 10.69% 1.00
Electronics (Consumer & Office) 26 1.37 40.30% 8.97% 1.00 6.97% 1.08
Engineering 56 1.20 22.72% 14.86% 1.01 11.21% 1.13
Entertainment 85 1.19 25.98% 4.85% 0.95 4.05% 0.99
Environmental & Waste Services 108 1.13 43.59% 5.02% 0.80 1.42% 0.81
Farming/Agriculture 29 0.79 41.12% 9.01% 0.58 7.63% 0.63
Financial Svcs. 76 0.99 102.12% 18.37% 0.54 7.22% 0.58
Financial Svcs. (Non-bank & Insurance) 17 1.05 331.47% 9.77% 0.26 7.85% 0.29
Food Processing 97 0.85 27.92% 14.00% 0.69 3.10% 0.71
Food Wholesalers 18 1.18 16.79% 10.69% 1.02 1.71% 1.04
Furn/Home Furnishings 36 1.24 27.66% 10.03% 0.99 3.88% 1.03
Healthcare Equipment 193 0.85 17.26% 5.80% 0.73 5.20% 0.77
Healthcare Facilities 47 1.13 120.90% 13.49% 0.55 1.22% 0.56
Healthcare Products 58 1.00 19.80% 8.76% 0.85 4.28% 0.89
Healthcare Services 126 0.83 27.93% 13.77% 0.67 6.54% 0.72
Heathcare Information and Technology 125 0.99 14.52% 6.09% 0.87 4.88% 0.92
Heavy Construction 46 1.67 56.30% 19.40% 1.15 5.54% 1.22
Homebuilding 32 1.71 56.61% 6.68% 1.12 9.15% 1.23
Hotel/Gaming 89 1.27 52.33% 10.48% 0.87 3.84% 0.90
Household Products 139 1.00 19.33% 9.51% 0.86 3.52% 0.89
Information Services 71 0.84 10.63% 17.05% 0.77 3.84% 0.81
Insurance (General) 26 0.92 46.14% 19.19% 0.67 5.04% 0.71
Insurance (Life) 27 1.21 66.67% 17.82% 0.78 10.41% 0.87
Insurance (Prop/Cas.) 53 0.76 34.98% 19.42% 0.60 5.47% 0.63
Internet software and services 330 1.05 4.16% 4.59% 1.01 3.98% 1.05
Investment Co. 65 0.82 104.40% 6.62% 0.41 11.38% 0.47
Machinery 141 1.04 17.50% 13.02% 0.91 5.90% 0.96
Metals & Mining 134 1.26 48.21% 1.90% 0.86 5.37% 0.90
Office Equipment & Services 30 1.14 55.08% 12.81% 0.77 5.45% 0.82
Oil/Gas (Integrated) 8 1.00 8.54% 20.55% 0.94 3.09% 0.97
Oil/Gas (Production and Exploration) 411 1.24 156.15% 6.29% 0.50 1.76% 0.51
Oil/Gas Distribution 80 0.82 51.93% 4.18% 0.55 1.12% 0.55
Oilfield Svcs/Equip. 163 1.30 20.29% 10.73% 1.10 5.69% 1.17
Packaging & Container 24 0.99 49.19% 21.28% 0.71 3.31% 0.73
Paper/Forest Products 21 1.34 51.99% 8.20% 0.90 3.12% 0.93
Pharma & Drugs 138 1.10 13.87% 4.30% 0.97 5.15% 1.03
Power 106 0.68 85.11% 16.03% 0.40 2.05% 0.40
Precious Metals 166 1.33 37.02% 0.82% 0.98 10.57% 1.09
Publshing & Newspapers 52 1.08 36.82% 13.92% 0.82 6.06% 0.87
R.E.I.T. 46 0.78 569.79% 2.48% 0.12 2.40% 0.12
Railroad 10 1.08 23.69% 20.51% 0.91 1.61% 0.92
Real Estate (Development) 22 0.99 24.90% 3.00% 0.80 6.27% 0.85
Real Estate (General/Diversified) 11 0.72 17.30% 8.72% 0.62 0.69% 0.62
Real Estate (Operations & Services) 47 1.40 59.57% 8.56% 0.91 3.25% 0.94
Recreation 70 1.30 25.13% 8.81% 1.06 4.22% 1.11
Reinsurance 3 0.56 38.50% 13.34% 0.42 10.46% 0.47
Restaurant 84 0.86 27.57% 15.17% 0.69 2.56% 0.71
Retail (Automotive) 30 1.15 57.51% 19.23% 0.79 2.25% 0.80
Retail (Building Supply) 7 1.07 22.18% 21.97% 0.91 2.89% 0.94
Retail (Distributors) 87 1.00 43.82% 16.18% 0.73 1.86% 0.74
Retail (General) 21 0.98 35.62% 25.03% 0.77 3.19% 0.80
Retail (Grocery and Food) 21 0.81 56.86% 22.83% 0.57 1.72% 0.58
Retail (Internet) 47 1.03 5.06% 9.80% 0.99 3.03% 1.02
Retail (Special Lines) 137 0.99 37.80% 18.90% 0.75 3.20% 0.78
Rubber& Tires 4 1.27 109.78% 15.21% 0.66 17.50% 0.80
Semiconductor 104 1.19 13.02% 7.30% 1.06 6.34% 1.14
Semiconductor Equip 51 1.25 16.97% 5.13% 1.08 10.97% 1.21
Shipbuilding & Marine 14 1.50 65.35% 4.99% 0.92 2.28% 0.94
Shoe 14 0.83 7.89% 19.82% 0.78 3.53% 0.81
Steel 37 1.19 45.91% 14.13% 0.85 6.31% 0.91
Telecom (Wireless) 28 0.68 105.14% 11.54% 0.35 5.15% 0.37
Telecom. Equipment 131 1.14 10.77% 6.90% 1.04 6.36% 1.11
Telecom. Services 82 0.94 71.23% 8.40% 0.57 9.63% 0.63
Thrift 223 0.53 NA 18.93% 0.01 1.88% NA
Tobacco 12 0.94 20.83% 14.23% 0.80 3.80% 0.83
Transportation 22 1.01 20.75% 21.21% 0.86 5.60% 0.92
Trucking 28 1.17 78.48% 27.93% 0.75 2.92% 0.77
Utility (General) 20 0.56 69.35% 29.93% 0.38 0.97% 0.38
Utility (Water) 20 0.75 57.90% 14.52% 0.50 0.55% 0.50
Total Market 7766 1.01 74.28% 10.32% 0.60 5.24% 0.64


Last Updated in January 2014
By Aswath Damodaran