Debt Fundamentals by Sector

Data Used: S&P Capital IQ, Bloomberg and the Fed

Date of Analysis: Data used is as of January 2014

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

can be obtained by clicking here

on which companies are included in each industry


Industry Name Number of firms Book Debt to Capital Market Debt to Capital (Unadjusted) Market D/E (unadjusted Market Debt to Capital (adjusted for leases) Market D/E (adjusted for leases) Effective tax rate Institutional Holdings Std dev in Stock Prices EBITDA/Value Fixed Assets/Total Assets Capital Spending/Total Assets
Advertising 65 63.76% 27.34% 37.62% 34.45% 52.57% 6.04% 28.05% 113.36% 8.35% 22.28% 1.55%
Aerospace/Defense 95 41.44% 14.52% 16.98% 15.96% 18.99% 15.03% 50.51% 88.97% 8.88% 17.28% 2.04%
Air Transport 25 83.03% 39.09% 64.17% 52.26% 109.48% 13.79% 65.16% 92.87% 10.37% 72.63% 7.23%
Apparel 70 36.32% 11.42% 12.89% 17.58% 21.33% 10.29% 49.55% 94.86% 7.05% 15.89% 3.53%
Auto & Truck 26 70.40% 48.95% 95.88% 49.38% 97.56% 4.71% 39.55% 103.75% 7.94% 0.36% 4.39%
Auto Parts 75 40.76% 22.81% 29.55% 24.24% 32.00% 9.43% 49.49% 102.64% 12.08% 31.64% 4.64%
Bank 7 54.73% 44.97% 81.72% 45.71% 84.19% 22.17% 49.63% 41.40% 0.00% 0.00% 0.00%
Banks (Regional) 721 46.42% 40.59% 68.33% 41.86% 72.00% 18.00% 28.04% 70.20% 0.00% 0.09% 0.25%
Beverage  47 54.61% 17.48% 21.19% 18.14% 22.16% 3.95% 21.09% 109.89% 7.15% 35.73% 3.13%
Beverage (Alcoholic) 19 41.80% 21.05% 26.66% 21.60% 27.56% 10.72% 36.41% 97.07% 5.30% 7.15% 1.71%
Biotechnology 349 39.79% 7.74% 8.39% 8.39% 9.15% 1.13% 30.52% 133.64% 2.09% 11.78% 1.45%
Broadcasting 30 57.96% 30.75% 44.40% 32.65% 48.49% 13.21% 43.46% 110.90% 7.38% 11.38% 0.98%
Brokerage & Investment Banking 49 83.17% 79.83% 395.77% 80.02% 400.56% 13.44% 45.49% 87.95% 0.12% 1.61% 0.14%
Building Materials 37 49.61% 21.44% 27.29% 23.11% 30.05% 16.33% 61.11% 85.47% 6.91% 42.48% 3.18%
Business & Consumer Services 179 45.44% 18.35% 22.47% 22.62% 29.23% 13.41% 50.86% 89.91% 7.84% 13.48% 2.89%
Cable TV 16 73.35% 32.16% 47.40% 32.99% 49.23% 15.00% 44.68% 86.81% 11.02% 37.63% 6.17%
Chemical (Basic) 47 38.76% 21.57% 27.50% 22.88% 29.67% 6.27% 27.38% 108.14% 9.32% 52.38% 6.17%
Chemical (Diversified) 10 48.48% 23.53% 30.78% 25.03% 33.39% 25.03% 79.64% 64.97% 9.20% 67.59% 3.84%
Chemical (Specialty) 100 34.36% 12.74% 14.60% 14.01% 16.30% 12.74% 53.15% 85.18% 8.97% 48.09% 4.63%
Coal & Related Energy 45 55.50% 45.03% 81.90% 46.42% 86.63% 2.44% 31.54% 120.20% 9.44% 88.09% 6.07%
Computer Services 129 49.11% 14.83% 17.42% 17.00% 20.48% 9.94% 39.34% 96.81% 10.46% 22.73% 2.29%
Computer Software 273 23.79% 6.98% 7.50% 7.99% 8.68% 6.16% 46.84% 100.31% 6.96% 9.52% 2.13%
Computers/Peripherals 66 21.15% 7.34% 7.92% 8.11% 8.83% 5.66% 49.68% 111.60% 11.45% 11.77% 3.41%
Construction 18 42.16% 21.04% 26.64% 23.35% 30.47% 9.82% 40.10% 94.83% 4.73% 94.13% 3.27%
Diversified 20 69.68% 48.28% 93.35% 48.58% 94.47% 12.60% 49.93% 58.91% 5.04% 18.55% 2.20%
Educational Services 40 26.33% 14.83% 17.42% 28.07% 39.03% 11.84% 51.16% 120.83% 11.09% 19.17% 3.96%
Electrical Equipment 135 32.85% 10.89% 12.22% 12.08% 13.74% 7.49% 32.36% 109.94% 7.48% 23.63% 3.30%
Electronics 191 20.79% 11.14% 12.53% 13.80% 16.01% 7.52% 39.11% 111.11% 8.10% 40.04% 4.16%
Electronics (Consumer & Office) 26 34.31% 24.97% 33.28% 28.73% 40.30% 8.97% 30.35% 101.29% 11.10% 5.89% 1.49%
Engineering 56 22.02% 13.30% 15.35% 18.51% 22.72% 14.86% 57.68% 89.28% 10.22% 18.08% 2.73%
Entertainment 85 39.43% 17.50% 21.21% 20.62% 25.98% 4.85% 32.57% 102.02% 7.88% 22.85% 2.08%
Environmental & Waste Services 108 51.21% 28.07% 39.02% 30.36% 43.59% 5.02% 32.31% 118.46% 8.93% 66.14% 4.37%
Farming/Agriculture 29 35.29% 28.18% 39.23% 29.14% 41.12% 9.01% 32.96% 84.88% 8.65% 38.12% 3.30%
Financial Svcs. 76 71.86% 49.97% 99.88% 50.52% 102.12% 18.37% 55.60% 79.79% 1.60% 2.70% 0.52%
Financial Svcs. (Non-bank & Insurance) 17 73.29% 76.51% 325.79% 76.82% 331.47% 9.77% 42.28% 66.66% 0.00% 0.00% 0.06%
Food Processing 97 46.88% 20.70% 26.11% 21.83% 27.92% 14.00% 45.22% 86.41% 8.14% 27.63% 2.92%
Food Wholesalers 18 33.90% 12.74% 14.60% 14.37% 16.79% 10.69% 48.60% 91.05% 9.27% 5.54% 4.09%
Furn/Home Furnishings 36 38.01% 18.47% 22.66% 21.67% 27.66% 10.03% 55.63% 100.03% 8.70% 48.68% 3.15%
Healthcare Equipment 193 34.60% 13.95% 16.21% 14.72% 17.26% 5.80% 40.55% 105.14% 8.92% 25.59% 2.70%
Healthcare Facilities 47 83.27% 51.08% 104.42% 54.73% 120.90% 13.49% 57.54% 90.96% 10.91% 75.16% 4.99%
Healthcare Products 58 36.91% 15.42% 18.24% 16.53% 19.80% 8.76% 49.11% 100.72% 5.62% 19.08% 3.43%
Healthcare Services 126 37.20% 20.08% 25.12% 21.83% 27.93% 13.77% 54.37% 91.19% 10.64% 2.03% 1.31%
Heathcare Information and Technology 125 33.26% 11.35% 12.81% 12.68% 14.52% 6.09% 41.69% 112.18% 5.30% 12.17% 2.39%
Heavy Construction 46 64.05% 35.23% 54.40% 36.02% 56.30% 19.40% 70.29% 89.60% 9.12% 13.33% 5.09%
Homebuilding 32 51.87% 35.85% 55.88% 36.15% 56.61% 6.68% 67.20% 105.53% 5.52% 1.23% 0.35%
Hotel/Gaming 89 61.74% 32.61% 48.40% 34.35% 52.33% 10.48% 41.26% 99.66% 7.04% 32.51% 3.11%
Household Products 139 44.30% 15.06% 17.73% 16.20% 19.33% 9.51% 32.64% 106.72% 7.92% 15.90% 2.89%
Information Services 71 35.43% 8.76% 9.60% 9.61% 10.63% 17.05% 66.33% 66.77% 6.57% 7.55% 1.53%
Insurance (General) 26 28.73% 30.20% 43.27% 31.57% 46.14% 19.19% 65.34% 55.60% 11.10% 0.22% 0.20%
Insurance (Life) 27 43.85% 39.45% 65.17% 40.00% 66.67% 17.82% 63.48% 57.69% 6.94% 0.01% 0.00%
Insurance (Prop/Cas.) 53 30.10% 24.68% 32.77% 25.91% 34.98% 19.42% 60.97% 65.78% 10.48% 0.64% 0.19%
Internet software and services 330 13.64% 3.01% 3.10% 4.00% 4.16% 4.59% 35.08% 120.28% 3.87% 16.28% 5.09%
Investment Co. 65 53.51% 50.33% 101.34% 51.08% 104.40% 6.62% 37.85% 76.57% 1.38% 0.69% 0.13%
Machinery 141 33.98% 13.76% 15.96% 14.89% 17.50% 13.02% 60.17% 78.89% 8.27% 23.37% 2.66%
Metals & Mining 134 43.13% 31.77% 46.56% 32.53% 48.21% 1.90% 22.53% 127.20% 10.81% 39.98% 6.97%
Office Equipment & Services 30 69.44% 33.08% 49.42% 35.52% 55.08% 12.81% 60.68% 81.92% 9.66% 24.31% 3.07%
Oil/Gas (Integrated) 8 12.03% 6.39% 6.82% 7.87% 8.54% 20.55% 50.78% 52.52% 15.32% 59.35% 12.59%
Oil/Gas (Production and Exploration) 411 37.96% 24.24% 32.00% 60.96% 156.15% 6.29% 32.08% 112.16% 7.53% 135.56% 19.01%
Oil/Gas Distribution 80 51.61% 33.47% 50.32% 34.18% 51.93% 4.18% 38.06% 63.33% 6.14% 59.28% 8.92%
Oilfield Svcs/Equip. 163 27.30% 14.89% 17.49% 16.86% 20.29% 10.73% 52.62% 101.55% 11.48% 53.59% 6.29%
Packaging & Container 24 61.03% 31.64% 46.29% 32.97% 49.19% 21.28% 77.33% 56.60% 10.97% 46.93% 4.14%
Paper/Forest Products 21 59.18% 33.11% 49.50% 34.21% 51.99% 8.20% 77.33% 75.10% 10.28% 89.58% 3.85%
Pharma & Drugs 138 33.54% 11.79% 13.36% 12.18% 13.87% 4.30% 36.78% 117.64% 8.42% 18.89% 1.69%
Power 106 55.84% 43.60% 77.32% 45.98% 85.11% 16.03% 49.14% 55.54% 10.22% 92.77% 7.41%
Precious Metals 166 25.97% 26.73% 36.49% 27.02% 37.02% 0.82% 15.34% 140.33% 14.67% 21.86% 9.45%
Publshing & Newspapers 52 36.33% 23.97% 31.53% 26.91% 36.82% 13.92% 49.90% 88.39% 9.76% 24.31% 2.34%
R.E.I.T. 46 83.78% 85.07% 569.65% 85.07% 569.79% 2.48% 47.39% 56.02% 0.03% 1.10% 0.04%
Railroad 10 39.93% 16.76% 20.14% 19.15% 23.69% 20.51% 48.90% 67.40% 10.12% 112.97% 7.19%
Real Estate (Development) 22 29.44% 18.23% 22.30% 19.94% 24.90% 3.00% 38.93% 94.11% 2.07% 55.76% 1.49%
Real Estate (General/Diversified) 11 31.03% 14.56% 17.04% 14.75% 17.30% 8.72% 56.09% 74.92% 1.66% 11.69% 6.01%
Real Estate (Operations & Services) 47 62.21% 34.31% 52.22% 37.33% 59.57% 8.56% 29.46% 101.66% 5.22% 32.92% 2.41%
Recreation 70 47.68% 17.14% 20.68% 20.08% 25.13% 8.81% 42.98% 97.36% 8.39% 48.96% 4.98%
Reinsurance 3 26.68% 26.61% 36.25% 27.80% 38.50% 13.34% 60.62% 37.61% 10.88% 0.00% 0.02%
Restaurant 84 53.12% 13.04% 14.99% 21.61% 27.57% 15.17% 53.37% 78.32% 6.86% 62.68% 8.01%
Retail (Automotive) 30 68.45% 28.95% 40.74% 36.51% 57.51% 19.23% 66.12% 84.47% 7.62% 37.57% 4.51%
Retail (Building Supply) 7 48.90% 13.39% 15.46% 18.15% 22.18% 21.97% 64.57% 97.40% 8.26% 93.08% 2.95%
Retail (Distributors) 87 58.70% 28.18% 39.24% 30.47% 43.82% 16.18% 50.44% 85.26% 6.88% 7.50% 8.06%
Retail (General) 21 45.73% 20.44% 25.69% 26.26% 35.62% 25.03% 71.44% 77.55% 10.26% 71.68% 6.29%
Retail (Grocery and Food) 21 57.06% 23.41% 30.57% 36.25% 56.86% 22.83% 55.20% 79.40% 9.78% 51.64% 8.05%
Retail (Internet) 47 27.31% 3.30% 3.41% 4.82% 5.06% 9.80% 48.59% 114.31% 2.32% 2.16% 7.26%
Retail (Special Lines) 137 28.66% 10.62% 11.88% 27.43% 37.80% 18.90% 65.37% 91.79% 8.29% 19.73% 4.82%
Rubber& Tires 4 71.46% 48.13% 92.80% 52.33% 109.78% 15.21% 52.67% 106.10% 19.43% 90.35% 6.19%
Semiconductor 104 25.30% 10.81% 12.11% 11.52% 13.02% 7.30% 56.45% 95.41% 9.48% 55.61% 6.54%
Semiconductor Equip 51 27.30% 13.87% 16.10% 14.51% 16.97% 5.13% 63.19% 101.14% 6.01% 36.45% 4.08%
Shipbuilding & Marine 14 50.88% 36.75% 58.10% 39.52% 65.35% 4.99% 48.61% 117.34% 7.19% 105.71% 4.65%
Shoe 14 16.20% 3.51% 3.64% 7.31% 7.89% 19.82% 66.89% 78.29% 6.05% 25.78% 0.94%
Steel 37 42.36% 30.54% 43.96% 31.46% 45.91% 14.13% 49.17% 83.60% 9.60% 72.97% 5.76%
Telecom (Wireless) 28 61.46% 41.88% 72.06% 51.25% 105.14% 11.54% 42.42% 96.71% 6.79% 48.64% 7.58%
Telecom. Equipment 131 20.55% 8.86% 9.72% 9.72% 10.77% 6.90% 44.46% 106.61% 8.33% 15.78% 1.96%
Telecom. Services 82 53.51% 38.22% 61.87% 41.60% 71.23% 8.40% 38.35% 98.32% 13.45% 86.68% 6.91%
Thrift 223 98.21% 98.16% 5334.59% 98.16% 5336.75% 18.93% 27.23% 69.10% 0.00% 0.03% 0.01%
Tobacco 12 95.46% 16.94% 20.39% 17.24% 20.83% 14.23% 67.74% 58.61% 9.20% 23.26% 1.58%
Transportation 22 40.83% 10.33% 11.51% 17.19% 20.75% 21.21% 67.03% 75.94% 6.46% 98.63% 7.67%
Trucking 28 75.01% 41.68% 71.45% 43.97% 78.48% 27.93% 64.07% 82.51% 9.16% 35.40% 12.90%
Utility (General) 20 54.44% 40.41% 67.81% 40.95% 69.35% 29.93% 67.70% 33.80% 10.66% 89.44% 7.71%
Utility (Water) 20 52.66% 36.24% 56.85% 36.67% 57.90% 14.52% 37.10% 77.13% 8.86% 105.04% 5.91%
Total Market 7766 63.46% 40.06% 66.82% 42.62% 74.28% 10.32% 42.74% 94.94% 5.95% 17.49% 2.18%

 



Updated January 2014
By Aswath Damodaran