Debt Fundamentals by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2021

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

For global datasets: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

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/EV Net PP&E/Total Assets Capital Spending/Total Assets
Advertising 61 81.05% 42.74% 74.66% 43.66% 77.50% 3.35% 30.37% 57.74% 10.11% 12.59% 0.94%
Aerospace/Defense 72 58.82% 24.35% 32.19% 24.84% 33.05% 7.37% 53.43% 34.89% 5.98% 11.70% 1.73%
Air Transport 17 83.82% 61.64% 160.70% 61.74% 161.36% 6.00% 64.91% 46.15% -2.08% 53.01% 4.11%
Apparel 51 61.33% 27.83% 38.57% 28.26% 39.39% 4.75% 48.69% 47.84% 6.75% 21.90% 1.90%
Auto & Truck 19 74.53% 27.86% 38.61% 27.88% 38.67% 7.86% 45.17% 45.24% 2.15% 17.36% 5.26%
Auto Parts 52 53.29% 19.28% 23.89% 19.60% 24.37% 7.35% 49.79% 43.16% 5.89% 27.13% 3.89%
Bank (Money Center) 7 68.41% 68.34% 215.85% 68.37% 216.19% 16.16% 67.57% 21.59% 0.34% 0.81% 0.03%
Banks (Regional) 598 39.12% 37.41% 59.76% 37.98% 61.25% 16.42% 36.91% 19.48% 0.45% 1.36% 0.14%
Beverage (Alcoholic) 23 43.98% 18.53% 22.75% 18.97% 23.41% 5.33% 44.43% 37.01% 5.67% 17.75% 2.35%
Beverage (Soft) 41 64.14% 17.39% 21.05% 17.76% 21.60% 3.32% 25.32% 49.70% 4.81% 14.16% 2.72%
Broadcasting 29 65.34% 54.36% 119.11% 54.90% 121.72% 9.26% 50.38% 45.56% 12.74% 8.70% 1.18%
Brokerage & Investment Banking 39 76.68% 68.44% 216.85% 68.64% 218.88% 9.75% 62.96% 35.90% 0.31% 1.66% 0.35%
Building Materials 42 56.29% 20.56% 25.88% 20.82% 26.29% 15.15% 65.81% 33.99% 7.52% 19.83% 2.29%
Business & Consumer Services 169 58.82% 19.63% 24.42% 19.82% 24.72% 7.43% 51.09% 45.65% 5.44% 13.61% 2.14%
Cable TV 13 61.42% 33.74% 50.91% 34.19% 51.96% 18.97% 52.85% 32.02% 8.52% 18.29% 3.90%
Chemical (Basic) 48 61.58% 35.12% 54.12% 35.53% 55.12% 2.98% 41.50% 48.06% 9.93% 42.42% 4.51%
Chemical (Diversified) 5 55.78% 36.67% 57.91% 36.75% 58.10% 1.25% 58.66% 36.16% 7.46% 41.01% 3.13%
Chemical (Specialty) 97 43.80% 20.10% 25.16% 20.23% 25.35% 6.43% 55.43% 38.54% 6.34% 25.41% 3.11%
Coal & Related Energy 29 55.96% 48.34% 93.58% 48.62% 94.63% 0.00% 30.87% 42.27% 13.15% 66.40% 6.52%
Computer Services 116 61.20% 28.27% 39.42% 28.44% 39.75% 5.55% 54.21% 45.89% 9.19% 9.85% 1.57%
Computers/Peripherals 52 68.17% 8.56% 9.36% 8.55% 9.36% 3.71% 44.93% 42.87% 4.00% 11.11% 2.25%
Construction Supplies 46 56.70% 25.52% 34.27% 25.80% 34.78% 10.79% 67.54% 33.39% 6.32% 17.96% 3.44%
Diversified 29 34.97% 22.46% 28.96% 22.92% 29.74% 6.52% 55.55% 29.94% 8.48% 18.66% 1.64%
Drugs (Biotechnology) 547 52.24% 13.22% 15.23% 13.42% 15.50% 0.52% 37.32% 50.10% 2.21% 7.60% 1.13%
Drugs (Pharmaceutical) 287 47.34% 15.13% 17.83% 15.38% 18.18% 1.88% 25.70% 55.45% 6.36% 10.50% 1.89%
Education 38 39.59% 18.34% 22.46% 19.57% 24.33% 4.02% 48.14% 55.73% 6.62% 17.84% 2.14%
Electrical Equipment 122 49.12% 13.33% 15.39% 13.31% 15.35% 4.44% 40.78% 55.12% 4.88% 19.35% 2.68%
Electronics (Consumer & Office) 22 28.24% 8.45% 9.23% 8.68% 9.50% 1.05% 30.52% 54.91% 4.41% 11.80% 2.29%
Electronics (General) 157 35.57% 11.77% 13.33% 11.88% 13.48% 6.11% 41.98% 43.87% 5.24% 23.34% 3.27%
Engineering/Construction 61 39.05% 21.65% 27.64% 22.02% 28.24% 9.31% 60.47% 42.04% 8.46% 13.18% 1.91%
Entertainment 118 45.20% 13.06% 15.02% 13.19% 15.20% 0.53% 35.98% 68.06% 2.41% 16.93% 1.94%
Environmental & Waste Services 86 53.55% 19.76% 24.63% 20.13% 25.20% 2.69% 43.04% 50.43% 6.60% 37.68% 4.54%
Farming/Agriculture 32 59.12% 31.07% 45.07% 31.06% 45.05% 6.45% 38.49% 45.30% 6.73% 17.70% 2.98%
Financial Svcs. (Non-bank & Insurance) 235 95.23% 89.95% 895.00% 89.96% 895.89% 12.91% 38.81% 27.74% 0.49% 0.59% 0.19%
Food Processing 101 46.64% 25.40% 34.06% 24.82% 33.01% 8.56% 45.96% 32.56% 7.69% 15.57% 1.98%
Food Wholesalers 18 73.55% 35.65% 55.41% 35.90% 56.02% 0.52% 56.34% 58.03% 6.27% 25.25% 2.51%
Furn/Home Furnishings 40 46.96% 24.82% 33.02% 25.41% 34.06% 4.79% 43.67% 40.52% 9.92% 24.22% 2.48%
Green & Renewable Energy 25 51.77% 38.98% 63.88% 39.05% 64.06% 1.74% 47.87% 56.04% 4.34% 80.39% 2.63%
Healthcare Products 265 37.84% 9.54% 10.54% 9.66% 10.69% 2.57% 46.78% 46.19% 3.14% 11.41% 2.14%
Healthcare Support Services 129 47.10% 23.44% 30.61% 24.07% 31.70% 5.65% 46.56% 44.49% 9.27% 7.86% 1.18%
Heathcare Information and Technology 139 45.87% 10.64% 11.90% 10.79% 12.10% 4.16% 48.78% 42.45% 2.95% 8.84% 1.75%
Homebuilding 30 36.29% 24.55% 32.54% 24.66% 32.73% 15.91% 73.12% 36.56% 10.47% 2.42% 0.66%
Hospitals/Healthcare Facilities 32 84.40% 48.35% 93.61% 49.85% 99.40% 8.16% 56.15% 49.21% 11.14% 42.82% 4.68%
Hotel/Gaming 66 77.23% 35.75% 55.64% 36.40% 57.24% 2.02% 54.78% 43.69% 1.13% 50.64% 3.79%
Household Products 140 56.76% 12.66% 14.49% 12.93% 14.85% 5.06% 34.72% 54.66% 5.65% 18.46% 2.61%
Information Services 77 43.45% 8.39% 9.16% 8.56% 9.37% 9.75% 57.58% 42.37% 3.10% 3.61% 0.97%
Insurance (General) 21 36.64% 28.53% 39.92% 28.98% 40.81% 12.61% 68.63% 30.12% 9.82% 0.73% 0.11%
Insurance (Life) 26 41.09% 54.14% 118.06% 54.53% 119.95% 15.12% 55.68% 30.68% 7.75% 0.07% 0.01%
Insurance (Prop/Cas.) 55 27.10% 19.41% 24.08% 20.04% 25.06% 10.86% 52.24% 22.93% 9.25% 2.26% 0.32%
Investments & Asset Management 348 47.65% 30.75% 44.40% 31.14% 45.22% 4.64% 37.28% 28.85% 3.31% 1.11% 0.22%
Machinery 125 46.67% 16.14% 19.25% 16.42% 19.65% 8.81% 66.85% 34.28% 5.97% 12.31% 1.60%
Metals & Mining 86 43.50% 18.98% 23.42% 19.26% 23.86% 1.70% 21.74% 67.84% 6.99% 62.95% 4.45%
Office Equipment & Services 22 54.96% 31.93% 46.90% 32.35% 47.82% 13.20% 55.23% 31.11% 11.34% 19.90% 2.55%
Oil/Gas (Integrated) 3 30.14% 29.15% 41.14% 30.60% 44.09% 8.54% 60.76% 26.39% 9.28% 69.49% 5.34%
Oil/Gas (Production and Exploration) 278 46.15% 41.49% 70.91% 41.89% 72.08% 0.68% 30.29% 56.28% 15.28% 82.05% 11.29%
Oil/Gas Distribution 57 61.54% 56.33% 129.00% 56.46% 129.69% 4.55% 41.30% 40.78% 10.95% 68.70% 5.46%
Oilfield Svcs/Equip. 135 49.23% 42.66% 74.39% 43.64% 77.44% 1.19% 44.74% 50.27% 8.00% 41.40% 4.46%
Packaging & Container 26 67.23% 35.32% 54.61% 35.53% 55.11% 15.67% 63.84% 29.22% 9.67% 33.68% 3.90%
Paper/Forest Products 15 37.18% 26.92% 36.84% 27.29% 37.52% 5.94% 81.71% 35.67% 12.81% 48.80% 3.80%
Power 55 59.63% 43.72% 77.67% 43.85% 78.08% 9.91% 67.35% 19.86% 8.41% 70.07% 7.30%
Precious Metals 93 21.78% 11.27% 12.70% 11.26% 12.69% 1.08% 16.79% 67.76% 9.17% 58.20% 3.69%
Publishing & Newspapers 29 51.87% 34.20% 51.98% 35.07% 54.00% 5.76% 48.47% 37.47% 10.13% 22.33% 2.28%
R.E.I.T. 238 61.34% 42.87% 75.03% 43.42% 76.73% 1.26% 71.38% 32.40% 4.01% 54.38% 0.32%
Real Estate (Development) 25 51.93% 47.64% 90.97% 48.64% 94.70% 2.84% 23.62% 60.70% 1.61% 60.82% 4.97%
Real Estate (General/Diversified) 11 24.32% 21.31% 27.08% 22.61% 29.22% 7.34% 39.56% 20.99% 2.64% 9.14% 0.33%
Real Estate (Operations & Services) 61 56.42% 28.73% 40.31% 28.97% 40.79% 4.38% 34.03% 34.72% 5.46% 12.96% 1.08%
Recreation 69 71.36% 19.37% 24.03% 19.68% 24.50% 5.78% 46.75% 56.40% 3.71% 26.75% 3.18%
Reinsurance 2 21.46% 26.72% 36.47% 27.81% 38.52% 12.57% 90.98% 25.23% 7.74% 0.24% 0.06%
Restaurant/Dining 79 113.82% 24.10% 31.75% 25.21% 33.70% 3.19% 60.10% 53.63% 4.24% 58.41% 3.98%
Retail (Automotive) 30 73.69% 31.87% 46.78% 33.21% 49.71% 11.65% 64.28% 42.82% 7.39% 36.73% 2.54%
Retail (Building Supply) 15 87.66% 15.06% 17.73% 15.31% 18.08% 13.48% 69.91% 40.60% 7.94% 45.08% 3.54%
Retail (Distributors) 85 60.40% 31.05% 45.03% 31.38% 45.74% 12.21% 55.18% 41.97% 7.11% 12.73% 3.65%
Retail (General) 17 51.68% 16.44% 19.68% 17.59% 21.34% 12.48% 67.15% 38.91% 8.13% 49.66% 4.01%
Retail (Grocery and Food) 14 68.38% 46.33% 86.32% 48.54% 94.34% 13.52% 54.06% 37.72% 17.38% 59.76% 5.78%
Retail (Online) 75 57.93% 6.89% 7.39% 6.67% 7.15% 2.93% 39.21% 52.87% 2.76% 37.89% 8.66%
Retail (Special Lines) 85 71.54% 31.32% 45.59% 32.55% 48.26% 8.06% 61.49% 49.01% 8.67% 41.22% 2.43%
Rubber& Tires 3 64.44% 63.42% 173.39% 63.62% 174.90% 5.30% 71.58% 43.83% 10.16% 46.16% 4.40%
Semiconductor 70 39.82% 8.78% 9.62% 8.85% 9.71% 6.41% 58.94% 37.26% 5.45% 25.83% 6.33%
Semiconductor Equip 40 38.65% 7.41% 8.00% 7.44% 8.03% 7.38% 64.28% 35.91% 5.30% 13.16% 2.69%
Shipbuilding & Marine 11 40.94% 37.99% 61.26% 38.33% 62.15% 2.30% 52.47% 29.83% 9.20% 70.07% 4.73%
Shoe 11 50.16% 6.34% 6.77% 6.43% 6.87% 6.63% 76.64% 31.50% 2.79% 23.63% 0.80%
Software (Entertainment) 101 13.53% 2.45% 2.51% 2.55% 2.62% 0.58% 29.59% 62.61% 3.62% 30.06% 7.78%
Software (Internet) 36 56.77% 7.96% 8.65% 8.11% 8.83% 3.30% 42.53% 32.73% 1.16% 17.84% 2.82%
Software (System & Application) 388 47.60% 6.06% 6.46% 6.15% 6.55% 2.77% 46.83% 47.97% 2.70% 12.12% 3.05%
Steel 32 43.75% 33.37% 50.09% 33.44% 50.24% 6.01% 59.14% 39.32% 8.88% 41.97% 6.57%
Telecom (Wireless) 16 60.12% 39.02% 63.98% 35.30% 54.57% 3.57% 49.86% 39.78% 9.86% 36.20% 5.03%
Telecom. Equipment 96 41.61% 12.84% 14.73% 12.89% 14.80% 3.85% 44.59% 43.11% 7.01% 8.89% 1.63%
Telecom. Services 58 58.60% 45.02% 81.88% 45.40% 83.14% 3.93% 37.73% 43.53% 14.75% 34.00% 4.56%
Tobacco 15 110.25% 22.95% 29.79% 23.26% 30.31% 8.69% 42.92% 24.49% 9.52% 9.78% 1.05%
Transportation 21 68.23% 24.07% 31.70% 24.07% 31.69% 10.56% 61.51% 28.68% 7.71% 53.91% 6.72%
Transportation (Railroads) 6 56.10% 18.00% 21.94% 18.39% 22.54% 15.58% 79.76% 16.83% 6.47% 84.71% 4.62%
Trucking 35 61.31% 24.78% 32.94% 25.24% 33.76% 9.70% 53.17% 38.78% 2.54% 26.01% -0.50%
Utility (General) 16 57.64% 42.51% 73.93% 42.76% 74.69% 9.74% 81.59% 18.44% 8.23% 66.79% 6.97%
Utility (Water) 17 58.63% 28.78% 40.41% 28.81% 40.46% 10.79% 47.53% 35.96% 4.72% 76.26% 6.92%
Total Market 7582 64.60% 32.36% 47.84% 32.58% 48.33% 5.76% 46.11% 41.21% 4.57% 14.04% 1.53%
Total Market (without financials) 6253 53.96% 19.79% 24.67% 20.07% 25.10% 4.39% 47.46% 44.77% 5.47% 32.27% 3.48%

Updated January 2021
By Aswath Damodaran