Debt Fundamentals by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2019

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) Debt/EBITDA Effective tax rate Institutional Holdings Std dev in Stock Prices EBITDA/EV Net PP&E/Total Assets Capital Spending/Total Assets
Advertising 48 74.88% 35.00% 53.84% 41.54% 71.06% 4.95 5.69% 33.30% 66.44% 11.83% 5.86% 1.23%
Aerospace/Defense 85 57.77% 19.22% 23.80% 20.25% 25.39% 2.86 11.40% 56.84% 40.77% 8.28% 12.37% 2.08%
Air Transport 18 57.65% 35.65% 55.40% 47.32% 89.82% 3.56 6.48% 73.51% 34.19% 16.17% 60.31% 8.74%
Apparel 50 41.16% 18.45% 22.62% 25.93% 35.00% 3.61 14.19% 54.55% 48.89% 9.84% 11.38% 2.73%
Auto & Truck 14 75.94% 65.88% 193.06% 66.15% 195.44% 7.12 10.15% 67.85% 38.24% 9.45% 18.44% 7.03%
Auto Parts 52 40.56% 26.33% 35.75% 28.55% 39.95% 1.82 11.57% 59.24% 44.28% 19.05% 27.32% 6.05%
Bank (Money Center) 10 67.06% 66.73% 200.57% 67.09% 203.85% NA 26.01% 50.29% 18.29% 0.32% 0.57% 0.04%
Banks (Regional) 633 46.26% 42.30% 73.32% 43.35% 76.51% NA 26.99% 36.43% 20.60% 0.39% 1.36% 0.17%
Beverage (Alcoholic) 31 45.17% 24.92% 33.19% 25.47% 34.18% 3.53 2.55% 40.05% 33.49% 7.35% 18.09% 2.87%
Beverage (Soft) 37 62.86% 18.66% 22.94% 19.05% 23.53% 3.79 3.87% 21.78% 50.32% 5.46% 12.70% 2.19%
Broadcasting 24 82.81% 57.72% 136.50% 59.11% 144.55% 6.46 2.54% 60.02% 37.29% 11.31% 6.71% 1.06%
Brokerage & Investment Banking 38 77.03% 74.55% 292.93% 74.79% 296.73% 1275.76 22.47% 68.75% 32.08% 0.30% 1.28% 0.43%
Building Materials 42 46.96% 23.14% 30.11% 24.81% 32.99% 2.73 16.11% 69.26% 33.40% 10.39% 23.90% 3.64%
Business & Consumer Services 168 55.13% 23.93% 31.46% 26.30% 35.68% 3.54 7.60% 49.88% 44.86% 8.80% 10.67% 2.54%
Cable TV 14 56.15% 40.80% 68.92% 41.42% 70.70% 3.90 3.61% 58.85% 26.32% 11.58% 18.89% 4.55%
Chemical (Basic) 39 51.74% 37.30% 59.49% 39.93% 66.48% 2.94 7.33% 41.50% 54.33% 17.63% 40.92% 4.86%
Chemical (Diversified) 6 30.41% 25.46% 34.16% 26.90% 36.80% 3.27 3.18% 75.73% 32.60% 12.45% 21.78% 2.53%
Chemical (Specialty) 89 49.43% 23.29% 30.37% 24.60% 32.62% 3.52 10.71% 56.20% 42.33% 8.75% 28.83% 3.49%
Coal & Related Energy 23 46.33% 38.40% 62.35% 40.26% 67.40% 1.99 1.75% 32.58% 53.58% 26.45% 57.98% 3.96%
Computer Services 119 50.90% 25.22% 33.72% 28.15% 39.18% 2.83 8.75% 47.34% 41.69% 12.36% 7.61% 2.17%
Computers/Peripherals 57 55.39% 19.06% 23.54% 20.08% 25.13% 2.09 6.60% 46.61% 49.87% 10.56% 8.69% 3.03%
Construction Supplies 48 56.48% 30.54% 43.96% 31.45% 45.88% 3.69 13.21% 70.33% 32.24% 11.01% 18.03% 4.41%
Diversified 23 36.49% 25.16% 33.62% 26.18% 35.47% 4.77 7.41% 64.68% 39.46% 8.14% 18.13% 1.95%
Drugs (Biotechnology) 481 52.95% 15.27% 18.02% 15.91% 18.92% 3.87 0.93% 37.36% 68.96% 4.15% 7.38% 1.60%
Drugs (Pharmaceutical) 237 40.22% 12.17% 13.86% 12.56% 14.36% 2.11 2.26% 29.17% 72.45% 6.88% 11.35% 2.04%
Education 35 32.33% 16.57% 19.86% 23.51% 30.73% 4.10 6.14% 47.03% 37.66% 8.54% 12.76% 3.23%
Electrical Equipment 116 43.55% 16.83% 20.23% 18.13% 22.14% 2.69 4.36% 35.09% 57.29% 8.48% 20.67% 3.67%
Electronics (Consumer & Office) 19 23.81% 5.55% 5.88% 8.90% 9.77% 29.65 7.67% 26.00% 62.71% 1.80% 10.22% 3.70%
Electronics (General) 160 31.76% 14.90% 17.51% 16.23% 19.38% 2.14 11.67% 42.57% 46.69% 9.20% 23.29% 4.86%
Engineering/Construction 52 35.90% 28.35% 39.57% 32.83% 48.88% 3.68 7.62% 65.11% 40.14% 12.04% 9.97% 2.03%
Entertainment 120 39.40% 14.26% 16.63% 16.57% 19.85% 2.78 1.93% 43.96% 54.34% 6.95% 15.38% 2.58%
Environmental & Waste Services 91 51.99% 23.61% 30.91% 25.17% 33.64% 3.31 3.23% 39.34% 46.15% 8.46% 37.30% 5.01%
Farming/Agriculture 33 56.88% 38.96% 63.82% 39.85% 66.26% 5.41 9.64% 49.99% 29.07% 8.78% 18.25% 3.50%
Financial Svcs. (Non-bank & Insurance) 259 95.48% 91.91% 1135.96% 91.92% 1138.31% 292.45 20.38% 38.64% 27.33% 0.35% 0.53% 0.24%
Food Processing 83 47.00% 31.03% 45.00% 31.88% 46.80% 3.87 5.17% 48.37% 27.46% 8.54% 13.70% 2.13%
Food Wholesalers 18 64.03% 29.31% 41.45% 30.97% 44.86% 3.86 4.71% 58.65% 40.99% 8.87% 22.40% 3.16%
Furn/Home Furnishings 30 46.32% 30.31% 43.50% 33.63% 50.67% 2.87 16.96% 52.79% 43.51% 13.08% 22.84% 4.48%
Green & Renewable Energy 21 60.15% 58.14% 138.91% 59.42% 146.40% 11.50 0.00% 40.17% 69.48% 6.35% 72.51% 2.49%
Healthcare Products 248 38.00% 12.34% 14.07% 12.94% 14.86% 3.07 5.46% 42.52% 56.32% 4.85% 10.61% 2.51%
Healthcare Support Services 111 49.53% 23.76% 31.16% 26.59% 36.22% 3.77 8.33% 49.41% 48.13% 9.27% 5.68% 1.43%
Heathcare Information and Technology 119 39.59% 13.68% 15.85% 14.70% 17.24% 3.78 5.65% 51.04% 53.01% 4.78% 8.22% 1.97%
Homebuilding 31 42.82% 37.87% 60.97% 38.36% 62.24% 4.23 24.35% 74.15% 34.08% 11.37% 1.43% 0.59%
Hospitals/Healthcare Facilities 34 88.18% 54.99% 122.17% 58.29% 139.76% 6.10 6.88% 60.39% 49.69% 11.58% 42.95% 5.39%
Hotel/Gaming 70 63.43% 37.68% 60.47% 38.99% 63.90% 4.72 9.55% 59.66% 35.01% 9.39% 54.91% 4.34%
Household Products 141 51.95% 16.20% 19.34% 17.44% 21.12% 2.51 7.14% 35.01% 54.64% 7.43% 16.80% 2.96%
Information Services 71 51.59% 12.51% 14.30% 13.09% 15.06% 2.84 10.37% 61.64% 37.11% 5.31% 3.48% 1.27%
Insurance (General) 20 34.29% 30.94% 44.80% 32.37% 47.86% 3.81 13.97% 69.66% 24.63% 10.85% 2.19% 0.23%
Insurance (Life) 23 45.85% 50.66% 102.69% 51.16% 104.73% 6.21 3.47% 71.30% 27.64% 8.82% 0.07% 0.01%
Insurance (Prop/Cas.) 50 26.95% 19.10% 23.61% 20.29% 25.46% 2.58 15.95% 60.01% 23.90% 10.75% 0.81% 0.22%
Investments & Asset Management 172 46.75% 39.15% 64.33% 40.24% 67.35% 9.34 7.09% 43.58% 35.43% 5.68% 0.68% 0.22%
Machinery 127 45.59% 20.21% 25.32% 21.22% 26.93% 2.71 13.62% 67.42% 34.36% 9.24% 12.62% 2.33%
Metals & Mining 94 41.42% 28.96% 40.78% 29.47% 41.78% 1.81 3.06% 17.18% 75.46% 22.71% 58.41% 4.81%
Office Equipment & Services 24 55.65% 34.59% 52.89% 38.03% 61.37% 3.57 13.71% 54.91% 39.46% 13.44% 13.54% 2.99%
Oil/Gas (Integrated) 5 18.82% 13.74% 15.93% 14.71% 17.25% 1.54 8.91% 68.45% 17.62% 12.99% 68.88% 5.63%
Oil/Gas (Production and Exploration) 301 40.89% 34.67% 53.06% 35.56% 55.19% 2.86 1.93% 38.55% 57.36% 16.91% 80.55% 15.41%
Oil/Gas Distribution 20 57.59% 49.91% 99.64% 50.32% 101.28% 7.42 8.05% 52.81% 36.03% 8.06% 62.37% 7.08%
Oilfield Svcs/Equip. 134 33.11% 29.74% 42.33% 31.87% 46.78% 3.43 4.22% 60.09% 49.29% 13.74% 35.03% 4.57%
Packaging & Container 27 62.42% 38.79% 63.36% 39.91% 66.41% 3.73 13.01% 72.77% 27.47% 12.45% 32.91% 4.53%
Paper/Forest Products 20 35.06% 30.93% 44.78% 32.60% 48.37% 2.14 8.42% 64.23% 42.72% 20.84% 44.16% 5.53%
Power 51 56.17% 43.22% 76.11% 44.26% 79.41% 4.92 13.59% 66.73% 20.53% 9.64% 69.54% 7.51%
Precious Metals 91 22.73% 17.38% 21.04% 17.52% 21.25% 1.54 2.08% 22.32% 74.54% 11.79% 60.94% 6.20%
Publishing & Newspapers 33 40.58% 35.42% 54.86% 41.22% 70.12% 3.71 12.00% 63.61% 39.32% 14.44% 18.08% 2.73%
R.E.I.T. 238 61.76% 46.22% 85.95% 47.56% 90.71% 11.40 2.42% 75.53% 21.22% 4.67% 51.61% 0.39%
Real Estate (Development) 18 45.46% 39.08% 64.15% 40.99% 69.45% 12.31 0.00% 42.23% 40.78% 2.74% 66.89% 3.62%
Real Estate (General/Diversified) 11 28.26% 32.47% 48.07% 33.26% 49.84% 5.60 7.10% 51.86% 21.50% 9.72% 17.94% 0.13%
Real Estate (Operations & Services) 59 53.32% 35.80% 55.77% 39.52% 65.34% 5.81 8.46% 37.85% 42.49% 8.60% 8.23% 1.10%
Recreation 72 54.94% 23.99% 31.56% 26.64% 36.32% 3.77 7.43% 53.53% 42.73% 7.98% 26.34% 4.05%
Reinsurance 2 22.74% 22.01% 28.22% 23.00% 29.87% 3.33 9.80% 90.52% 16.27% 12.34% 0.22% 0.08%
Restaurant/Dining 78 107.36% 19.61% 24.40% 26.21% 35.53% 4.60 8.96% 63.59% 38.18% 7.19% 42.08% 7.17%
Retail (Automotive) 24 74.10% 35.87% 55.93% 41.83% 71.91% 5.94 8.89% 73.76% 33.22% 8.69% 27.60% 3.37%
Retail (Building Supply) 17 75.68% 13.90% 16.15% 18.59% 22.84% 2.32 20.08% 75.03% 46.94% 9.12% 45.65% 4.76%
Retail (Distributors) 88 58.55% 37.09% 58.95% 39.63% 65.63% 5.66 8.15% 57.18% 44.59% 9.17% 7.98% 7.25%
Retail (General) 19 47.36% 19.44% 24.13% 25.42% 34.09% 2.83 10.85% 76.94% 39.63% 10.58% 46.40% 5.06%
Retail (Grocery and Food) 12 60.50% 36.27% 56.92% 45.48% 83.43% 4.24 3.01% 50.67% 33.06% 13.33% 57.61% 8.30%
Retail (Online) 79 36.76% 8.69% 9.52% 10.71% 12.00% 4.03 3.85% 48.74% 54.22% 4.16% 18.46% 4.69%
Retail (Special Lines) 91 42.25% 15.87% 18.86% 34.05% 51.62% 3.97 13.81% 64.60% 49.17% 13.60% 23.31% 4.48%
Rubber& Tires 4 52.23% 51.22% 105.02% 54.47% 119.65% 3.06 25.00% 53.06% 29.03% 19.55% 40.00% 5.07%
Semiconductor 72 33.51% 11.93% 13.54% 12.39% 14.14% 1.29 10.19% 61.20% 42.66% 11.10% 24.31% 8.13%
Semiconductor Equip 41 35.82% 13.68% 15.85% 14.22% 16.57% 1.11 13.77% 62.87% 48.66% 14.79% 13.69% 3.88%
Shipbuilding & Marine 9 37.08% 33.56% 50.51% 36.19% 56.70% 5.25 0.00% 35.82% 55.89% 9.95% 63.04% 8.09%
Shoe 10 23.28% 3.16% 3.26% 6.92% 7.43% 1.53 18.57% 69.96% 38.65% 5.72% 17.93% 0.67%
Software (Entertainment) 92 4.32% 1.04% 1.05% 2.14% 2.19% 0.46 3.47% 36.27% 65.58% 6.00% 22.16% 9.90%
Software (Internet) 44 73.84% 16.73% 20.10% 17.80% 21.65% 6.88 0.85% 49.32% 51.90% 3.39% 16.67% 2.14%
Software (System & Application) 355 48.34% 10.43% 11.65% 11.40% 12.87% 3.06 4.62% 45.24% 50.68% 4.26% 9.25% 2.89%
Steel 37 39.73% 32.21% 47.51% 33.44% 50.25% 2.50 4.18% 61.37% 44.32% 19.24% 35.73% 4.57%
Telecom (Wireless) 21 55.42% 46.33% 86.34% 53.66% 115.78% 4.25 2.38% 47.82% 44.49% 17.17% 28.11% 10.47%
Telecom. Equipment 98 40.50% 14.34% 16.74% 15.29% 18.05% 2.46 6.20% 50.87% 45.72% 7.00% 7.32% 1.84%
Telecom. Services 67 58.27% 44.32% 79.60% 47.15% 89.20% 3.97 3.72% 34.01% 54.23% 14.02% 29.83% 5.06%
Tobacco 17 87.64% 19.79% 24.67% 20.15% 25.23% 2.18 7.27% 40.20% 48.08% 9.90% 10.84% 2.15%
Transportation 19 58.88% 23.51% 30.73% 29.81% 42.47% 3.12 5.29% 81.54% 33.82% 12.06% 49.35% 10.40%
Transportation (Railroads) 10 47.26% 20.09% 25.14% 21.22% 26.93% 2.56 0.00% 60.35% 20.12% 9.33% 85.05% 5.17%
Trucking 28 64.85% 47.88% 91.87% 50.76% 103.10% 6.08 1.23% 64.73% 41.51% 12.21% 22.39% 15.58%
Utility (General) 18 57.91% 41.25% 70.21% 41.64% 71.36% 5.14 14.66% 77.24% 15.34% 8.06% 68.99% 7.15%
Utility (Water) 19 56.47% 29.86% 42.57% 30.07% 43.00% 4.83 9.49% 43.25% 22.94% 6.23% 82.31% 7.77%
Total Market  7209 62.72% 38.74% 63.24% 39.99% 66.64% 7.60 8.76% 48.49% 42.67% 6.51% 13.33% 1.90%
Total Market (without financials) 6004 49.71% 23.69% 31.04% 25.66% 34.51% 3.64 6.21% 49.94% 46.24% 8.48% 30.58% 4.29%

Updated January 2019
By Aswath Damodaran