Lease Effect on Debt and Profitability 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/leaseeffect.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 Lease Expense/ Sales Total Debt without leases(US $ millions) Total Debt with Leases(US $ millions) Lease Debt as % of Total Debt(US $ millions) Market Debt to Capital without  leases Market Debt to Capital with leases Book Debt to Capital without leases Book Debt to Capital with leases Operating income (before lease adj)(US $ millions) Operating income (after lease adj)(US $ millions) ROIC (without leases) ROIC (with leases) Pre-tax Operating Margin (before lease adj) Pre-tax Operating Margin (after lease adj)
Advertising 48 5.91% $15,860.55 $21,642.18 26.71% 35.00% 41.54% 74.88% 79.73% $3,521.20 $3,593.25 -355.42% 69.91% 11.62% 11.86%
Aerospace/Defense 85 0.64% $139,143.97 $157,900.25 11.88% 19.22% 20.25% 57.77% 59.34% $48,213.48 $48,581.42 87.91% 63.91% 11.94% 12.03%
Air Transport 18 5.15% $59,053.61 $110,237.38 46.43% 35.65% 47.32% 57.65% 68.82% $19,136.15 $18,576.77 23.64% 13.69% 10.71% 10.40%
Apparel 50 4.09% $17,448.47 $28,656.50 39.11% 18.45% 25.93% 41.16% 51.98% $6,500.68 $6,610.25 19.76% 14.38% 10.09% 10.26%
Auto & Truck 14 0.30% $41,430.79 $281,326.46 85.27% 65.88% 66.15% 75.94% 76.16% $14,279.48 $14,459.79 14.88% 3.98% 4.21% 4.26%
Auto Parts 52 0.69% $15,640.18 $17,811.79 12.19% 26.33% 28.55% 40.56% 43.27% $7,677.39 $7,778.92 27.81% 25.87% 8.88% 8.99%
Bank (Money Center) 10 2.84% $1,944,272.75 $2,007,151.46 3.13% 66.73% 67.09% 67.06% 67.42% $0.00 -$217.57 0.00% -0.01% 0.00% -0.06%
Banks (Regional) 633 2.64% $410,211.89 $450,849.69 9.01% 42.30% 43.35% 46.26% 47.33% $0.00 -$121.02 0.00% -0.01% 0.00% -0.07%
Beverage (Alcoholic) 31 0.67% $21,607.83 $23,913.04 9.64% 24.92% 25.47% 45.17% 45.90% $5,362.10 $5,367.87 19.78% 18.21% 22.39% 22.41%
Beverage (Soft) 37 0.73% $90,761.39 $100,416.91 9.62% 18.66% 19.05% 62.86% 63.46% $23,046.15 $23,211.39 30.22% 26.89% 20.76% 20.91%
Broadcasting 24 3.49% $71,706.97 $77,929.35 7.98% 57.72% 59.11% 82.81% 83.61% $10,118.38 $10,323.61 28.86% 24.91% 20.42% 20.84%
Brokerage & Investment Banking 38 2.64% $748,692.91 $786,378.85 4.79% 74.55% 74.79% 77.03% 77.26% $632.20 $458.91 0.06% 0.04% 0.41% 0.30%
Building Materials 42 0.99% $21,594.48 $24,032.13 10.14% 23.14% 24.81% 46.96% 49.24% $6,924.22 $7,122.29 22.79% 21.40% 9.37% 9.63%
Business & Consumer Services 168 1.73% $58,023.70 $68,297.75 15.04% 23.93% 26.30% 55.13% 58.23% $13,625.30 $14,066.40 30.87% 25.45% 10.56% 10.91%
Cable TV 14 1.14% $203,738.30 $218,488.11 6.75% 40.80% 41.42% 56.15% 56.77% $31,839.93 $31,803.75 15.13% 14.09% 18.41% 18.39%
Chemical (Basic) 39 1.33% $14,654.45 $16,569.18 11.56% 37.30% 39.93% 51.74% 54.51% $4,416.56 $4,441.50 21.57% 19.70% 12.73% 12.80%
Chemical (Diversified) 6 1.00% $44,791.32 $52,440.26 14.59% 25.46% 26.90% 30.41% 32.01% $15,297.40 $15,368.30 19.00% 17.38% 13.59% 13.65%
Chemical (Specialty) 89 1.49% $80,356.39 $89,130.49 9.84% 23.29% 24.60% 49.43% 51.22% $19,878.31 $20,275.44 19.95% 18.53% 13.65% 13.92%
Coal & Related Energy 23 2.33% $3,604.82 $5,294.58 31.91% 38.40% 40.26% 46.33% 48.27% $1,139.13 $1,226.69 15.81% 13.75% 7.99% 8.61%
Computer Services 119 1.32% $74,719.75 $98,761.57 24.34% 25.22% 28.15% 50.90% 54.64% $27,088.25 $28,062.57 46.52% 33.18% 8.35% 8.65%
Computers/Peripherals 57 0.59% $183,226.68 $220,871.28 17.04% 19.06% 20.08% 55.39% 56.99% $81,479.44 $81,510.13 31.99% 27.63% 16.34% 16.35%
Construction Supplies 48 0.68% $35,756.32 $82,779.43 56.81% 30.54% 31.45% 56.48% 57.53% $19,907.13 $20,075.80 37.92% 18.82% 11.79% 11.89%
Diversified 23 0.93% $253,671.62 $290,804.65 12.77% 25.16% 26.18% 36.49% 37.73% $60,230.50 $60,426.53 12.59% 11.65% 12.93% 12.97%
Drugs (Biotechnology) 481 0.93% $134,669.72 $155,556.85 13.43% 15.27% 15.91% 52.95% 54.16% $27,030.71 $26,868.80 16.13% 14.24% 19.31% 19.20%
Drugs (Pharmaceutical) 237 0.65% $147,855.09 $161,569.10 8.49% 12.17% 12.56% 40.22% 41.08% $60,020.40 $60,165.19 28.68% 26.94% 23.30% 23.36%
Education 35 3.50% $5,663.94 $9,293.26 39.05% 16.57% 23.51% 32.33% 42.51% $1,574.47 $1,616.00 19.67% 13.61% 9.21% 9.45%
Electrical Equipment 116 1.23% $20,877.95 $24,567.86 15.02% 16.83% 18.13% 43.55% 45.77% $8,209.82 $8,374.58 35.43% 30.98% 13.25% 13.51%
Electronics (Consumer & Office) 19 1.10% $341.23 $588.84 42.05% 5.55% 8.90% 23.81% 34.18% -$100.35 -$87.20 -14.00% -8.86% -2.23% -1.94%
Electronics (General) 160 0.86% $24,896.20 $30,453.99 18.25% 14.90% 16.23% 31.76% 34.00% $10,035.67 $10,217.74 19.97% 18.07% 9.52% 9.69%
Engineering/Construction 52 1.76% $21,420.02 $27,506.61 22.13% 28.35% 32.83% 35.90% 40.89% $5,367.89 $5,725.77 26.47% 21.31% 4.06% 4.33%
Entertainment 120 1.96% $77,631.71 $99,316.59 21.83% 14.26% 16.57% 39.40% 43.70% $29,764.86 $29,453.21 39.50% 30.22% 17.96% 17.78%
Environmental & Waste Services 91 2.52% $33,987.80 $38,634.10 12.03% 23.61% 25.17% 51.99% 54.10% $6,895.49 $7,203.63 23.70% 21.25% 11.82% 12.35%
Farming/Agriculture 33 0.60% $26,477.36 $67,311.08 60.66% 38.96% 39.85% 56.88% 57.80% $9,118.95 $9,382.16 15.82% 9.12% 5.19% 5.34%
Financial Svcs. (Non-bank & Insurance) 259 1.12% $5,949,234.97 $6,004,506.78 0.92% 91.91% 91.92% 95.48% 95.49% $19,108.66 $18,789.30 0.26% 0.25% 8.70% 8.56%
Food Processing 83 0.88% $141,518.18 $152,728.00 7.34% 31.03% 31.88% 47.00% 47.98% $31,004.33 $31,337.34 22.32% 20.79% 13.22% 13.36%
Food Wholesalers 18 0.42% $17,177.96 $20,668.86 16.89% 29.31% 30.97% 64.03% 65.83% $3,899.30 $3,985.36 29.06% 23.33% 3.12% 3.19%
Furn/Home Furnishings 30 1.50% $13,021.01 $16,126.27 19.26% 30.31% 33.63% 46.32% 50.13% $3,896.82 $4,055.09 18.33% 16.22% 8.31% 8.65%
Green & Renewable Energy 21 2.00% $9,181.28 $10,305.55 10.91% 58.14% 59.42% 60.15% 61.41% $304.65 $244.32 3.40% 2.42% 16.15% 12.96%
Healthcare Products 248 0.86% $94,891.48 $111,062.94 14.56% 12.34% 12.94% 38.00% 39.30% $25,474.82 $25,767.79 23.74% 20.71% 15.30% 15.47%
Healthcare Support Services 111 0.51% $203,135.84 $248,559.95 18.27% 23.76% 26.59% 49.53% 53.29% $59,215.47 $58,206.29 72.47% 44.34% 4.53% 4.45%
Heathcare Information and Technology 119 1.31% $48,449.08 $55,217.40 12.26% 13.68% 14.70% 39.59% 41.62% $10,414.07 $10,549.49 20.45% 18.16% 13.11% 13.28%
Homebuilding 31 0.36% $37,855.45 $42,335.56 10.58% 37.87% 38.36% 42.82% 43.33% $10,787.88 $10,896.97 12.20% 11.55% 10.51% 10.61%
Hospitals/Healthcare Facilities 34 2.05% $83,094.70 $103,114.44 19.42% 54.99% 58.29% 88.18% 89.51% $12,203.10 $11,940.34 19.37% 14.13% 10.13% 9.91%
Hotel/Gaming 70 1.29% $125,713.87 $153,009.89 17.84% 37.68% 38.99% 63.43% 64.70% $23,484.69 $22,784.07 18.17% 14.29% 20.42% 19.81%
Household Products 141 1.07% $73,872.39 $95,883.33 22.96% 16.20% 17.44% 51.95% 54.15% $31,104.55 $31,263.84 38.48% 29.91% 17.56% 17.65%
Information Services 71 1.56% $116,552.96 $139,327.33 16.35% 12.51% 13.09% 51.59% 52.89% $43,246.06 $43,702.66 54.21% 41.55% 26.86% 27.15%
Insurance (General) 20 0.90% $65,462.90 $71,742.06 8.75% 30.94% 32.37% 34.29% 35.80% $14,268.42 $14,383.43 7.15% 6.95% 11.00% 11.09%
Insurance (Life) 23 0.43% $167,887.57 $175,249.07 4.20% 50.66% 51.16% 45.85% 46.34% $24,640.77 $24,650.40 8.68% 8.45% 10.93% 10.93%
Insurance (Prop/Cas.) 50 0.57% $47,594.69 $53,399.98 10.87% 19.10% 20.29% 26.95% 28.45% $22,991.67 $23,174.08 12.34% 11.99% 12.29% 12.38%
Investments & Asset Management 172 1.62% $181,123.44 $192,765.65 6.04% 39.15% 40.24% 46.75% 47.89% $20,538.28 $20,240.10 8.83% 8.26% 19.25% 18.97%
Machinery 127 0.96% $59,836.40 $70,242.49 14.81% 20.21% 21.22% 45.59% 47.12% $22,108.36 $22,539.15 34.21% 29.40% 13.85% 14.12%
Metals & Mining 94 0.43% $21,346.56 $21,982.06 2.89% 28.96% 29.47% 41.42% 42.02% $11,362.79 $11,418.66 27.11% 26.82% 23.70% 23.82%
Office Equipment & Services 24 1.49% $7,028.24 $8,600.00 18.28% 34.59% 38.03% 55.65% 59.28% $1,796.19 $1,899.99 25.07% 21.14% 7.39% 7.82%
Oil/Gas (Integrated) 5 0.81% $84,861.00 $93,635.59 9.37% 13.74% 14.71% 18.82% 20.07% $37,848.00 $38,317.08 8.15% 8.08% 8.45% 8.55%
Oil/Gas (Production and Exploration) 301 0.82% $195,150.32 $210,749.42 7.40% 34.67% 35.56% 40.89% 41.85% $28,648.59 $29,358.85 7.31% 7.20% 13.74% 14.08%
Oil/Gas Distribution 20 1.01% $113,431.07 $117,996.06 3.87% 49.91% 50.32% 57.59% 57.99% $11,105.78 $11,179.57 7.43% 7.24% 16.61% 16.72%
Oilfield Svcs/Equip. 134 0.98% $106,213.88 $120,662.42 11.97% 29.74% 31.87% 33.11% 35.36% $25,904.55 $26,836.38 14.78% 14.10% 4.74% 4.91%
Packaging & Container 27 0.91% $62,055.70 $67,327.98 7.83% 38.79% 39.91% 62.42% 63.52% $12,901.32 $13,119.60 19.47% 18.14% 10.55% 10.73%
Paper/Forest Products 20 0.46% $4,320.12 $4,743.54 8.93% 30.93% 32.60% 35.06% 36.83% $1,648.76 $1,666.80 16.11% 15.58% 7.64% 7.72%
Power 51 1.74% $407,834.23 $451,215.72 9.61% 43.22% 44.26% 56.17% 57.21% $53,922.75 $53,009.90 7.52% 6.91% 18.88% 18.56%
Precious Metals 91 0.67% $5,869.38 $6,159.70 4.71% 17.38% 17.52% 22.73% 22.90% $1,034.44 $1,041.70 4.71% 4.68% 10.29% 10.36%
Publishing & Newspapers 33 1.59% $13,053.93 $18,395.43 29.04% 35.42% 41.22% 40.58% 46.61% $3,300.98 $3,284.44 21.23% 15.19% 7.29% 7.25%
R.E.I.T. 238 2.39% $685,535.94 $955,770.45 28.27% 46.22% 47.56% 61.76% 63.02% $47,903.02 $42,054.11 4.57% 3.17% 25.73% 22.59%
Real Estate (Development) 18 0.73% $3,702.61 $4,069.87 9.02% 39.08% 40.99% 45.46% 47.43% $113.64 $61.88 1.71% 0.88% 9.07% 4.94%
Real Estate (General/Diversified) 11 1.12% $1,367.69 $1,422.71 3.87% 32.47% 33.26% 28.26% 29.00% $248.82 $246.61 12.46% 11.99% 34.01% 33.71%
Real Estate (Operations & Services) 59 2.10% $18,542.68 $22,603.70 17.97% 35.80% 39.52% 53.32% 57.23% $2,674.05 $2,688.81 13.53% 11.11% 7.13% 7.16%
Recreation 72 1.74% $17,138.50 $20,271.85 15.46% 23.99% 26.64% 54.94% 58.39% $3,354.59 $3,374.34 17.02% 14.61% 8.80% 8.86%
Reinsurance 2 0.26% $5,080.50 $5,391.73 5.77% 22.01% 23.00% 22.74% 23.75% $2,388.60 $2,377.97 11.26% 11.03% 11.85% 11.80%
Restaurant/Dining 78 5.10% $78,265.53 $116,995.40 33.10% 19.61% 26.21% 107.36% 104.94% $19,500.16 $17,648.02 38.42% 18.92% 15.78% 14.28%
Retail (Automotive) 24 1.64% $48,578.51 $64,333.70 24.49% 35.87% 41.83% 74.10% 78.62% $9,156.51 $8,386.13 16.21% 11.37% 5.69% 5.21%
Retail (Building Supply) 17 1.68% $43,214.25 $65,159.42 33.68% 13.90% 18.59% 75.68% 81.49% $23,530.64 $23,072.38 39.07% 26.31% 11.14% 10.92%
Retail (Distributors) 88 1.40% $66,788.53 $77,835.27 14.19% 37.09% 39.63% 58.55% 61.13% $13,294.04 $13,869.77 17.25% 15.56% 8.01% 8.36%
Retail (General) 19 0.93% $100,881.87 $165,300.55 38.97% 19.44% 25.42% 47.36% 55.96% $39,277.50 $37,074.59 22.21% 14.88% 4.36% 4.12%
Retail (Grocery and Food) 12 0.77% $14,011.12 $27,177.10 48.45% 36.27% 45.48% 60.50% 69.19% $3,265.78 $2,928.28 16.47% 8.77% 2.14% 1.92%
Retail (Online) 79 1.01% $63,270.28 $112,974.14 44.00% 8.69% 10.71% 36.76% 42.30% $20,074.23 $18,686.49 20.92% 12.65% 6.54% 6.09%
Retail (Special Lines) 91 4.67% $49,085.16 $144,166.90 65.95% 15.87% 34.05% 42.25% 66.69% $27,357.30 $27,939.24 31.68% 14.21% 6.35% 6.48%
Rubber& Tires 4 2.00% $6,385.55 $7,818.74 18.33% 51.22% 54.47% 52.23% 55.47% $1,373.13 $1,474.01 9.69% 9.16% 7.43% 7.97%
Semiconductor 72 0.57% $101,300.81 $111,038.71 8.77% 11.93% 12.39% 33.51% 34.48% $68,286.05 $68,330.76 39.08% 36.82% 29.61% 29.63%
Semiconductor Equip 41 0.51% $14,877.94 $16,116.42 7.68% 13.68% 14.22% 35.82% 36.85% $12,422.05 $12,505.32 43.41% 41.61% 23.99% 24.15%
Shipbuilding & Marine 9 4.99% $3,241.62 $3,907.48 17.04% 33.56% 36.19% 37.08% 39.81% $463.76 $524.71 7.22% 7.40% 7.53% 8.52%
Shoe 10 2.60% $4,262.10 $9,864.72 56.79% 3.16% 6.92% 23.28% 40.86% $5,846.73 $5,753.45 29.73% 21.67% 11.73% 11.54%
Software (Entertainment) 92 0.92% $11,071.69 $26,149.40 57.66% 1.04% 2.14% 4.32% 8.61% $55,687.52 $54,999.71 29.00% 26.48% 27.62% 27.28%
Software (Internet) 44 2.36% $11,404.44 $13,665.38 16.55% 16.73% 17.80% 73.84% 75.25% $1,237.61 $1,242.06 41.16% 23.49% 11.22% 11.26%
Software (System & Application) 355 1.50% $183,445.38 $230,540.45 20.43% 10.43% 11.40% 48.34% 50.83% $59,340.19 $59,524.33 30.09% 24.14% 21.28% 21.35%
Steel 37 0.50% $22,794.89 $24,565.32 7.21% 32.21% 33.44% 39.73% 41.08% $9,157.81 $9,279.27 23.31% 22.56% 8.85% 8.97%
Telecom (Wireless) 21 7.28% $68,831.05 $104,132.17 33.90% 46.33% 53.66% 55.42% 62.51% $8,951.77 $9,143.42 8.90% 6.69% 10.19% 10.41%
Telecom. Equipment 98 0.99% $43,679.69 $57,706.35 24.31% 14.34% 15.29% 40.50% 42.33% $18,313.05 $18,528.98 21.83% 18.75% 17.41% 17.62%
Telecom. Services 67 2.87% $353,565.66 $423,787.25 16.57% 44.32% 47.15% 58.27% 61.01% $63,676.24 $63,180.42 22.47% 17.73% 18.54% 18.39%
Tobacco 17 0.78% $44,148.01 $50,620.74 12.79% 19.79% 20.15% 87.64% 87.88% $22,400.18 $22,456.51 87.49% 68.92% 39.97% 40.07%
Transportation 19 2.63% $48,461.19 $69,052.43 29.82% 23.51% 29.81% 58.88% 66.43% $16,267.94 $16,191.22 34.31% 23.41% 8.43% 8.39%
Transportation (Railroads) 10 2.63% $50,596.68 $56,361.33 10.23% 20.09% 21.22% 47.26% 48.97% $18,596.77 $18,545.29 21.31% 19.93% 36.64% 36.54%
Trucking 28 4.32% $21,124.25 $54,069.14 60.93% 47.88% 50.76% 64.85% 67.43% $5,798.22 $6,519.01 20.32% 10.53% 7.31% 8.22%
Utility (General) 18 0.41% $173,626.70 $188,393.80 7.84% 41.25% 41.64% 57.91% 58.31% $21,033.80 $20,939.92 7.16% 6.73% 17.23% 17.16%
Utility (Water) 19 0.57% $13,046.78 $13,742.96 5.07% 29.86% 30.07% 56.47% 56.72% $1,906.84 $1,901.36 8.54% 7.66% 30.82% 30.73%
Total Market  7209 1.39% $15,871,886.37 $17,929,200.62 11.47% 38.74% 39.99% 62.72% 63.94% $1,749,295.83 $1,743,014.27 8.54% 7.66% 11.31% 11.27%
Total Market (without financials) 6004 1.36% $6,357,405.27 $8,187,157.07 22.35% 23.69% 25.66% 49.71% 52.36% $1,647,115.83 $1,641,656.63 18.93% 15.42% 11.85% 11.81%



Last Updated in January 2019
By Aswath Damodaran