Industry Name Number of firms Lease Expense/ Sales Total Debt without leases Total Debt with Leases Lease Debt as % of Total Debt 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) Operating income (after lease adj) ROIC (without leases) ROIC (with leases) Pre-tax Operating Margin (before lease adj) Pre-tax Operating Margin (after lease adj) Lease Debt (My Estimate) Lease Debt (Accounting)
Advertising 61 4.97% $22,521.66 $28,709.23 21.55% 42.74% 43.66% 81.05% 81.62% $3,186.22 $3,302.20 -835.68% 54.85% 9.98% 10.34%  $          6,187.57  $            5,133.62
Aerospace/Defense 72 0.76% $192,544.71 $205,267.16 6.20% 24.35% 24.84% 58.82% 59.45% $29,197.04 $29,227.66 29.92% 26.26% 7.56% 7.56%  $        12,722.46  $            7,376.43
Air Transport 17 14.19% $128,375.91 $156,638.34 18.04% 61.64% 61.74% 83.82% 83.88% -$19,609.93 -$19,996.50 -20.96% -16.18% -18.99% -19.36%  $        28,262.42  $          27,625.43
Apparel 51 6.80% $24,334.35 $37,167.73 34.53% 27.83% 28.26% 61.33% 61.83% $3,228.02 $3,485.69 9.98% 7.61% 5.49% 5.93%  $        12,833.38  $          12,058.65
Auto & Truck 19 0.46% $300,307.42 $304,482.67 1.37% 27.86% 27.88% 74.53% 74.56% $5,614.26 $5,790.54 1.53% 1.56% 1.93% 1.99%  $          4,175.25  $            3,775.69
Auto Parts 52 0.95% $23,384.51 $25,567.19 8.54% 19.28% 19.60% 53.29% 53.79% $3,059.42 $3,180.63 8.94% 8.70% 4.01% 4.17%  $          2,182.68  $            1,673.97
Bank (Money Center) 7 3.14% $2,073,422.80 $2,103,532.93 1.43% 68.34% 68.37% 68.41% 68.44% $0.00 -$344.93 0.00% -0.01% 0.00% -0.11%  $        30,110.13  $          26,787.00
Banks (Regional) 598 2.99% $369,416.58 $389,901.90 5.25% 37.41% 37.98% 39.12% 39.71% $0.00 -$690.65 0.00% -0.08% 0.00% -0.41%  $        20,485.32  $          10,990.45
Beverage (Alcoholic) 23 2.66% $23,009.54 $23,913.37 3.78% 18.53% 18.97% 43.98% 44.68% $5,584.67 $5,576.84 14.82% 14.43% 23.87% 23.84%  $             903.82  $               230.79
Beverage (Soft) 41 1.20% $114,202.30 $118,313.51 3.47% 17.39% 17.76% 64.14% 64.73% $25,329.45 $25,482.35 28.56% 27.42% 19.98% 20.10%  $          4,111.21  $            1,094.46
Broadcasting 29 1.08% $87,635.69 $94,413.53 7.18% 54.36% 54.90% 65.34% 65.83% $14,592.29 $14,391.72 18.81% 16.92% 19.30% 19.03%  $          6,777.84  $            4,755.13
Brokerage & Investment Banking 39 2.37% $804,815.99 $818,157.12 1.63% 68.44% 68.64% 76.68% 76.85% $768.95 -$29.51 0.08% 0.00% 0.42% -0.02%  $        13,341.13  $            5,773.36
Building Materials 42 1.34% $35,611.74 $39,227.39 9.22% 20.56% 20.82% 56.29% 56.68% $9,602.99 $9,746.17 29.44% 26.43% 10.80% 10.97%  $          3,615.65  $            2,998.93
Business & Consumer Services 169 1.91% $70,478.10 $79,601.97 11.46% 19.63% 19.82% 58.82% 59.11% $11,375.17 $11,687.20 21.66% 18.73% 8.88% 9.12%  $          9,123.87  $            8,153.55
Cable TV 13 1.12% $254,962.70 $262,492.19 2.87% 33.74% 34.19% 61.42% 61.90% $35,299.71 $35,136.30 11.51% 11.12% 18.15% 18.07%  $          7,529.49  $            2,227.61
Chemical (Basic) 48 2.04% $51,441.27 $57,266.77 10.17% 35.12% 35.53% 61.58% 62.01% $7,124.16 $7,209.10 10.79% 10.01% 7.21% 7.30%  $          5,825.49  $            4,794.24
Chemical (Diversified) 5 1.49% $12,587.23 $13,563.12 7.20% 36.67% 36.75% 55.78% 55.86% $1,152.39 $1,164.40 6.74% 6.44% 5.81% 5.87%  $             975.89  $               931.50
Chemical (Specialty) 97 1.44% $109,698.16 $116,988.34 6.23% 20.10% 20.23% 43.80% 43.98% $20,373.29 $20,699.19 13.55% 13.09% 12.07% 12.26%  $          7,290.18  $            6,389.62
Coal & Related Energy 29 2.29% $5,145.73 $5,446.27 5.52% 48.34% 48.62% 55.96% 56.24% -$783.79 -$763.80 -7.83% -7.41% -8.70% -8.48%  $             300.55  $               240.01
Computer Services 116 1.78% $109,042.28 $122,649.58 11.09% 28.27% 28.44% 61.20% 61.39% $21,016.62 $21,846.10 34.41% 28.94% 7.58% 7.88%  $        13,607.30  $          12,604.34
Computers/Peripherals 52 2.54% $211,306.82 $226,688.15 6.79% 8.56% 8.55% 68.17% 68.17% $77,981.67 $77,887.26 45.02% 41.17% 15.55% 15.53%  $        15,381.32  $          15,393.97
Construction Supplies 46 0.87% $88,427.83 $92,432.08 4.33% 25.52% 25.80% 56.70% 57.06% $13,893.50 $13,919.10 11.69% 11.28% 9.41% 9.43%  $          4,004.25  $            2,652.52
Diversified 29 0.99% $273,967.60 $287,537.07 4.72% 22.46% 22.92% 34.97% 35.58% $76,388.90 $76,713.22 14.41% 14.08% 18.06% 18.14%  $        13,569.47  $            6,047.83
Drugs (Biotechnology) 547 1.25% $183,865.88 $192,911.69 4.69% 13.22% 13.42% 52.24% 52.67% $14,686.50 $14,406.48 11.92% 10.89% 9.54% 9.36%  $          9,045.81  $            5,722.64
Drugs (Pharmaceutical) 287 0.80% $241,374.67 $248,588.55 2.90% 15.13% 15.38% 47.34% 47.83% $66,916.87 $66,974.96 35.92% 34.59% 24.02% 24.04%  $          7,213.88  $            2,413.56
Education 38 4.34% $6,058.36 $9,684.44 37.44% 18.34% 19.57% 39.59% 41.52% $1,486.57 $1,399.01 15.03% 10.23% 9.26% 8.72%  $          3,626.08  $            2,881.88
Electrical Equipment 122 1.26% $32,469.04 $34,911.29 7.00% 13.33% 13.31% 49.12% 49.06% $8,601.06 $8,748.28 28.18% 26.45% 12.60% 12.82%  $          2,442.25  $            2,520.53
Electronics (Consumer & Office) 22 1.15% $367.81 $557.70 34.05% 8.45% 8.68% 28.24% 28.83% $85.86 $88.24 8.83% 7.58% 1.99% 2.05%  $             189.89  $               174.00
Electronics (General) 157 0.94% $31,319.83 $34,682.28 9.70% 11.77% 11.88% 35.57% 35.83% $8,047.29 $8,160.43 15.03% 14.28% 7.47% 7.57%  $          3,362.45  $            2,979.00
Engineering/Construction 61 2.79% $20,827.00 $26,169.08 20.41% 21.65% 22.02% 39.05% 39.56% $4,969.28 $5,226.45 17.03% 14.90% 4.10% 4.32%  $          5,342.08  $            4,788.65
Entertainment 118 2.92% $107,003.90 $125,223.50 14.55% 13.06% 13.19% 45.20% 45.48% $9,828.46 $9,216.34 11.05% 8.60% 7.44% 6.98%  $        18,219.60  $          16,802.62
Environmental & Waste Services 86 2.16% $36,821.78 $40,188.29 8.38% 19.76% 20.13% 53.55% 54.12% $6,985.73 $7,089.30 20.88% 19.20% 11.92% 12.09%  $          3,366.51  $            2,463.46
Farming/Agriculture 32 1.07% $67,888.93 $70,745.79 4.04% 31.07% 31.06% 59.12% 59.11% $10,596.98 $10,789.02 9.97% 9.86% 6.55% 6.67%  $          2,856.86  $            2,883.74
Financial Svcs. (Non-bank & Insurance) 235 1.54% $6,826,953.33 $6,840,535.69 0.20% 89.95% 89.96% 95.23% 95.23% $28,821.14 $28,555.28 0.40% 0.40% 12.32% 12.20%  $        13,582.37  $            6,777.79
Food Processing 101 2.13% $132,123.56 $138,512.92 4.61% 25.40% 24.82% 46.64% 45.87% $31,377.97 $31,752.19 18.51% 17.99% 12.80% 12.95%  $          6,389.36  $            4,687.71
Food Wholesalers 18 0.58% $27,713.55 $30,962.62 10.49% 35.65% 35.90% 73.55% 73.76% $2,250.57 $2,217.87 10.38% 8.89% 1.56% 1.54%  $          3,249.07  $            2,913.40
Furn/Home Furnishings 40 1.80% $13,967.07 $16,908.82 17.40% 24.82% 25.41% 46.96% 47.73% $3,676.46 $3,753.68 18.22% 16.13% 7.98% 8.15%  $          2,941.75  $            2,423.96
Green & Renewable Energy 25 0.31% $20,368.97 $20,457.18 0.43% 38.98% 39.05% 51.77% 51.84% $1,025.42 $1,014.56 7.01% 6.89% 26.12% 25.84%  $               88.21  $                 26.32
Healthcare Products 265 1.11% $126,290.59 $133,681.56 5.53% 9.54% 9.66% 37.84% 38.16% $25,650.53 $25,741.25 18.40% 17.51% 14.24% 14.29%  $          7,390.97  $            5,553.84
Healthcare Support Services 129 0.51% $248,868.16 $291,546.89 14.64% 23.44% 24.07% 47.10% 47.98% $82,504.82 $80,332.06 45.47% 35.44% 4.97% 4.84%  $        42,678.72  $          32,638.55
Heathcare Information and Technology 139 1.35% $81,013.52 $86,834.01 6.70% 10.64% 10.79% 45.87% 46.28% $13,901.35 $13,954.09 21.91% 20.07% 13.14% 13.19%  $          5,820.49  $            4,395.13
Homebuilding 30 0.30% $38,417.22 $39,613.72 3.02% 24.55% 24.66% 36.29% 36.43% $13,905.23 $13,915.95 13.76% 13.58% 11.81% 11.82%  $          1,196.50  $               971.77
Hospitals/Healthcare Facilities 32 2.89% $84,091.96 $100,204.76 16.08% 48.35% 49.85% 84.40% 85.18% $12,285.83 $11,428.68 17.75% 13.17% 10.20% 9.48%  $        16,112.80  $          10,276.00
Hotel/Gaming 66 3.61% $202,012.03 $228,713.16 11.67% 35.75% 36.40% 77.23% 77.73% -$7,457.92 -$10,652.67 -4.60% -5.62% -10.34% -14.77%  $        26,701.14  $          20,312.66
Household Products 140 1.45% $91,046.93 $98,874.28 7.92% 12.66% 12.93% 56.76% 57.36% $32,745.63 $32,877.09 43.72% 39.54% 18.20% 18.27%  $          7,827.36  $            5,454.17
Information Services 77 1.47% $152,423.31 $161,361.34 5.54% 8.39% 8.56% 43.45% 43.99% $40,545.93 $40,770.77 28.47% 26.77% 23.40% 23.52%  $          8,938.03  $            5,435.23
Insurance (General) 21 0.94% $70,411.39 $75,199.55 6.37% 28.53% 28.98% 36.64% 37.16% $15,876.78 $15,958.97 9.50% 9.25% 12.83% 12.90%  $          4,788.16  $            3,139.32
Insurance (Life) 26 0.35% $196,572.60 $199,918.66 1.67% 54.14% 54.53% 41.09% 41.48% $19,155.05 $19,157.48 4.37% 4.33% 8.48% 8.48%  $          3,346.06  $               206.58
Insurance (Prop/Cas.) 55 0.54% $64,554.32 $69,235.89 6.76% 19.41% 20.04% 27.10% 27.89% $24,408.67 $24,513.77 10.94% 10.74% 10.85% 10.89%  $          4,681.57  $            1,997.53
Investments & Asset Management 348 1.53% $221,798.27 $231,002.53 3.98% 30.75% 31.14% 47.65% 48.11% $19,059.70 $18,778.50 7.67% 7.27% 16.95% 16.70%  $          9,204.27  $            5,022.71
Machinery 125 1.05% $77,847.51 $82,997.21 6.20% 16.14% 16.42% 46.67% 47.19% $20,639.58 $20,926.96 25.71% 24.35% 13.07% 13.26%  $          5,149.70  $            3,448.03
Metals & Mining 86 1.14% $24,260.56 $26,202.14 7.41% 18.98% 19.26% 43.50% 43.95% $4,890.96 $4,812.85 11.54% 10.85% 11.47% 11.28%  $          1,941.58  $            1,464.91
Office Equipment & Services 22 1.94% $6,020.78 $7,379.97 18.42% 31.93% 32.35% 54.96% 55.44% $1,358.41 $1,372.13 17.43% 14.66% 7.50% 7.58%  $          1,359.19  $            1,216.67
Oil/Gas (Integrated) 3 2.06% $143,971.00 $155,653.66 7.51% 29.15% 30.60% 30.14% 31.63% -$13,670.00 -$12,716.53 -2.61% -2.37% -4.27% -3.98%  $        11,682.66  $            1,245.00
Oil/Gas (Production and Exploration) 278 4.13% $150,096.83 $159,974.48 6.17% 41.49% 41.89% 46.15% 46.56% -$26,881.69 -$25,999.81 -6.71% -6.33% -21.40% -20.70%  $          9,877.65  $            7,059.96
Oil/Gas Distribution 57 0.89% $326,958.09 $334,392.35 2.22% 56.33% 56.46% 61.54% 61.66% $41,990.77 $41,856.21 9.19% 9.01% 17.43% 17.38%  $          7,434.26  $            5,646.83
Oilfield Svcs/Equip. 135 1.82% $136,437.08 $151,635.38 10.02% 42.66% 43.64% 49.23% 50.23% $2,072.31 $3,130.94 0.97% 1.37% 0.47% 0.72%  $        15,198.30  $            9,238.41
Packaging & Container 26 1.28% $77,598.09 $81,862.54 5.21% 35.32% 35.53% 67.23% 67.43% $12,490.63 $12,688.23 12.88% 12.43% 9.66% 9.82%  $          4,264.45  $            3,519.77
Paper/Forest Products 15 0.95% $3,427.59 $3,722.34 7.92% 26.92% 27.29% 37.18% 37.61% $787.18 $807.98 8.49% 8.43% 5.84% 6.00%  $             294.75  $               227.08
Power 55 1.93% $534,178.62 $548,562.93 2.62% 43.72% 43.85% 59.63% 59.75% $55,966.35 $55,379.71 7.02% 6.81% 19.82% 19.61%  $        14,384.31  $          11,514.23
Precious Metals 93 3.21% $8,114.11 $8,281.29 2.02% 11.27% 11.26% 21.78% 21.76% $3,019.08 $3,042.29 10.00% 10.03% 21.48% 21.64%  $             167.18  $               175.01
Publishing & Newspapers 29 2.08% $12,625.13 $16,312.07 22.60% 34.20% 35.07% 51.87% 52.82% $2,054.09 $1,944.66 14.44% 10.72% 5.64% 5.34%  $          3,686.94  $            3,077.18
R.E.I.T. 238 3.13% $913,213.82 $968,929.99 5.75% 42.87% 43.42% 61.34% 61.87% $39,253.96 $32,189.65 2.59% 2.05% 23.23% 19.05%  $        55,716.17  $          34,318.68
Real Estate (Development) 25 0.80% $5,382.98 $5,693.67 5.46% 47.64% 48.64% 51.93% 52.93% -$63.16 -$116.52 -0.80% -1.42% -3.64% -6.71%  $             310.68  $                 86.54
Real Estate (General/Diversified) 11 5.58% $1,133.00 $1,302.31 13.00% 21.31% 22.61% 24.32% 25.75% $49.67 $45.68 2.31% 1.96% 6.93% 6.37%  $             169.31  $                 74.01
Real Estate (Operations & Services) 61 1.60% $23,549.14 $27,790.84 15.26% 28.73% 28.97% 56.42% 56.71% $2,381.65 $2,317.64 9.68% 7.98% 4.13% 4.02%  $          4,241.69  $            3,913.39
Recreation 69 2.27% $25,840.89 $29,794.37 13.27% 19.37% 19.68% 71.36% 71.76% $2,622.85 $2,458.39 12.66% 9.87% 6.81% 6.38%  $          3,953.48  $            3,380.16
Reinsurance 2 0.18% $6,022.60 $6,361.02 5.32% 26.72% 27.81% 21.46% 22.39% $972.20 $958.52 3.86% 3.74% 4.27% 4.21%  $             338.42  $                      -  
Restaurant/Dining 79 9.11% $94,547.32 $148,562.81 36.36% 24.10% 25.21% 113.82% 112.92% $12,349.77 $7,123.42 29.01% 7.24% 11.36% 6.55%  $        54,015.49  $          45,274.26
Retail (Automotive) 30 1.74% $52,676.54 $71,790.10 26.62% 31.87% 33.21% 73.69% 74.85% $10,825.57 $9,231.20 15.52% 10.10% 6.43% 5.48%  $        19,113.56  $          14,875.60
Retail (Building Supply) 15 1.61% $60,574.00 $79,762.85 24.06% 15.06% 15.31% 87.66% 87.87% $30,684.43 $30,000.86 53.15% 37.54% 12.79% 12.50%  $        19,188.86  $          17,613.35
Retail (Distributors) 85 1.61% $68,839.01 $77,538.77 11.22% 31.05% 31.38% 60.40% 60.77% $12,285.02 $12,603.39 12.53% 11.67% 7.70% 7.90%  $          8,699.76  $            7,502.12
Retail (General) 17 1.02% $99,885.83 $164,615.91 39.32% 16.44% 17.59% 51.68% 53.70% $44,226.20 $39,113.39 22.99% 14.69% 4.63% 4.09%  $        64,730.07  $          51,877.60
Retail (Grocery and Food) 14 1.00% $25,274.26 $45,344.49 44.26% 46.33% 48.54% 68.38% 70.27% $7,890.74 $6,140.80 19.45% 9.63% 3.48% 2.71%  $        20,070.23  $          16,214.50
Retail (Online) 75 1.39% $105,300.46 $139,919.81 24.74% 6.89% 6.67% 57.93% 57.10% $24,870.70 $22,725.09 28.81% 18.63% 5.74% 5.24%  $        34,619.35  $          39,495.87
Retail (Special Lines) 85 5.73% $60,953.74 $159,483.97 61.78% 31.32% 32.55% 71.54% 72.68% $11,770.99 $10,156.98 13.95% 5.30% 2.89% 2.50%  $        98,530.24  $          89,718.26
Rubber& Tires 3 2.22% $7,006.49 $8,021.11 12.65% 63.42% 63.62% 64.44% 64.63% -$74.13 -$3.50 -0.61% -0.03% -0.50% -0.02%  $          1,014.62  $               945.56
Semiconductor 70 0.58% $145,471.52 $151,090.00 3.72% 8.78% 8.85% 39.82% 40.03% $55,884.88 $55,891.82 29.49% 28.59% 24.09% 24.09%  $          5,618.48  $            4,277.78
Semiconductor Equip 40 0.86% $21,440.32 $22,714.56 5.61% 7.41% 7.44% 38.65% 38.74% $12,479.49 $12,576.64 47.14% 45.16% 22.21% 22.39%  $          1,274.24  $            1,190.89
Shipbuilding & Marine 11 3.69% $3,755.18 $4,418.43 15.01% 37.99% 38.33% 40.94% 41.29% $324.12 $359.11 3.63% 3.74% 5.11% 5.66%  $             663.25  $               599.52
Shoe 11 3.42% $11,314.50 $16,887.33 33.00% 6.34% 6.43% 50.16% 50.54% $4,591.06 $4,450.05 30.29% 21.07% 9.22% 8.93%  $          5,572.83  $            5,320.63
Software (Entertainment) 101 1.54% $30,673.06 $58,753.79 47.79% 2.45% 2.55% 13.53% 14.02% $57,053.24 $54,856.28 23.86% 20.52% 20.61% 19.82%  $        28,080.73  $          25,703.02
Software (Internet) 36 3.93% $20,506.17 $23,349.59 12.18% 7.96% 8.11% 56.77% 57.29% $900.91 $854.29 10.82% 7.58% 5.06% 4.80%  $          2,843.43  $            2,356.98
Software (System & Application) 388 1.81% $234,041.87 $263,880.08 11.31% 6.06% 6.15% 47.60% 47.98% $82,307.62 $82,176.00 45.04% 38.50% 23.30% 23.27%  $        29,838.20  $          25,788.82
Steel 32 0.56% $26,464.82 $27,837.42 4.93% 33.37% 33.44% 43.75% 43.83% $2,810.17 $2,868.69 5.88% 5.83% 3.55% 3.63%  $          1,372.60  $            1,289.93
Telecom (Wireless) 16 4.63% $79,965.33 $96,042.92 16.74% 39.02% 35.30% 60.12% 56.25% $8,942.81 $8,898.24 12.56% 10.13% 12.48% 12.42%  $        16,077.59  $          32,645.04
Telecom. Equipment 96 1.53% $43,969.75 $47,953.91 8.31% 12.84% 12.89% 41.61% 41.73% $18,390.17 $18,607.66 45.95% 42.13% 18.69% 18.91%  $          3,984.15  $            3,751.42
Telecom. Services 58 3.32% $346,648.39 $400,892.23 13.53% 45.02% 45.40% 58.60% 58.97% $66,654.25 $65,303.22 16.14% 13.91% 19.46% 19.06%  $        54,243.84  $          48,158.65
Tobacco 15 0.77% $62,111.81 $63,482.81 2.16% 22.95% 23.26% 110.25% 110.05% $23,397.96 $23,465.10 48.60% 47.26% 42.80% 42.92%  $          1,371.00  $               271.35
Transportation 21 3.75% $61,435.76 $83,266.92 26.22% 24.07% 24.07% 68.23% 68.23% $13,062.95 $12,638.11 18.55% 13.32% 6.28% 6.07%  $        21,831.16  $          21,845.61
Transportation (Railroads) 6 2.52% $61,331.20 $65,182.17 5.91% 18.00% 18.39% 56.10% 56.76% $16,754.00 $16,568.11 13.60% 12.97% 39.13% 38.69%  $          3,850.97  $            2,125.80
Trucking 35 4.45% $53,545.52 $63,332.24 15.45% 24.78% 25.24% 61.31% 61.89% -$2,498.80 -$2,215.73 -2.82% -2.23% -2.88% -2.56%  $          9,786.72  $            8,248.88
Utility (General) 16 0.72% $212,525.60 $216,233.03 1.71% 42.51% 42.76% 57.64% 57.89% $24,592.80 $24,287.04 6.95% 6.79% 20.40% 20.15%  $          3,707.43  $            1,506.50
Utility (Water) 17 0.15% $20,126.20 $20,320.90 0.96% 28.78% 28.81% 58.63% 58.66% $2,171.90 $2,154.59 6.78% 6.31% 30.46% 30.22%  $             194.70  $               170.85
Total Market 7582 1.79% $19,200,328.40 $20,294,711.55 5.39% 32.36% 32.58% 64.60% 64.83% $1,528,895.88 $1,496,717.63 6.78% 6.31% 9.62% 9.42%  $   1,094,383.15  $        883,946.47
Total Market (without financials) 6253 1.79% $8,572,383.13 $9,567,227.27 10.40% 19.79% 20.07% 53.96% 54.39% $1,420,805.59 $1,390,818.71 13.07% 11.68% 9.93% 9.72%  $      994,844.14  $        823,251.73