Lease Effect on Debt and Profitability by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2016

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 Total Debt without leases Total Debt with Leases 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)
Advertising 44 $11,985.11 $18,531.29 28.70% 36.00% 73.26% 79.29% $3,291.44 $3,331.91 -246.43% 60.84% 11.46% 11.60%
Aerospace/Defense 92 $93,430.08 $120,106.14 15.66% 17.01% 44.89% 47.35% $51,623.95 $52,233.03 62.58% 46.09% 12.23% 12.37%
Air Transport 20 $50,388.07 $106,099.63 27.47% 41.10% 56.86% 70.83% $26,189.24 $25,407.82 38.42% 18.63% 15.73% 15.26%
Apparel 63 $13,356.75 $28,137.94 14.92% 21.79% 39.55% 50.97% $7,428.87 $7,578.56 25.09% 16.21% 11.76% 11.99%
Auto & Truck 19 $21,725.11 $196,096.65 55.84% 56.15% 74.04% 74.28% $13,748.79 $13,953.06 29.12% 5.89% 4.40% 4.47%
Auto Parts 65 $21,890.36 $25,665.80 23.19% 24.76% 43.57% 45.71% $8,504.24 $8,744.61 24.30% 22.32% 7.03% 7.23%
Bank (Money Center) 9 $1,188,476.40 $2,017,672.54 67.98% 68.40% 67.08% 67.50% $0.00 -$422.70 NA NA NA NA
Banks (Regional) 644 $251,203.86 $373,596.78 42.89% 44.01% 46.46% 47.60% $0.00 -$174.39 NA NA NA NA
Beverage (Alcoholic) 22 $11,498.63 $12,806.23 14.95% 15.44% 43.76% 44.69% $3,382.34 $3,392.10 16.98% 15.86% 22.84% 22.91%
Beverage (Soft) 43 $60,174.17 $91,210.92 18.12% 18.68% 64.28% 65.13% $23,620.29 $23,772.23 33.38% 22.91% 17.91% 18.03%
Broadcasting 29 $70,071.50 $76,046.36 47.02% 48.65% 67.93% 69.34% $11,710.32 $11,815.17 21.93% 19.37% 22.38% 22.58%
Brokerage & Investment Banking 42 $370,417.75 $699,271.14 73.78% 74.06% 76.52% 76.78% $162.22 $12.41 0.03% 0.00% 0.11% 0.01%
Building Materials 39 $18,603.61 $20,929.19 23.26% 24.90% 55.15% 57.35% $4,694.67 $4,984.15 17.71% 16.90% 8.57% 9.09%
Business & Consumer Services 159 $47,688.79 $61,246.12 23.30% 26.11% 54.13% 57.85% $12,651.86 $13,013.89 30.45% 22.73% 10.76% 11.07%
Cable TV 19 $133,333.90 $143,129.05 32.51% 33.16% 68.77% 69.40% $27,649.81 $27,659.59 17.24% 16.06% 19.93% 19.93%
Chemical (Basic) 42 $9,585.98 $11,111.08 35.77% 38.25% 46.96% 49.62% $2,454.52 $2,417.99 14.40% 12.93% 9.70% 9.56%
Chemical (Diversified) 9 $42,319.50 $51,945.60 25.72% 27.68% 51.77% 54.26% $12,995.60 $12,902.73 17.83% 15.24% 11.47% 11.39%
Chemical (Specialty) 104 $68,409.34 $78,909.59 22.52% 23.88% 51.91% 53.82% $20,791.20 $21,201.92 26.18% 23.33% 14.40% 14.69%
Coal & Related Energy 38 $21,447.91 $28,827.95 74.54% 75.73% 68.62% 69.98% $125.08 $173.68 0.34% 0.39% 0.47% 0.66%
Computer Services 118 $52,372.84 $74,827.83 19.88% 22.40% 52.36% 56.11% $27,830.11 $28,509.18 59.14% 39.15% 8.64% 8.85%
Computers/Peripherals 64 $108,372.99 $138,742.14 14.45% 15.72% 35.27% 37.55% $90,023.30 $90,117.45 57.83% 47.99% 19.40% 19.42%
Construction Supplies 52 $32,223.35 $78,777.98 36.03% 37.14% 58.22% 59.37% $16,261.05 $16,501.81 24.96% 13.61% 10.22% 10.37%
Diversified 26 $295,015.96 $456,549.72 35.07% 35.78% 50.10% 50.88% $67,939.72 $67,935.20 10.29% 7.99% 15.65% 15.65%
Drugs (Biotechnology) 411 $121,730.44 $133,481.35 12.02% 12.50% 50.62% 51.73% $37,181.05 $37,067.69 37.55% 33.40% 30.80% 30.71%
Drugs (Pharmaceutical) 157 $94,792.15 $118,885.79 11.16% 11.51% 33.70% 34.49% $49,841.52 $50,040.41 24.29% 21.74% 23.84% 23.94%
Education 40 $4,668.28 $9,814.39 19.19% 31.62% 29.80% 45.25% $1,533.95 $1,572.86 15.65% 10.05% 7.78% 7.98%
Electrical Equipment 120 $16,750.77 $22,637.65 16.68% 17.97% 40.87% 43.07% $7,211.98 $7,420.08 38.13% 29.42% 11.09% 11.41%
Electronics (Consumer & Office) 25 $1,092.03 $1,612.67 10.32% 12.90% 23.86% 28.73% $864.91 $858.32 39.25% 30.87% 8.82% 8.76%
Electronics (General) 167 $20,474.62 $24,096.60 15.23% 16.52% 26.56% 28.50% $8,155.54 $8,360.37 15.88% 15.10% 9.19% 9.42%
Engineering/Construction 51 $12,655.12 $17,926.22 23.62% 29.53% 31.46% 38.34% $3,744.72 $3,965.56 18.66% 15.23% 3.45% 3.66%
Entertainment 84 $77,824.81 $100,110.49 20.10% 23.04% 44.63% 48.96% $31,702.58 $31,317.52 44.21% 33.06% 21.65% 21.39%
Environmental & Waste Services 97 $25,768.53 $29,012.30 26.09% 27.96% 52.63% 54.98% $5,271.13 $5,473.61 20.06% 18.38% 11.50% 11.94%
Farming/Agriculture 37 $19,845.25 $58,147.78 41.90% 43.09% 55.49% 56.68% $8,293.98 $8,509.48 12.69% 7.91% 4.78% 4.90%
Financial Svcs. (Non-bank & Insurance) 272 $5,458,327.04 $5,766,331.80 93.04% 93.05% 95.84% 95.85% $10,846.39 $10,709.72 NA NA NA NA
Food Processing 89 $94,202.08 $113,966.42 19.88% 20.74% 40.20% 41.48% $27,559.98 $27,943.78 29.88% 24.25% 11.44% 11.60%
Food Wholesalers 14 $6,174.39 $7,420.69 17.86% 19.98% 41.67% 45.05% $2,421.32 $2,492.67 19.51% 17.94% 2.82% 2.90%
Furn/Home Furnishings 30 $7,913.95 $13,388.91 20.92% 23.63% 42.90% 46.78% $3,485.32 $3,652.18 23.05% 16.90% 7.96% 8.34%
Green & Renewable Energy 28 $8,555.00 $9,876.71 55.91% 57.07% 48.03% 49.21% $295.40 $245.49 3.98% 2.81% 16.14% 13.41%
Healthcare Products 254 $64,024.08 $82,274.96 15.56% 16.32% 41.43% 42.82% $20,557.00 $20,869.39 26.66% 21.60% 16.15% 16.40%
Healthcare Support Services 127 $123,312.23 $150,398.35 20.82% 22.25% 44.84% 46.94% $49,845.18 $50,781.41 56.33% 42.34% 4.66% 4.75%
Heathcare Information and Technology 126 $32,288.42 $40,255.22 13.79% 15.04% 40.41% 42.87% $8,330.72 $8,447.26 22.35% 18.43% 12.95% 13.13%
Homebuilding 34 $28,043.20 $39,059.65 37.43% 37.84% 48.86% 49.29% $6,513.33 $6,585.82 10.20% 8.45% 9.85% 9.96%
Hospitals/Healthcare Facilities 58 $141,493.84 $167,248.02 47.13% 49.61% 66.26% 68.45% $18,845.98 $18,045.59 11.69% 9.50% 13.50% 12.93%
Hotel/Gaming 73 $108,751.38 $125,802.94 33.46% 35.66% 61.15% 63.43% $17,743.37 $16,806.75 11.11% 9.39% 17.29% 16.38%
Household Products 134 $64,050.07 $90,017.20 15.51% 16.68% 49.66% 51.83% $31,644.93 $31,806.86 45.73% 32.56% 16.99% 17.08%
Information Services 70 $75,743.05 $93,536.46 12.63% 13.44% 45.44% 47.21% $32,899.83 $33,556.45 55.20% 41.48% 22.70% 23.15%
Insurance (General) 20 $62,434.50 $73,288.05 28.39% 29.95% 26.44% 27.93% $19,375.30 $19,462.54 6.52% 6.26% 13.17% 13.23%
Insurance (Life) 25 $79,957.39 $141,096.12 43.60% 44.16% 42.46% 43.01% $30,380.07 $30,460.85 10.88% 8.56% 14.19% 14.22%
Insurance (Prop/Cas.) 53 $56,242.77 $64,298.54 22.64% 23.89% 28.75% 30.20% $26,660.59 $26,811.52 12.18% 11.69% 14.64% 14.72%
Investments & Asset Management 145 $125,559.08 $245,818.09 42.29% 43.30% 44.77% 45.79% $22,095.14 $21,709.07 10.19% 6.25% 19.99% 19.64%
Machinery 130 $41,110.20 $49,604.55 20.41% 21.61% 43.46% 45.25% $16,790.52 $17,173.61 29.22% 25.45% 12.54% 12.83%
Metals & Mining 114 $40,041.36 $42,723.76 45.47% 46.17% 50.24% 50.95% $6,193.08 $6,253.99 8.59% 8.36% 11.02% 11.13%
Office Equipment & Services 24 $8,660.28 $10,907.03 35.23% 37.72% 67.47% 69.77% $2,575.44 $2,678.53 34.32% 26.05% 10.19% 10.60%
Oil/Gas (Integrated) 7 $57,259.70 $90,150.18 12.75% 14.16% 17.86% 19.71% $12,811.60 $13,796.23 3.02% 3.00% 3.06% 3.30%
Oil/Gas (Production and Exploration) 351 $261,374.03 $283,077.76 44.00% 45.20% 47.27% 48.48% -$25,196.52 -$23,996.89 -4.29% -3.94% -12.92% -12.31%
Oil/Gas Distribution 79 $329,971.46 $358,770.91 47.81% 48.55% 52.08% 52.82% $35,508.35 $35,278.41 10.07% 9.21% 10.17% 10.11%
Oilfield Svcs/Equip. 143 $86,373.18 $105,380.45 25.12% 28.10% 32.30% 35.73% $37,389.10 $38,316.87 17.86% 16.63% 6.83% 7.00%
Packaging & Container 25 $40,036.11 $44,672.53 34.16% 35.37% 63.18% 64.41% $8,411.71 $8,604.50 19.83% 17.81% 9.85% 10.08%
Paper/Forest Products 20 $18,542.08 $24,324.78 46.39% 47.11% 73.82% 74.38% $3,185.24 $3,247.23 15.78% 12.00% 8.08% 8.23%
Power 73 $356,857.58 $426,163.34 44.03% 45.49% 55.68% 57.12% $60,437.04 $59,580.77 8.21% 7.21% 18.43% 18.17%
Precious Metals 113 $8,086.15 $8,701.74 33.04% 33.35% 26.44% 26.71% $2,415.72 $2,421.18 9.86% 9.64% 21.79% 21.84%
Publshing & Newspapers 39 $19,969.13 $30,146.02 29.22% 33.14% 41.99% 46.50% $5,213.90 $5,235.99 20.82% 14.22% 8.19% 8.22%
R.E.I.T. 221 $481,443.75 $763,007.61 46.10% 47.32% 63.81% 64.93% $33,757.32 $29,340.23 4.29% 2.73% 25.53% 22.19%
Real Estate (Development) 21 $3,477.31 $3,765.98 37.16% 38.61% 44.70% 46.22% -$15.59 -$47.17 -0.30% -0.85% -0.98% -2.98%
Real Estate (General/Diversified) 12 $998.50 $1,127.19 19.63% 20.30% 29.28% 30.15% $141.74 $142.70 3.25% 3.17% 14.79% 14.89%
Real Estate (Operations & Services) 55 $18,834.81 $24,154.35 36.42% 39.22% 55.94% 58.85% $2,651.01 $2,658.42 13.76% 10.53% 10.46% 10.49%
Recreation 65 $14,700.36 $17,884.34 21.54% 24.02% 50.76% 54.28% $4,275.82 $4,282.54 18.89% 16.33% 11.72% 11.74%
Reinsurance 3 $5,045.00 $5,365.26 27.17% 28.30% 26.12% 27.23% $1,751.70 $1,739.59 8.09% 7.88% 11.49% 11.41%
Restaurant/Dining 83 $45,822.36 $84,333.31 12.85% 20.54% 60.72% 73.04% $19,317.38 $17,943.63 29.44% 15.89% 14.75% 13.70%
Retail (Automotive) 26 $26,053.26 $51,887.49 28.53% 34.71% 70.20% 75.83% $9,151.43 $8,520.55 26.15% 12.57% 6.18% 5.76%
Retail (Building Supply) 5 $29,433.60 $45,133.09 12.24% 15.78% 66.63% 72.84% $16,705.90 $15,867.94 31.54% 21.62% 11.24% 10.67%
Retail (Distributors) 83 $49,357.29 $59,864.55 35.19% 37.63% 60.33% 62.83% $11,362.29 $11,790.93 15.55% 13.77% 8.52% 8.84%
Retail (General) 19 $91,197.60 $157,080.17 21.97% 28.31% 45.97% 54.40% $42,876.19 $40,087.76 18.32% 12.46% 5.14% 4.81%
Retail (Grocery and Food) 17 $13,330.36 $31,975.04 19.98% 31.92% 55.14% 69.78% $6,099.60 $4,863.81 23.32% 9.62% 3.64% 2.90%
Retail (Online) 39 $22,587.10 $41,657.76 6.57% 7.83% 47.25% 51.96% $6,189.18 $6,037.90 238.50% 25.10% 4.37% 4.26%
Retail (Special Lines) 124 $90,977.25 $225,350.78 17.16% 31.83% 42.10% 62.10% $42,346.13 $39,737.26 30.36% 12.93% 6.95% 6.52%
Rubber& Tires 4 $5,888.46 $7,423.66 35.78% 39.49% 51.66% 55.59% $2,068.85 $2,181.69 26.84% 23.20% 10.44% 11.01%
Semiconductor 87 $45,907.91 $55,581.16 10.45% 11.17% 25.83% 27.28% $29,634.23 $30,028.74 22.61% 21.19% 19.85% 20.11%
Semiconductor Equip 46 $18,655.96 $24,932.04 26.92% 27.31% 45.59% 46.07% $4,219.87 $4,300.92 18.49% 14.39% 12.69% 12.93%
Shipbuilding & Marine 11 $2,212.30 $2,911.17 33.61% 36.28% 34.69% 37.40% $433.92 $518.24 5.96% 6.42% 8.30% 9.92%
Shoe 11 $3,035.34 $8,071.06 2.87% 6.36% 16.30% 30.92% $5,353.11 $5,252.97 31.13% 22.50% 12.80% 12.56%
Software (Entertainment) 17 $4,578.60 $5,653.21 8.30% 9.28% 26.83% 29.28% $2,171.50 $2,186.78 173.46% 93.31% 18.57% 18.70%
Software (Internet) 308 $23,710.95 $46,083.12 3.10% 4.24% 12.80% 16.91% $26,277.46 $25,734.38 19.65% 16.39% 17.62% 17.25%
Software (System & Application) 241 $97,694.27 $125,969.98 9.86% 10.86% 36.11% 38.63% $49,617.17 $49,867.83 37.53% 30.71% 23.52% 23.63%
Steel 36 $28,407.57 $30,871.64 46.56% 47.85% 53.84% 55.12% -$4,992.71 -$4,847.77 -8.88% -8.21% -5.24% -5.08%
Telecom (Wireless) 19 $69,952.27 $102,681.60 51.41% 60.09% 60.94% 68.95% $2,954.91 $2,164.68 2.78% 1.52% 3.67% 2.69%
Telecom. Equipment 121 $57,558.80 $67,380.56 16.30% 17.16% 33.27% 34.67% $25,131.08 $25,415.86 23.36% 21.48% 19.09% 19.31%
Telecom. Services 65 $291,697.21 $359,236.54 40.61% 43.85% 64.83% 67.80% $42,954.42 $41,706.95 17.63% 13.02% 13.48% 13.09%
Tobacco 20 $57,893.94 $63,622.06 16.32% 16.55% 85.38% 85.59% $23,613.31 $23,712.35 108.09% 83.71% 38.25% 38.41%
Transportation 21 $25,548.04 $47,989.93 16.90% 23.73% 53.47% 63.74% $13,199.02 $12,895.28 36.43% 20.19% 9.00% 8.79%
Transportation (Railroads) 12 $36,647.03 $39,328.73 22.70% 23.37% 42.57% 43.50% $16,603.26 $16,577.12 17.80% 17.19% 33.05% 32.99%
Trucking 26 $21,183.29 $47,955.67 48.26% 50.30% 73.87% 75.42% $6,022.98 $6,610.58 42.21% 12.42% 9.23% 10.13%
Unclassified 3 $52.32 $55.01 49.87% 50.10% 54.67% 54.90% -$2.82 -$2.72 -3.21% -3.01% -17.64% -17.02%
Utility (General) 20 $145,834.80 $167,443.30 40.99% 41.35% 56.03% 56.40% $24,585.00 $24,575.78 7.60% 6.96% 18.09% 18.08%
Utility (Water) 18 $9,347.89 $10,262.81 32.55% 32.88% 52.51% 52.89% $1,749.41 $1,739.63 9.33% 8.78% 31.25% 31.08%
Total Market 7480 $13,034,013.15 $16,850,704.28 40.35% 41.69% 62.63% 63.91% $1,550,319.05 $1,542,210.47 8.36% 6.76% 10.67% 10.62%


Last Updated in January 2016
By Aswath Damodaran