Lease Effect on Debt and Profitability by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2015

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
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
52
$14,000.09
$20,370.99
26.13%
33.61%
66.12%
73.63%
$3,345.70
$3,363.49
227.20%
41.43%
11.16%
11.22%
Aerospace/Defense
93
$88,316.92
$111,754.50
14.48%
15.93%
37.96%
40.65%
$50,625.95
$51,158.52
99.05%
65.05%
12.03%
12.16%
Air Transport
22
$47,806.70
$134,365.70
25.01%
44.91%
57.18%
76.55%
$16,329.65
$12,975.32
54.71%
9.52%
10.08%
8.01%
Apparel
64
$12,585.13
$25,849.70
10.71%
17.17%
35.28%
48.52%
$7,908.03
$7,921.25
28.12%
18.40%
12.79%
12.81%
Auto & Truck
22
$20,784.85
$171,092.26
51.07%
51.44%
69.07%
69.39%
$7,306.41
$7,452.68
19.30%
3.82%
2.31%
2.36%
Auto Parts
75
$23,463.43
$28,683.93
20.59%
22.27%
41.43%
43.86%
$9,620.55
$9,890.84
27.59%
24.28%
6.60%
6.78%
Bank (Money Center)
13
$1,200,320.30
$2,099,866.26
68.17%
68.62%
69.12%
69.56%
$0.00
-$841.27
0.00%
-0.02%
0.00%
-0.24%
Banks (Regional)
676
$216,620.86
$350,986.60
42.51%
43.72%
46.61%
47.84%
$0.00
-$456.80
0.00%
-0.08%
0.00%
-0.35%
Beverage (Alcoholic)
22
$9,747.77
$12,383.15
17.34%
17.95%
41.29%
42.31%
$3,147.87
$3,155.42
18.49%
15.85%
21.35%
21.40%
Beverage (Soft)
46
$50,191.30
$85,596.51
18.09%
18.73%
56.68%
57.72%
$24,639.87
$24,825.17
48.74%
28.20%
18.58%
18.72%
Broadcasting
28
$52,406.90
$61,505.07
39.18%
41.54%
62.32%
64.60%
$9,903.43
$9,739.75
26.34%
19.98%
23.47%
23.08%
Brokerage & Investment Banking
46
$347,533.66
$782,095.78
74.95%
75.22%
79.39%
79.63%
$439.10
$154.48
0.11%
0.02%
0.32%
0.11%
Building Materials
39
$15,394.56
$18,031.84
22.64%
24.38%
48.58%
50.99%
$3,847.28
$3,987.85
17.99%
16.22%
7.45%
7.73%
Business & Consumer Services
177
$33,203.86
$45,418.34
19.92%
23.32%
46.64%
51.66%
$10,926.44
$11,339.84
33.72%
24.39%
9.41%
9.76%
Cable TV
18
$132,651.30
$146,418.44
30.28%
30.94%
71.13%
71.77%
$30,865.20
$30,814.89
19.28%
17.36%
19.15%
19.12%
Chemical (Basic)
46
$8,852.98
$10,258.91
26.38%
28.73%
39.50%
42.35%
$3,442.26
$3,418.02
20.50%
18.61%
12.20%
12.11%
Chemical (Diversified)
10
$38,957.10
$49,096.27
23.14%
24.92%
45.80%
48.24%
$13,234.00
$13,073.37
20.20%
16.64%
10.87%
10.74%
Chemical (Specialty)
103
$54,117.71
$65,824.46
16.32%
17.60%
43.75%
46.00%
$21,459.55
$21,768.92
30.42%
26.00%
14.43%
14.64%
Coal & Related Energy
42
$23,889.52
$27,085.73
50.92%
52.47%
57.78%
59.29%
$564.07
$684.63
1.44%
1.61%
2.04%
2.48%
Computer Services
119
$48,855.51
$74,083.10
19.30%
21.61%
54.72%
58.20%
$29,209.88
$29,896.34
100.32%
52.18%
9.31%
9.53%
Computers/Peripherals
64
$61,746.47
$82,527.48
7.72%
8.65%
27.34%
29.86%
$71,270.25
$71,461.80
44.85%
39.41%
19.24%
19.29%
Construction Supplies
55
$31,139.80
$78,749.00
30.17%
31.22%
56.75%
57.95%
$15,833.83
$16,050.66
27.88%
14.12%
9.97%
10.10%
Diversified
23
$306,878.13
$511,600.36
37.19%
37.84%
52.07%
52.77%
$64,754.63
$64,734.45
11.18%
7.92%
15.12%
15.11%
Drugs (Biotechnology)
400
$54,004.29
$65,475.81
7.27%
7.82%
40.32%
42.22%
$17,055.46
$16,922.24
25.47%
21.53%
22.92%
22.74%
Drugs (Pharmaceutical)
151
$128,943.81
$156,889.83
11.43%
11.83%
34.18%
35.06%
$66,235.11
$66,464.07
31.24%
27.54%
24.55%
24.64%
Education
42
$3,311.19
$10,282.97
15.29%
28.28%
28.85%
46.96%
$1,499.01
$1,521.60
21.40%
10.18%
6.62%
6.72%
Electrical Equipment
126
$14,451.95
$20,989.56
12.84%
14.43%
35.24%
38.38%
$8,796.88
$9,052.46
45.06%
34.19%
12.46%
12.82%
Electronics (Consumer & Office)
28
$442.10
$769.21
3.17%
4.24%
15.74%
20.17%
$589.50
$598.73
29.05%
25.25%
7.12%
7.23%
Electronics (General)
189
$15,183.94
$19,744.19
11.49%
12.81%
22.30%
24.52%
$7,360.40
$7,537.85
14.84%
13.81%
8.87%
9.09%
Engineering/Construction
56
$8,333.40
$13,462.29
15.26%
21.45%
22.20%
30.20%
$4,375.02
$4,590.27
22.21%
17.88%
4.26%
4.47%
Entertainment
84
$77,388.77
$103,615.64
18.01%
21.58%
43.75%
49.36%
$30,067.70
$29,200.81
44.76%
30.89%
20.14%
19.56%
Environmental & Waste Services
103
$25,128.58
$29,755.22
26.70%
28.86%
52.36%
55.04%
$5,781.49
$5,881.39
23.00%
19.56%
12.58%
12.80%
Farming/Agriculture
37
$19,109.44
$58,841.90
36.59%
37.68%
52.24%
53.41%
$10,829.22
$10,998.34
17.20%
10.30%
5.25%
5.33%
Financial Svcs. (Non-bank & Insurance)
288
$5,370,402.37
$5,698,941.98
92.33%
92.35%
95.67%
95.67%
$13,288.07
$13,146.06
0.20%
0.19%
6.99%
6.92%
Food Processing
96
$76,149.28
$97,653.54
20.36%
21.39%
47.41%
48.96%
$29,147.03
$29,501.95
36.21%
27.99%
11.86%
12.00%
Food Wholesalers
14
$4,171.08
$5,186.25
13.32%
14.60%
35.85%
38.34%
$2,204.02
$2,224.98
23.72%
21.26%
3.27%
3.30%
Furn/Home Furnishings
27
$6,950.13
$11,263.66
18.11%
21.02%
39.48%
43.98%
$3,218.96
$3,329.69
22.57%
17.24%
7.97%
8.25%
Green & Renewable Energy
26
$5,428.88
$6,398.65
51.40%
52.37%
58.72%
59.66%
$229.32
$198.33
6.78%
4.54%
18.45%
15.96%
Healthcare Products
261
$58,774.53
$78,002.21
12.79%
13.54%
35.47%
37.00%
$24,753.04
$25,055.85
24.43%
20.55%
16.64%
16.84%
Healthcare Support Services
138
$103,998.89
$133,303.30
19.27%
21.05%
40.36%
43.05%
$43,769.07
$44,348.35
52.65%
37.93%
4.49%
4.55%
Heathcare Information and Technology
127
$33,386.33
$41,465.16
15.20%
16.49%
42.37%
44.74%
$7,746.56
$7,890.36
28.77%
22.19%
11.80%
12.02%
Homebuilding
35
$30,780.01
$34,250.19
37.31%
37.80%
50.20%
50.71%
$5,357.63
$5,398.35
10.27%
9.57%
10.14%
10.22%
Hospitals/Healthcare Facilities
56
$120,933.98
$139,078.51
40.72%
43.05%
65.56%
67.68%
$15,798.08
$15,170.98
11.33%
9.49%
13.39%
12.86%
Hotel/Gaming
80
$117,335.63
$137,603.40
32.86%
35.33%
63.44%
65.95%
$17,917.39
$16,453.13
10.72%
8.66%
16.57%
15.21%
Household Products
135
$58,756.66
$88,669.74
14.60%
15.89%
45.67%
48.16%
$33,282.67
$33,359.36
51.65%
34.09%
16.44%
16.48%
Information Services
67
$47,798.71
$65,750.18
10.70%
11.75%
39.66%
42.20%
$29,658.83
$30,435.42
53.51%
39.37%
21.83%
22.40%
Insurance (General)
24
$64,755.10
$79,198.79
28.57%
30.09%
26.22%
27.67%
$22,415.26
$22,490.21
8.15%
7.68%
13.97%
14.02%
Insurance (Life)
25
$77,392.27
$143,814.09
41.06%
41.60%
41.76%
42.31%
$29,011.43
$29,100.33
11.82%
8.73%
14.08%
14.12%
Insurance (Prop/Cas.)
52
$56,582.20
$63,994.71
23.50%
24.76%
28.47%
29.89%
$26,078.90
$26,268.32
12.45%
11.99%
14.60%
14.71%
Investments & Asset Management
148
$167,765.26
$283,294.00
41.77%
42.55%
46.13%
46.92%
$22,501.48
$22,267.11
10.44%
6.56%
18.73%
18.53%
Machinery
137
$35,720.97
$45,946.88
15.78%
16.97%
37.10%
39.14%
$18,309.31
$18,679.10
32.51%
27.29%
12.92%
13.18%
Metals & Mining
124
$36,215.30
$40,043.68
32.90%
33.64%
41.00%
41.80%
$9,841.21
$9,874.23
14.06%
13.36%
16.02%
16.07%
Office Equipment & Services
25
$9,917.46
$11,488.32
31.73%
34.16%
66.39%
68.81%
$2,373.39
$2,460.59
28.77%
24.17%
9.06%
9.40%
Oil/Gas (Integrated)
8
$45,139.70
$76,215.63
8.35%
9.96%
13.06%
15.43%
$77,983.79
$79,463.82
17.16%
16.19%
12.01%
12.24%
Oil/Gas (Production and Exploration)
392
$228,517.17
$249,692.63
31.29%
32.51%
38.01%
39.35%
$64,831.47
$65,539.73
12.23%
11.86%
23.65%
23.91%
Oil/Gas Distribution
85
$267,877.90
$292,088.16
31.63%
32.32%
50.73%
51.53%
$34,593.71
$34,318.67
11.20%
10.27%
7.47%
7.41%
Oilfield Svcs/Equip.
161
$95,912.31
$117,688.32
19.20%
21.65%
29.23%
32.44%
$47,867.88
$48,721.78
19.90%
18.38%
5.96%
6.07%
Packaging & Container
26
$36,109.32
$42,191.85
31.32%
32.70%
62.01%
63.50%
$8,948.90
$9,109.65
23.98%
20.36%
9.69%
9.87%
Paper/Forest Products
22
$16,662.83
$18,414.30
32.69%
33.78%
60.16%
61.33%
$3,473.64
$3,531.63
14.50%
13.62%
7.82%
7.95%
Power
82
$336,027.23
$421,749.52
40.42%
43.10%
55.59%
58.29%
$56,086.77
$52,886.07
8.65%
6.99%
17.34%
16.35%
Precious Metals
147
$8,677.87
$9,298.58
28.70%
28.98%
28.15%
28.43%
$795.82
$799.30
2.91%
2.86%
7.24%
7.27%
Publshing & Newspapers
43
$31,864.03
$40,120.69
28.98%
32.15%
41.54%
45.22%
$6,686.36
$6,720.06
19.53%
15.29%
9.34%
9.39%
R.E.I.T.
213
$421,835.64
$725,976.58
45.65%
46.95%
63.90%
65.10%
$30,703.52
$25,826.18
4.38%
2.56%
24.38%
20.50%
Real Estate (Development)
18
$2,832.40
$3,166.94
29.09%
31.23%
43.11%
45.62%
$211.88
$160.11
4.69%
3.28%
16.01%
12.10%
Real Estate (General/Diversified)
11
$1,230.63
$1,325.06
21.27%
21.61%
32.91%
33.36%
$632.06
$632.10
20.13%
19.49%
43.61%
43.62%
Real Estate (Operations & Services)
52
$16,395.84
$21,211.77
33.88%
36.44%
57.93%
60.65%
$2,248.75
$2,299.44
30.31%
18.12%
10.03%
10.25%
Recreation
68
$14,264.44
$17,910.74
20.78%
24.03%
48.98%
53.65%
$4,474.01
$4,342.78
21.17%
17.21%
12.98%
12.60%
Reinsurance
4
$4,906.64
$5,231.16
26.13%
27.32%
25.69%
26.87%
$2,209.08
$2,197.69
12.14%
11.82%
13.60%
13.53%
Restaurant/Dining
79
$43,099.87
$84,979.24
12.82%
21.80%
53.40%
68.48%
$19,344.06
$17,087.25
30.35%
15.11%
15.14%
13.38%
Retail (Automotive)
30
$22,945.14
$47,286.15
26.33%
33.42%
69.15%
75.89%
$7,871.41
$6,798.06
25.91%
11.27%
5.53%
4.77%
Retail (Building Supply)
5
$27,589.40
$40,443.65
11.97%
16.29%
56.59%
65.11%
$14,824.80
$13,833.29
22.31%
16.28%
10.53%
9.83%
Retail (Distributors)
90
$44,812.59
$54,850.49
29.96%
32.43%
58.73%
61.49%
$10,602.74
$11,041.89
17.09%
14.90%
8.88%
9.24%
Retail (General)
23
$89,693.91
$158,604.84
17.74%
23.88%
43.33%
52.65%
$41,556.78
$38,340.80
18.13%
12.10%
4.92%
4.54%
Retail (Grocery and Food)
21
$18,065.25
$42,897.02
22.27%
35.95%
54.63%
70.24%
$6,098.28
$4,254.86
18.43%
6.51%
2.90%
2.02%
Retail (Online)
46
$13,110.58
$20,508.31
5.01%
6.99%
30.19%
38.14%
$4,714.03
$4,563.58
31.78%
19.84%
3.89%
3.76%
Retail (Special Lines)
128
$70,149.08
$213,110.18
13.32%
29.30%
38.14%
62.44%
$38,814.08
$33,944.39
29.88%
10.96%
6.78%
5.93%
Rubber& Tires
4
$7,044.55
$8,660.66
42.78%
46.74%
65.97%
69.47%
$1,862.38
$1,956.24
32.71%
25.86%
8.43%
8.85%
Semiconductor
100
$41,800.80
$51,742.57
9.06%
9.71%
25.51%
26.98%
$31,228.14
$31,513.37
23.38%
21.79%
19.87%
20.05%
Semiconductor Equip
47
$10,563.99
$14,312.95
14.52%
14.99%
31.91%
32.72%
$3,297.33
$3,365.68
16.23%
13.83%
10.55%
10.77%
Shipbuilding & Marine
14
$3,756.30
$4,505.69
31.98%
34.90%
42.58%
45.82%
$532.89
$618.28
6.22%
6.60%
8.13%
9.43%
Shoe
13
$2,329.89
$6,985.84
2.82%
6.84%
14.50%
30.00%
$4,940.27
$4,859.67
29.98%
21.78%
12.59%
12.38%
Software (Entertainment)
20
$5,378.34
$6,006.50
13.43%
14.75%
29.88%
32.22%
$1,698.30
$1,731.67
40.38%
35.75%
14.18%
14.45%
Software (Internet)
327
$29,048.83
$49,404.90
4.16%
5.29%
15.26%
18.82%
$25,009.99
$24,710.55
22.83%
18.87%
17.93%
17.72%
Software (System & Application)
259
$73,650.12
$95,426.37
7.79%
8.84%
28.06%
30.93%
$52,335.55
$52,596.94
44.08%
37.01%
25.06%
25.19%
Steel
40
$28,856.60
$31,690.43
38.02%
39.04%
49.29%
50.36%
$4,585.42
$4,685.25
8.38%
8.07%
4.51%
4.61%
Telecom (Wireless)
21
$70,326.43
$94,287.47
54.97%
60.69%
61.75%
67.12%
$2,038.91
$1,120.57
2.09%
0.91%
2.58%
1.42%
Telecom. Equipment
126
$38,409.85
$44,575.25
9.61%
10.49%
23.31%
25.10%
$24,112.52
$24,419.01
22.99%
21.88%
18.46%
18.70%
Telecom. Services
77
$237,685.07
$289,164.39
35.87%
39.55%
64.15%
67.68%
$69,769.07
$68,035.30
34.68%
26.21%
23.02%
22.45%
Tobacco
20
$48,576.16
$56,181.85
16.18%
16.49%
99.46%
99.47%
$27,156.35
$27,247.28
167.64%
109.52%
40.61%
40.74%
Transportation
21
$18,724.48
$37,917.18
10.83%
17.38%
42.31%
55.94%
$11,877.20
$11,465.21
35.57%
19.97%
8.52%
8.22%
Transportation (Railroads)
10
$32,931.62
$39,277.66
14.89%
16.81%
39.79%
43.29%
$16,661.83
$16,410.91
18.05%
16.35%
32.16%
31.68%
Trucking
30
$21,580.44
$47,317.33
37.62%
40.00%
72.39%
74.34%
$6,407.29
$6,889.22
18.17%
9.74%
9.10%
9.79%
Unclassified
8
$22.30
$24.71
20.22%
20.80%
26.79%
27.49%
-$7.40
-$7.20
-14.49%
-13.45%
-37.61%
-36.62%
Utility (General)
21
$139,926.80
$160,507.70
37.56%
38.00%
55.56%
56.02%
$23,659.80
$23,520.05
7.27%
6.63%
16.00%
15.91%
Utility (Water)
19
$8,848.38
$9,616.95
33.03%
33.41%
51.77%
52.20%
$1,693.18
$1,683.87
9.36%
8.86%
30.75%
30.58%
Total Market
7887
$12,346,158.05
$16,431,386.49
38.33%
39.81%
61.57%
63.03%
$1,702,598.21
$1,680,225.12
9.73%
7.61%
11.29%
11.15%

 



Last Updated in January 2015
By Aswath Damodaran