Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2020

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/margin.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

    Gross Income Based Net Income Based    
Industry  Name Number of firms Gross Margin Net Margin Pre-tax, Pre-stock compensation Operating Margin Pre-tax Unadjusted Operating Margin After-tax Unadjusted Operating Margin Pre-tax Lease adjusted Margin After-tax Lease Adjusted Margin Pre-tax Lease & R&D adj Margin After-tax Lease & R&D adj Margin EBITDA/Sales EBITDASG&A/Sales EBITDAR&D/Sales COGS/Sales R&D/Sales SG&A/ Sales Stock-Based Compensation/Sales Lease Expense/Sales
Advertising 47 25.81% 3.30% 13.06% 12.07% 11.57% 12.23% 11.72% 12.20% 11.69% 15.09% 25.04% 15.49% 74.19% 0.41% 9.96% 0.99% 5.98%
Aerospace/Defense 77 20.33% 7.25% 11.82% 11.37% 10.40% 11.43% 10.46% 11.75% 10.77% 14.82% 21.86% 18.43% 79.67% 3.61% 7.05% 0.45% 0.68%
Air Transport 18 30.32% 7.49% 11.89% 11.60% 9.46% 11.16% 9.10% 11.16% 9.10% 15.38% 19.11% 15.49% 69.68% 0.11% 3.73% 0.29% 5.92%
Apparel 51 49.52% 5.87% 11.48% 10.58% 9.40% 10.71% 9.52% 10.71% 9.52% 13.12% 51.32% 13.27% 50.48% 0.15% 38.20% 0.90% 4.50%
Auto & Truck 13 10.49% 3.04% 3.82% 3.41% 3.21% 3.45% 3.24% 3.51% 3.31% 8.18% 14.84% 13.31% 89.51% 5.12% 6.66% 0.42% 0.31%
Auto Parts 46 15.77% 3.05% 7.60% 7.24% 6.72% 7.37% 6.84% 7.44% 6.90% 11.57% 18.14% 14.54% 84.23% 2.96% 6.56% 0.36% 0.75%
Bank (Money Center) 7 100.00% 30.63% 2.23% 0.00% 0.00% -0.16% -0.13% -0.16% -0.13% 0.00% 52.11% 0.00% 0.00% 0.00% 52.11% 2.23% 2.88%
Banks (Regional) 611 99.86% 30.50% 1.31% 0.00% 0.00% -0.29% -0.24% -0.29% -0.24% 0.00% 48.82% 0.00% 0.14% 0.00% 48.82% 1.31% 2.51%
Beverage (Alcoholic) 21 46.60% 7.94% 22.57% 22.11% 20.65% 22.11% 20.65% 22.11% 20.65% 27.84% 51.35% 27.84% 53.40% 0.00% 23.51% 0.46% 0.70%
Beverage (Soft) 34 56.31% 18.50% 20.89% 20.40% 19.58% 20.56% 19.73% 20.53% 19.70% 22.61% 57.89% 23.17% 43.69% 0.56% 35.28% 0.49% 0.72%
Broadcasting 27 47.68% 29.83% 22.92% 21.99% 19.07% 21.83% 18.93% 21.83% 18.93% 27.01% 46.57% 27.01% 52.32% 0.00% 19.56% 0.92% 3.18%
Brokerage & Investment Banking 39 68.04% 17.62% 3.52% 0.55% 0.48% 0.23% 0.20% 0.23% 0.20% 0.55% 39.40% 0.58% 31.96% 0.03% 38.85% 2.97% 2.69%
Building Materials 42 26.73% 4.30% 9.88% 9.01% 7.55% 9.23% 7.73% 9.22% 7.72% 12.27% 28.73% 13.04% 73.27% 0.77% 16.46% 0.87% 1.05%
Business & Consumer Services 165 35.66% 3.83% 11.12% 10.19% 9.34% 10.48% 9.61% 10.50% 9.63% 14.84% 35.69% 15.16% 64.34% 0.32% 20.85% 0.94% 1.76%
Cable TV 14 61.71% 8.55% 18.94% 17.95% 15.34% 17.88% 15.28% 17.93% 15.33% 30.17% 58.14% 30.30% 38.29% 0.14% 27.97% 0.99% 0.99%
Chemical (Basic) 43 15.86% 3.85% 8.72% 8.30% 7.75% 8.35% 7.79% 8.33% 7.78% 18.28% 23.85% 19.57% 84.14% 1.29% 5.58% 0.42% 1.48%
Chemical (Diversified) 6 21.61% 4.31% 11.22% 10.75% 9.47% 10.79% 9.51% 10.81% 9.53% 20.79% 29.72% 22.73% 78.39% 1.93% 8.92% 0.47% 1.12%
Chemical (Specialty) 94 31.16% 4.76% 13.20% 12.57% 11.18% 12.74% 11.34% 12.89% 11.49% 19.16% 33.43% 22.03% 68.84% 2.87% 14.27% 0.63% 1.38%
Coal & Related Energy 22 22.84% 4.94% 7.62% 6.63% 6.57% 6.91% 6.85% 6.90% 6.83% 20.20% 25.16% 20.42% 77.16% 0.23% 4.96% 0.99% 1.89%
Computer Services 106 24.64% 4.34% 8.20% 7.65% 6.96% 8.00% 7.28% 8.11% 7.40% 11.03% 25.13% 12.97% 75.36% 1.94% 14.10% 0.55% 1.41%
Computers/Peripherals 48 33.34% 12.83% 17.29% 15.51% 14.54% 15.45% 14.49% 15.86% 14.90% 20.54% 32.42% 26.59% 66.66% 6.05% 11.88% 1.78% 0.58%
Construction Supplies 44 22.52% 8.15% 12.29% 11.93% 10.04% 12.02% 10.12% 12.09% 10.19% 14.76% 22.90% 17.11% 77.48% 2.35% 8.14% 0.37% 0.67%
Diversified 23 20.82% 7.72% 13.93% 13.72% 12.80% 13.71% 12.79% 13.65% 12.74% 12.27% 18.91% 14.22% 79.18% 1.95% 6.64% 0.22% 0.97%
Drugs (Biotechnology) 503 66.86% -0.84% 17.17% 11.25% 11.19% 11.09% 11.02% 20.24% 20.17% 21.06% 51.35% 67.64% 33.14% 46.58% 30.29% 5.91% 1.04%
Drugs (Pharmaceutical) 267 70.26% 18.38% 26.54% 24.85% 24.52% 24.77% 24.43% 24.34% 24.00% 32.04% 58.34% 50.76% 29.74% 18.72% 26.30% 1.69% 0.65%
Education 35 41.63% 9.59% 9.90% 8.75% 8.18% 8.73% 8.15% 8.84% 8.27% 13.81% 43.96% 14.99% 58.37% 1.18% 30.15% 1.15% 3.70%
Electrical Equipment 113 35.25% 8.89% 14.72% 13.61% 13.07% 13.83% 13.28% 14.03% 13.49% 17.21% 36.84% 19.92% 64.75% 2.71% 19.63% 1.11% 1.19%
Electronics (Consumer & Office) 20 33.41% -3.14% 1.22% -1.27% -1.20% -1.27% -1.20% -1.20% -1.13% 3.36% 28.60% 12.38% 66.59% 9.02% 25.24% 2.49% 0.89%
Electronics (General) 153 27.56% 5.70% 9.92% 8.87% 8.28% 9.01% 8.41% 9.18% 8.59% 14.22% 27.22% 19.53% 72.44% 5.31% 13.00% 1.05% 0.87%
Engineering/Construction 54 11.78% 1.00% 4.26% 3.89% 3.52% 4.10% 3.71% 4.10% 3.71% 6.27% 13.65% 6.28% 88.22% 0.02% 7.39% 0.37% 1.93%
Entertainment 107 40.90% 11.73% 15.30% 13.52% 13.26% 13.04% 12.79% 13.46% 13.21% 18.39% 37.25% 22.16% 59.10% 3.77% 18.86% 1.77% 2.17%
Environmental & Waste Services 82 32.58% 5.83% 12.75% 12.10% 11.60% 12.32% 11.81% 12.32% 11.81% 20.24% 32.76% 20.26% 67.42% 0.01% 12.51% 0.65% 2.19%
Farming/Agriculture 31 11.36% 2.47% 4.21% 4.02% 3.78% 4.13% 3.89% 4.20% 3.95% 7.94% 13.73% 9.40% 88.64% 1.46% 5.79% 0.20% 0.53%
Financial Svcs. (Non-bank & Insurance) 232 78.28% 26.94% 8.65% 7.51% 6.43% 7.36% 6.30% 7.40% 6.34% 10.66% 42.40% 11.09% 21.72% 0.42% 31.73% 1.14% 1.14%
Food Processing 88 26.47% 1.31% 12.35% 12.00% 11.23% 12.18% 11.40% 12.18% 11.40% 15.58% 29.47% 16.17% 73.53% 0.60% 13.90% 0.34% 0.87%
Food Wholesalers 17 15.96% 1.11% 2.88% 2.72% 2.50% 2.69% 2.48% 2.69% 2.48% 3.78% 16.93% 3.78% 84.04% 0.00% 13.14% 0.16% 0.42%
Furn/Home Furnishings 35 24.85% 5.15% 7.53% 7.09% 6.51% 7.41% 6.80% 7.41% 6.81% 10.90% 27.98% 12.58% 75.15% 1.68% 17.08% 0.44% 1.63%
Green & Renewable Energy 22 59.29% -11.39% 12.94% 11.82% 11.64% 8.02% 7.90% 8.59% 8.47% 49.29% 63.72% 50.05% 40.71% 0.75% 14.43% 1.12% 1.77%
Healthcare Products 242 57.83% 9.27% 17.09% 15.00% 14.47% 15.09% 14.56% 15.99% 15.46% 22.21% 55.05% 30.58% 42.17% 8.37% 32.84% 2.09% 0.88%
Healthcare Support Services 128 14.34% 1.78% 4.56% 4.37% 4.01% 4.26% 3.91% 4.26% 3.91% 4.62% 13.81% 4.63% 85.66% 0.02% 9.19% 0.19% 0.44%
Heathcare Information and Technology 129 47.65% 8.90% 14.46% 12.58% 12.10% 12.65% 12.16% 13.07% 12.59% 18.75% 44.96% 24.95% 52.35% 6.20% 26.21% 1.88% 1.27%
Homebuilding 32 20.32% 7.52% 10.61% 10.15% 8.42% 10.18% 8.45% 10.18% 8.45% 10.80% 20.92% 10.80% 79.68% 0.00% 10.12% 0.46% 0.39%
Hospitals/Healthcare Facilities 36 36.45% 2.51% 11.32% 10.76% 9.95% 10.40% 9.62% 10.40% 9.62% 15.05% 18.71% 15.05% 63.55% 0.00% 3.66% 0.56% 1.97%
Hotel/Gaming 65 53.34% 9.88% 20.05% 19.22% 16.81% 18.59% 16.26% 18.59% 16.26% 27.88% 46.62% 28.11% 46.66% 0.23% 18.74% 0.83% 1.28%
Household Products 127 50.94% 4.73% 18.23% 17.43% 16.40% 17.50% 16.46% 17.49% 16.45% 21.05% 53.99% 23.02% 49.06% 1.97% 32.94% 0.80% 1.12%
Information Services 69 55.53% 19.13% 30.37% 28.28% 25.92% 28.41% 26.04% 28.55% 26.18% 31.90% 54.35% 34.05% 44.47% 2.15% 22.45% 2.08% 1.50%
Insurance (General) 19 29.64% 6.26% 12.95% 12.18% 10.22% 12.29% 10.31% 12.29% 10.31% 13.95% 26.59% 13.96% 70.36% 0.01% 12.64% 0.76% 0.88%
Insurance (Life) 24 31.12% 8.96% 13.56% 13.29% 11.32% 13.29% 11.32% 13.29% 11.32% 12.19% 22.14% 12.19% 68.88% 0.00% 9.95% 0.27% 0.37%
Insurance (Prop/Cas.) 51 28.79% 7.32% 11.06% 10.67% 9.18% 10.73% 9.23% 10.73% 9.23% 10.54% 22.85% 10.54% 71.21% 0.00% 12.31% 0.39% 0.55%
Investments & Asset Management 192 69.36% 21.06% 20.87% 17.46% 16.15% 17.14% 15.86% 17.17% 15.89% 18.70% 52.08% 19.23% 30.64% 0.52% 33.38% 3.41% 1.54%
Machinery 120 34.84% 9.62% 14.52% 13.84% 12.13% 14.05% 12.32% 14.10% 12.36% 17.52% 36.87% 19.63% 65.16% 2.10% 19.35% 0.68% 1.01%
Metals & Mining 92 24.10% 2.01% 11.69% 11.28% 11.06% 11.37% 11.14% 11.36% 11.13% 33.66% 38.37% 33.82% 75.90% 0.16% 4.71% 0.41% 0.64%
Office Equipment & Services 22 37.24% 4.91% 9.42% 8.85% 7.50% 9.06% 7.67% 9.16% 7.77% 11.90% 38.14% 14.06% 62.76% 2.16% 26.25% 0.57% 1.66%
Oil/Gas (Integrated) 4 35.73% 6.76% 7.59% 7.33% 5.53% 7.39% 5.58% 7.40% 5.58% 19.41% 29.18% 19.78% 64.27% 0.37% 9.77% 0.27% 0.87%
Oil/Gas (Production and Exploration) 269 58.64% 8.51% 21.07% 19.87% 19.13% 20.22% 19.47% 20.22% 19.47% 51.42% 59.92% 51.47% 41.36% 0.06% 8.50% 1.20% 1.05%
Oil/Gas Distribution 24 40.59% 4.27% 21.67% 20.90% 19.76% 20.90% 19.76% 20.90% 19.76% 30.63% 37.66% 30.63% 59.41% 0.00% 7.03% 0.76% 1.32%
Oilfield Svcs/Equip. 136 10.82% -2.60% 4.49% 4.16% 3.95% 4.35% 4.13% 4.37% 4.15% 8.30% 12.48% 8.69% 89.18% 0.39% 4.18% 0.33% 1.13%
Packaging & Container 24 23.20% 4.66% 10.59% 10.14% 8.90% 10.34% 9.08% 10.35% 9.09% 15.92% 25.97% 16.36% 76.80% 0.43% 10.05% 0.45% 1.14%
Paper/Forest Products 15 16.41% 0.85% 5.70% 5.40% 4.84% 5.48% 4.91% 5.48% 4.91% 12.42% 20.81% 12.54% 83.59% 0.12% 8.39% 0.29% 0.50%
Power 52 40.63% 6.41% 18.77% 18.32% 15.89% 18.10% 15.70% 18.10% 15.70% 31.74% 34.16% 31.75% 59.37% 0.00% 2.42% 0.45% 1.78%
Precious Metals 83 43.22% 19.37% 15.94% 14.51% 14.26% 14.50% 14.24% 14.45% 14.20% 30.45% 37.89% 31.77% 56.78% 1.32% 7.44% 1.43% 0.74%
Publishing & Newspapers 31 39.45% -1.64% 5.99% 5.43% 4.99% 5.34% 4.91% 5.33% 4.90% 11.24% 38.92% 11.45% 60.55% 0.21% 27.68% 0.55% 1.67%
R.E.I.T. 234 58.33% 15.17% 28.73% 27.15% 26.63% 23.47% 23.02% 23.47% 23.02% 49.64% 59.02% 49.65% 41.67% 0.01% 9.39% 1.58% 2.71%
Real Estate (Development) 20 29.78% 6.65% 11.08% 10.28% 10.05% 7.59% 7.42% 7.59% 7.42% 13.78% 23.97% 13.78% 70.22% 0.00% 10.19% 0.80% 0.53%
Real Estate (General/Diversified) 12 74.76% 19.75% 34.78% 29.91% 27.95% 29.46% 27.53% 29.46% 27.53% 47.19% 93.85% 47.19% 25.24% 0.00% 46.66% 4.86% 1.66%
Real Estate (Operations & Services) 57 37.14% 3.59% 6.97% 5.75% 5.43% 5.75% 5.43% 5.77% 5.45% 8.32% 36.74% 8.45% 62.86% 0.12% 28.42% 1.22% 1.74%
Recreation 63 38.02% 1.15% 10.33% 9.58% 8.79% 9.26% 8.50% 9.40% 8.64% 13.05% 37.36% 15.99% 61.98% 2.94% 24.31% 0.76% 1.78%
Reinsurance 2 21.12% 3.95% 6.75% 6.61% 5.45% 6.54% 5.39% 6.54% 5.39% 6.02% 6.36% 6.02% 78.88% 0.00% 0.33% 0.14% 0.26%
Restaurant/Dining 77 30.49% 10.57% 16.46% 15.69% 14.66% 13.34% 12.47% 13.34% 12.47% 20.30% 30.19% 20.31% 69.51% 0.00% 9.88% 0.76% 5.42%
Retail (Automotive) 26 21.63% 3.55% 5.86% 5.63% 4.84% 4.88% 4.19% 4.88% 4.19% 6.69% 22.00% 6.69% 78.37% 0.00% 15.31% 0.23% 1.66%
Retail (Building Supply) 17 34.00% 6.45% 11.46% 11.20% 9.53% 10.93% 9.30% 10.93% 9.30% 13.14% 34.43% 13.16% 66.00% 0.03% 21.30% 0.26% 1.61%
Retail (Distributors) 80 29.27% 4.51% 8.70% 8.35% 7.35% 8.63% 7.60% 8.63% 7.60% 9.18% 28.35% 9.19% 70.73% 0.01% 19.17% 0.35% 1.47%
Retail (General) 18 24.79% 2.44% 4.39% 4.18% 3.53% 3.89% 3.29% 3.89% 3.29% 6.42% 26.55% 6.42% 75.21% 0.00% 20.13% 0.21% 0.87%
Retail (Grocery and Food) 13 23.38% 1.44% 2.45% 2.29% 2.00% 1.92% 1.67% 1.92% 1.67% 4.60% 23.60% 4.60% 76.62% 0.00% 19.00% 0.16% 0.84%
Retail (Online) 70 45.25% 4.57% 9.11% 6.71% 6.51% 6.26% 6.08% 6.24% 6.06% 11.38% 38.63% 21.86% 54.75% 10.48% 27.24% 2.40% 1.23%
Retail (Special Lines) 89 30.40% 3.31% 6.07% 5.76% 5.08% 5.58% 4.91% 5.58% 4.92% 8.01% 32.22% 8.11% 69.60% 0.10% 24.21% 0.30% 4.59%
Rubber& Tires 4 20.66% 1.26% 5.66% 5.51% 4.37% 5.92% 4.69% 5.97% 4.74% 12.27% 27.52% 15.03% 79.34% 2.76% 15.25% 0.15% 2.12%
Semiconductor 72 56.04% 19.42% 28.36% 24.62% 23.10% 24.67% 23.15% 25.37% 23.85% 41.03% 50.62% 59.63% 43.96% 18.60% 9.58% 3.74% 0.61%
Semiconductor Equip 39 42.82% 15.92% 21.09% 19.22% 17.35% 19.42% 17.53% 19.91% 18.02% 25.66% 36.71% 37.63% 57.18% 11.97% 11.06% 1.87% 0.60%
Shipbuilding & Marine 10 23.00% 2.52% 7.96% 7.41% 7.05% 8.36% 7.96% 8.36% 7.96% 14.93% 24.23% 14.93% 77.00% 0.00% 9.30% 0.55% 5.73%
Shoe 11 45.22% 10.48% 13.30% 12.47% 10.73% 12.23% 10.52% 12.23% 10.52% 13.21% 45.76% 13.31% 54.78% 0.10% 32.55% 0.83% 2.47%
Software (Entertainment) 86 64.46% 20.53% 30.51% 22.64% 22.06% 21.69% 21.13% 24.57% 24.01% 29.20% 53.55% 46.31% 35.54% 17.11% 24.35% 7.86% 0.98%
Software (Internet) 30 62.64% 2.07% 16.27% 9.15% 9.04% 8.30% 8.19% 10.99% 10.89% 18.71% 54.66% 32.72% 37.36% 14.00% 35.95% 7.12% 2.23%
Software (System & Application) 363 71.37% 19.54% 28.55% 22.25% 21.67% 22.21% 21.63% 24.06% 23.48% 28.18% 59.41% 45.42% 28.63% 17.25% 31.24% 6.30% 1.60%
Steel 32 16.28% 5.98% 8.13% 7.75% 7.03% 7.84% 7.12% 7.85% 7.13% 13.01% 19.83% 13.10% 83.72% 0.09% 6.82% 0.37% 0.54%
Telecom (Wireless) 18 57.96% 0.79% 11.21% 10.39% 9.78% 10.16% 9.56% 10.16% 9.56% 30.07% 57.81% 30.26% 42.04% 0.19% 27.75% 0.83% 7.25%
Telecom. Equipment 91 55.74% 12.55% 22.14% 19.28% 18.45% 19.55% 18.71% 20.32% 19.47% 23.70% 45.68% 36.69% 44.26% 12.99% 21.98% 2.86% 1.00%
Telecom. Services 67 55.71% 4.27% 18.74% 18.29% 17.53% 18.05% 17.29% 18.02% 17.27% 33.93% 55.68% 34.33% 44.29% 0.41% 21.75% 0.45% 3.03%
Tobacco 17 59.95% 16.84% 39.77% 39.34% 34.82% 39.40% 34.87% 39.35% 34.83% 41.57% 62.02% 42.74% 40.05% 1.17% 20.45% 0.43% 0.79%
Transportation 18 18.49% 3.79% 5.67% 5.04% 4.40% 4.90% 4.27% 4.90% 4.27% 8.82% 10.82% 8.84% 81.51% 0.02% 2.00% 0.63% 2.75%
Transportation (Railroads) 8 51.19% 26.24% 39.16% 38.69% 33.96% 38.21% 33.53% 38.21% 33.53% 47.87% 47.85% 47.87% 48.81% 0.00% -0.02% 0.46% 2.47%
Trucking 33 23.22% -8.55% 1.50% -4.62% -3.84% -3.99% -3.32% -0.38% 0.29% 8.13% 24.16% 14.17% 76.78% 6.05% 16.03% 6.12% 3.96%
Utility (General) 16 35.61% 10.58% 17.89% 17.45% 15.11% 17.28% 14.96% 17.28% 14.96% 27.64% 27.95% 27.66% 64.39% 0.02% 0.31% 0.44% 0.37%
Utility (Water) 17 56.36% 15.94% 30.92% 30.26% 27.23% 30.10% 27.08% 30.10% 27.09% 43.84% 48.12% 43.86% 43.64% 0.02% 4.28% 0.66% 0.67%
Total Market 7053 36.32% 7.71% 11.78% 10.70% 9.92% 10.58% 9.80% 10.81% 10.04% 15.64% 32.23% 18.54% 63.68% 2.90% 16.59% 1.08% 1.42%
Total Market (without financials) 5878 32.95% 6.35% 12.19% 11.15% 10.51% 11.03% 10.39% 11.29% 10.65% 16.59% 31.45% 19.79% 67.05% 3.21% 14.87% 1.04% 1.40%

Last Updated in January 2020
By Aswath Damodaran