Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2018

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   Expense Ratios
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 40 27.61% 5.45% 13.39% 12.59% 11.79% 12.40% 11.61% 12.41% 11.62% 15.97% 28.31% 16.00% 72.39% 0.02% 12.34% 0.80% 5.94%
Aerospace/Defense 87 20.63% 7.22% 12.16% 11.72% 10.36% 11.81% 10.44% 11.63% 10.26% 13.47% 20.55% 17.34% 79.37% 3.86% 7.08% 0.44% 0.72%
Air Transport 17 32.49% 7.03% 13.81% 13.51% 10.19% 12.84% 9.68% 12.84% 9.69% 20.64% 24.40% 20.74% 67.51% 0.10% 3.76% 0.30% 5.29%
Apparel 51 49.73% 3.43% 11.66% 10.89% 9.77% 10.94% 9.81% 10.98% 9.84% 14.13% 52.78% 14.36% 50.27% 0.23% 38.65% 0.76% 4.63%
Auto & Truck 18 12.22% 2.07% 4.31% 3.93% 3.61% 3.96% 3.64% 4.21% 3.89% 10.25% 18.15% 15.13% 87.78% 4.89% 7.90% 0.39% 0.27%
Auto Parts 62 17.64% 5.32% 9.48% 8.96% 8.27% 9.08% 8.38% 9.55% 8.85% 11.05% 18.16% 14.51% 82.36% 3.47% 7.12% 0.52% 0.68%
Bank (Money Center) 11 100.00% 26.03% 2.35% 0.00% 0.00% -0.07% -0.05% -0.07% -0.05% 0.00% 51.03% 0.00% 0.00% 0.00% 51.03% 2.35% 2.93%
Banks (Regional) 612 99.77% 23.82% 1.47% 0.00% 0.00% -0.16% -0.12% -0.16% -0.12% 0.00% 50.10% 0.00% 0.23% 0.00% 50.10% 1.47% 2.97%
Beverage (Alcoholic) 28 48.70% 21.18% 24.06% 23.45% 21.08% 23.41% 21.04% 23.41% 21.05% 20.26% 44.64% 20.26% 51.30% 0.00% 24.38% 0.61% 0.57%
Beverage (Soft) 35 56.02% 10.86% 19.77% 19.19% 17.96% 19.32% 18.09% 19.33% 18.09% 22.71% 59.24% 23.36% 43.98% 0.65% 36.54% 0.58% 0.71%
Broadcasting 27 52.64% 4.09% 24.22% 23.28% 19.28% 23.45% 19.42% 23.45% 19.43% 28.92% 51.80% 28.93% 47.36% 0.01% 22.88% 0.95% 3.54%
Brokerage & Investment Banking 42 69.02% 15.01% 3.48% 0.34% 0.29% 0.11% 0.09% 0.11% 0.09% 0.38% 41.06% 0.44% 30.98% 0.06% 40.69% 3.14% 2.77%
Building Materials 39 27.02% 6.30% 10.69% 10.06% 7.71% 10.31% 7.91% 10.33% 7.92% 12.50% 28.81% 13.22% 72.98% 0.71% 16.31% 0.64% 1.06%
Business & Consumer Services 169 32.25% 5.19% 11.01% 10.15% 9.03% 10.49% 9.32% 10.53% 9.36% 13.05% 32.31% 13.35% 67.75% 0.30% 19.26% 0.86% 1.84%
Cable TV 14 60.80% 7.88% 19.24% 18.31% 14.24% 18.25% 14.19% 18.25% 14.19% 29.14% 54.92% 29.21% 39.20% 0.08% 25.78% 0.92% 1.01%
Chemical (Basic) 38 19.18% 5.77% 11.36% 10.89% 9.83% 10.91% 9.85% 10.94% 9.87% 13.41% 20.68% 14.04% 80.82% 0.63% 7.27% 0.47% 1.24%
Chemical (Diversified) 7 22.29% 5.58% 12.70% 12.01% 10.61% 12.03% 10.63% 12.24% 10.84% 15.45% 22.19% 18.19% 77.71% 2.73% 6.74% 0.70% 1.13%
Chemical (Specialty) 99 36.42% 7.53% 13.90% 13.24% 11.96% 13.50% 12.20% 13.56% 12.26% 18.20% 38.20% 21.20% 63.58% 3.00% 20.00% 0.66% 1.60%
Coal & Related Energy 30 23.18% 12.62% 8.51% 7.79% 7.41% 8.87% 8.43% 8.71% 8.27% 9.33% 14.93% 9.55% 76.82% 0.23% 5.60% 0.72% 2.91%
Computer Services 111 25.42% 5.93% 8.69% 8.13% 7.37% 8.30% 7.52% 8.35% 7.57% 10.83% 25.55% 13.10% 74.58% 2.27% 14.72% 0.56% 1.07%
Computers/Peripherals 58 34.69% 14.34% 21.61% 19.81% 18.81% 19.76% 18.77% 20.01% 19.01% 24.14% 33.61% 29.51% 65.31% 5.37% 9.47% 1.80% 0.61%
Construction Supplies 49 21.66% 4.78% 9.98% 9.54% 7.89% 9.62% 7.95% 9.62% 7.95% 12.74% 22.23% 15.41% 78.34% 2.67% 9.49% 0.44% 0.81%
Diversified 24 20.62% 8.54% 13.21% 12.94% 11.37% 12.95% 11.38% 13.01% 11.44% 18.15% 25.32% 20.51% 79.38% 2.36% 7.17% 0.27% 0.87%
Drugs (Biotechnology) 459 72.99% 12.57% 30.25% 25.01% 24.67% 24.92% 24.58% 26.17% 25.83% 31.34% 57.53% 63.13% 27.01% 31.79% 26.19% 5.23% 0.88%
Drugs (Pharmaceutical) 185 70.96% 14.05% 25.06% 23.61% 23.11% 23.63% 23.13% 25.21% 24.72% 31.94% 59.76% 50.03% 29.04% 18.09% 27.82% 1.45% 0.63%
Education 34 41.67% 1.38% 9.56% 8.33% 7.64% 8.17% 7.50% 8.26% 7.58% 13.43% 44.65% 14.51% 58.33% 1.08% 31.22% 1.24% 3.83%
Electrical Equipment 118 32.85% 6.21% 12.43% 11.62% 11.03% 11.89% 11.29% 12.00% 11.39% 14.98% 34.96% 17.45% 67.15% 2.47% 19.99% 0.81% 1.32%
Electronics (Consumer & Office) 24 32.53% -10.63% -0.13% -3.36% -3.16% -3.36% -3.16% -4.17% -3.97% -7.25% 17.19% 4.80% 67.47% 12.05% 24.44% 3.24% 0.98%
Electronics (General) 167 29.41% 6.67% 10.42% 9.32% 8.55% 9.48% 8.69% 9.81% 9.02% 13.60% 27.76% 19.08% 70.59% 5.48% 14.16% 1.10% 0.91%
Engineering/Construction 49 11.15% 1.99% 4.49% 4.07% 3.53% 4.29% 3.71% 4.28% 3.71% 5.63% 12.27% 5.64% 88.85% 0.01% 6.64% 0.42% 1.73%
Entertainment 90 41.91% 11.50% 21.66% 20.93% 19.79% 20.72% 19.59% 20.72% 19.59% 24.26% 40.76% 24.29% 58.09% 0.03% 16.51% 0.73% 2.06%
Environmental & Waste Services 87 32.86% 4.41% 12.62% 12.03% 11.50% 12.54% 11.98% 12.54% 11.98% 19.78% 32.71% 19.82% 67.14% 0.03% 12.93% 0.58% 2.71%
Farming/Agriculture 34 11.02% 3.08% 4.55% 4.36% 4.03% 4.50% 4.15% 4.50% 4.16% 7.18% 12.55% 8.40% 88.98% 1.22% 5.38% 0.19% 0.63%
Financial Svcs. (Non-bank & Insurance) 264 81.50% 26.46% 8.50% 7.45% 5.97% 7.28% 5.84% 7.39% 5.94% 7.76% 37.90% 8.08% 18.50% 0.31% 30.14% 1.05% 1.27%
Food Processing 87 29.05% 7.37% 14.51% 14.09% 11.96% 14.21% 12.06% 14.21% 12.06% 17.09% 31.50% 17.74% 70.95% 0.65% 14.41% 0.41% 0.88%
Food Wholesalers 15 16.96% 1.34% 3.07% 2.93% 2.58% 2.98% 2.62% 2.98% 2.62% 4.15% 18.10% 4.15% 83.04% 0.00% 13.95% 0.14% 0.43%
Furn/Home Furnishings 31 25.90% 5.89% 9.40% 9.12% 7.97% 9.42% 8.24% 9.48% 8.30% 12.57% 28.94% 14.26% 74.10% 1.69% 16.37% 0.29% 1.40%
Green & Renewable Energy 22 57.41% 1.27% 17.46% 16.01% 15.63% 11.76% 11.48% 11.73% 11.45% 55.01% 70.52% 55.22% 42.59% 0.21% 15.51% 1.44% 2.20%
Healthcare Products 251 57.45% 8.52% 16.88% 15.16% 14.43% 15.34% 14.60% 15.98% 15.25% 21.04% 53.56% 28.45% 42.55% 7.41% 32.52% 1.73% 0.88%
Healthcare Support Services 115 14.34% 2.58% 4.81% 4.61% 3.98% 4.68% 4.04% 4.67% 4.03% 5.28% 13.40% 5.33% 85.66% 0.05% 8.12% 0.20% 0.34%
Heathcare Information and Technology 112 51.59% 8.54% 15.65% 13.63% 12.81% 13.77% 12.95% 14.34% 13.52% 18.91% 47.55% 26.02% 48.41% 7.11% 28.64% 2.03% 1.32%
Homebuilding 32 20.33% 5.98% 10.45% 10.02% 7.63% 10.11% 7.70% 10.11% 7.70% 9.98% 20.20% 9.98% 79.67% 0.00% 10.22% 0.44% 0.37%
Hospitals/Healthcare Facilities 35 36.43% 0.61% 9.69% 9.22% 8.24% 8.81% 7.88% 8.81% 7.88% 14.72% 18.67% 14.72% 63.57% 0.00% 3.96% 0.47% 2.21%
Hotel/Gaming 70 54.39% 8.25% 21.32% 20.35% 17.50% 19.60% 16.85% 19.59% 16.84% 25.89% 44.27% 26.15% 45.61% 0.26% 18.38% 0.98% 1.34%
Household Products 131 50.87% 13.90% 18.90% 18.15% 16.81% 18.24% 16.90% 18.30% 16.96% 21.99% 54.16% 24.02% 49.13% 2.03% 32.18% 0.76% 1.01%
Information Services 61 50.84% 13.39% 26.77% 25.03% 21.05% 25.32% 21.30% 25.40% 21.38% 28.97% 49.78% 30.28% 49.16% 1.31% 20.81% 1.73% 1.58%
Insurance (General) 21 25.69% 2.41% 5.58% 5.03% 4.29% 5.11% 4.36% 5.11% 4.35% 12.66% 25.79% 12.67% 74.31% 0.01% 13.12% 0.54% 0.95%
Insurance (Life) 25 27.63% 4.85% 8.55% 8.19% 6.93% 8.21% 6.95% 8.21% 6.95% 8.65% 19.12% 8.65% 72.37% 0.00% 10.48% 0.36% 0.44%
Insurance (Prop/Cas.) 50 26.66% 5.17% 9.57% 9.20% 7.50% 9.30% 7.58% 9.30% 7.58% 12.09% 22.66% 12.09% 73.34% 0.00% 10.57% 0.37% 0.60%
Investments & Asset Management 165 69.81% 22.54% 22.99% 20.10% 18.44% 19.95% 18.30% 19.98% 18.32% 19.18% 51.39% 19.65% 30.19% 0.48% 32.21% 2.88% 1.66%
Machinery 126 34.67% 8.27% 14.16% 13.35% 11.47% 13.60% 11.69% 13.68% 11.77% 15.94% 35.61% 18.07% 65.33% 2.13% 19.67% 0.81% 0.99%
Metals & Mining 102 30.49% 6.03% 18.22% 17.82% 17.52% 17.94% 17.65% 17.93% 17.63% 19.51% 23.29% 19.65% 69.51% 0.14% 3.79% 0.40% 0.52%
Office Equipment & Services 24 33.90% 2.25% 8.62% 8.06% 6.58% 8.56% 6.99% 8.60% 7.02% 11.54% 35.67% 13.33% 66.10% 1.79% 24.13% 0.56% 1.54%
Oil/Gas (Integrated) 5 38.45% 5.64% 3.19% 2.76% 2.46% 2.94% 2.61% 2.93% 2.61% 11.05% 16.36% 11.48% 61.55% 0.43% 5.31% 0.43% 1.20%
Oil/Gas (Production and Exploration) 311 53.64% -6.62% 2.17% -0.20% -0.19% 0.26% 0.25% 0.23% 0.23% 19.88% 32.18% 19.96% 46.36% 0.08% 12.30% 2.37% 1.32%
Oil/Gas Distribution 16 38.39% 2.04% 18.37% 17.63% 16.78% 17.80% 16.94% 17.80% 16.94% 27.57% 34.75% 27.57% 61.61% 0.00% 7.17% 0.75% 1.02%
Oilfield Svcs/Equip. 130 13.05% 0.73% 3.42% 3.03% 2.87% 3.23% 3.06% 3.20% 3.03% 6.04% 10.48% 6.46% 86.95% 0.42% 4.43% 0.38% 1.36%
Packaging & Container 25 23.33% 5.25% 10.29% 9.84% 7.64% 10.00% 7.77% 10.00% 7.77% 14.45% 25.03% 14.95% 76.67% 0.50% 10.58% 0.44% 0.94%
Paper/Forest Products 21 18.97% 2.26% 5.77% 5.40% 4.63% 5.43% 4.66% 5.44% 4.67% 9.64% 19.47% 9.76% 81.03% 0.12% 9.83% 0.37% 0.63%
Power 61 39.42% 13.93% 18.76% 18.33% 14.61% 17.94% 14.30% 17.92% 14.27% 32.15% 34.52% 32.22% 60.58% 0.07% 2.37% 0.43% 1.58%
Precious Metals 111 44.59% 3.55% 18.72% 17.24% 16.86% 17.38% 17.00% 17.39% 17.01% 36.38% 44.47% 37.76% 55.41% 1.38% 8.08% 1.49% 0.63%
Publishing & Newspapers 41 39.29% -1.18% 8.10% 7.60% 6.70% 7.43% 6.55% 7.43% 6.54% 11.24% 37.42% 11.37% 60.71% 0.14% 26.18% 0.49% 1.60%
R.E.I.T. 244 61.96% 24.44% 27.45% 26.03% 25.52% 22.31% 21.87% 22.31% 21.87% 45.83% 54.53% 45.86% 38.04% 0.02% 8.70% 1.42% 2.42%
Real Estate (Development) 20 39.70% 13.45% 15.18% 14.05% 13.24% 11.59% 10.91% 11.59% 10.91% 26.87% 39.35% 26.87% 60.30% 0.00% 12.48% 1.13% 0.75%
Real Estate (General/Diversified) 10 55.30% 8.99% 18.85% 14.53% 12.68% 14.64% 12.77% 14.64% 12.77% 17.30% 57.82% 17.30% 44.70% 0.00% 40.52% 4.32% 1.05%
Real Estate (Operations & Services) 60 46.92% 5.18% 8.71% 7.52% 6.86% 7.56% 6.89% 7.58% 6.92% 10.41% 45.76% 10.54% 53.08% 0.12% 35.34% 1.19% 2.20%
Recreation 70 38.60% 2.12% 11.74% 10.90% 9.80% 10.92% 9.81% 11.09% 9.98% 16.51% 39.80% 19.38% 61.40% 2.87% 23.29% 0.84% 1.61%
Reinsurance 3 15.89% 5.26% 7.70% 7.35% 6.54% 7.31% 6.51% 7.31% 6.51% 11.43% 11.85% 11.43% 84.11% 0.00% 0.41% 0.36% 0.28%
Restaurant/Dining 81 29.81% 9.98% 16.93% 16.25% 13.81% 14.55% 12.37% 14.55% 12.36% 20.52% 29.25% 20.54% 70.19% 0.02% 8.74% 0.68% 4.98%
Retail (Automotive) 25 21.69% 3.27% 6.17% 5.98% 4.84% 5.39% 4.36% 5.39% 4.36% 7.18% 22.23% 7.18% 78.31% 0.00% 15.06% 0.19% 1.67%
Retail (Building Supply) 8 34.15% 7.00% 12.31% 12.08% 10.23% 11.63% 9.84% 11.63% 9.84% 13.33% 33.51% 13.33% 65.85% 0.00% 20.18% 0.23% 0.99%
Retail (Distributors) 92 27.87% 3.93% 7.98% 7.66% 6.57% 7.97% 6.84% 7.97% 6.84% 8.40% 27.09% 8.41% 72.13% 0.01% 18.69% 0.32% 1.53%
Retail (General) 18 25.45% 2.32% 4.70% 4.50% 3.47% 4.21% 3.24% 4.21% 3.24% 6.86% 27.24% 6.86% 74.55% 0.00% 20.38% 0.19% 0.90%
Retail (Grocery and Food) 14 22.21% 1.62% 2.78% 2.64% 2.09% 2.33% 1.84% 2.33% 1.84% 4.91% 22.75% 4.91% 77.79% 0.00% 17.83% 0.14% 0.82%
Retail (Online) 61 43.76% 3.72% 6.07% 3.90% 3.60% 3.76% 3.48% 4.14% 3.86% 8.43% 36.30% 9.81% 56.24% 1.38% 27.87% 2.17% 0.84%
Retail (Special Lines) 106 26.91% 3.18% 6.53% 6.26% 4.88% 5.82% 4.54% 5.82% 4.54% 8.57% 28.87% 8.63% 73.09% 0.06% 20.31% 0.27% 3.87%
Rubber& Tires 4 24.18% 6.64% 9.99% 9.83% 9.05% 10.31% 9.50% 10.33% 9.52% 17.17% 31.51% 19.64% 75.82% 2.47% 14.34% 0.16% 1.86%
Semiconductor 72 54.69% 18.10% 27.55% 24.93% 22.93% 25.02% 23.01% 26.07% 24.06% 31.03% 42.13% 48.85% 45.31% 17.82% 11.10% 2.62% 0.55%
Semiconductor Equip 45 43.72% 18.74% 23.92% 22.35% 20.45% 22.55% 20.63% 23.66% 21.74% 24.29% 34.30% 35.26% 56.28% 10.96% 10.01% 1.57% 0.51%
Shipbuilding & Marine 9 23.78% -1.80% 6.78% 5.89% 5.40% 7.40% 6.79% 7.40% 6.79% 13.54% 23.79% 13.54% 76.22% 0.00% 10.25% 0.89% 6.15%
Shoe 11 43.73% 9.44% 12.44% 11.77% 9.80% 11.39% 9.48% 11.37% 9.47% 14.39% 46.22% 14.49% 56.27% 0.10% 31.82% 0.67% 2.57%
Software (Entertainment) 13 66.18% 15.97% 24.44% 20.55% 20.10% 20.57% 20.11% 22.05% 21.60% 23.98% 50.76% 42.71% 33.82% 18.73% 26.77% 3.89% 1.23%
Software (Internet) 305 66.93% 23.83% 32.82% 24.60% 23.98% 24.31% 23.70% 26.04% 25.43% 26.20% 51.87% 42.21% 33.07% 16.02% 25.67% 8.22% 1.21%
Software (System & Application) 255 66.61% 14.59% 25.92% 19.17% 18.41% 19.25% 18.49% 21.09% 20.33% 25.94% 54.58% 43.89% 33.39% 17.95% 28.63% 6.74% 1.52%
Steel 37 16.05% 3.51% 7.51% 7.14% 6.64% 7.29% 6.77% 7.29% 6.78% 8.09% 15.13% 8.18% 83.95% 0.09% 7.04% 0.37% 0.59%
Telecom (Wireless) 18 56.55% 1.01% 9.66% 9.02% 8.31% 8.77% 8.08% 8.78% 8.08% 25.80% 54.41% 25.85% 43.45% 0.05% 28.62% 0.64% 7.74%
Telecom. Equipment 104 52.90% 13.76% 21.35% 18.21% 16.73% 18.37% 16.87% 18.51% 17.02% 23.73% 44.96% 35.97% 47.10% 12.24% 21.23% 3.14% 0.98%
Telecom. Services 66 55.77% 8.38% 18.50% 18.05% 16.59% 17.58% 16.16% 17.58% 16.16% 32.77% 55.18% 33.33% 44.23% 0.56% 22.40% 0.46% 2.76%
Tobacco 24 58.77% 43.37% 40.81% 40.45% 38.32% 40.60% 38.47% 40.62% 38.48% 41.43% 59.59% 42.65% 41.23% 1.22% 18.16% 0.36% 0.77%
Transportation 18 21.04% 4.44% 8.42% 7.87% 6.14% 7.72% 6.02% 7.72% 6.03% 11.38% 13.44% 11.39% 78.96% 0.01% 2.06% 0.55% 2.75%
Transportation (Railroads) 8 47.25% 18.68% 35.10% 34.49% 26.27% 34.33% 26.15% 34.33% 26.15% 41.59% 41.68% 41.59% 52.75% 0.00% 0.09% 0.62% 3.22%
Trucking 30 20.36% 1.99% 7.23% 6.96% 5.53% 7.65% 6.08% 7.66% 6.08% 14.34% 21.80% 14.38% 79.64% 0.04% 7.46% 0.27% 4.78%
Utility (General) 18 38.53% 9.48% 19.90% 19.50% 13.48% 19.39% 13.40% 19.39% 13.40% 30.01% 30.47% 30.03% 61.47% 0.02% 0.46% 0.40% 0.42%
Utility (Water) 23 54.32% 12.96% 28.97% 28.34% 24.06% 28.31% 24.03% 28.27% 24.00% 38.96% 47.83% 39.29% 45.68% 0.33% 8.88% 0.63% 0.66%
Total Market 7247 36.57% 7.90% 11.64% 10.66% 9.59% 10.56% 9.50% 10.70% 9.64% 15.02% 31.34% 17.41% 63.43% 2.39% 16.32% 0.98% 1.45%
Total Market (without financials) 6057 33.17% 6.89% 12.22% 11.29% 10.40% 11.19% 10.30% 11.35% 10.46% 16.03% 30.56% 18.68% 66.83% 2.66% 14.53% 0.93% 1.41%

Last Updated in January 2018
By Aswath Damodaran