Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2019

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 48 28.54% 3.10% 12.97% 11.62% 10.96% 11.86% 11.18% 11.86% 11.19% 14.43% 28.23% 14.87% 71.46% 0.44% 13.80% 1.35% 5.91%
Aerospace/Defense 85 20.72% 7.92% 12.37% 11.94% 10.58% 12.03% 10.66% 12.07% 10.69% 13.67% 20.60% 17.08% 79.28% 3.41% 6.93% 0.43% 0.64%
Air Transport 18 29.79% 7.86% 10.98% 10.71% 10.02% 10.40% 9.72% 10.40% 9.73% 17.32% 21.04% 17.43% 70.21% 0.11% 3.72% 0.27% 5.15%
Apparel 50 50.09% 4.52% 10.89% 10.09% 8.66% 10.26% 8.80% 10.26% 8.80% 12.31% 51.63% 12.49% 49.91% 0.19% 39.32% 0.80% 4.09%
Auto & Truck 14 11.45% 1.82% 4.67% 4.21% 3.78% 4.26% 3.83% 4.46% 4.03% 11.64% 18.44% 16.63% 88.55% 4.99% 6.80% 0.46% 0.30%
Auto Parts 52 16.73% 4.92% 9.30% 8.88% 7.85% 8.99% 7.95% 9.31% 8.26% 11.32% 17.83% 14.56% 83.27% 3.24% 6.51% 0.43% 0.69%
Bank (Money Center) 10 100.00% 21.46% 2.39% 0.00% 0.00% -0.06% -0.04% -0.06% -0.04% 0.00% 50.89% 0.00% 0.00% 0.00% 50.89% 2.39% 2.84%
Banks (Regional) 633 99.81% 28.99% 1.45% 0.00% 0.00% -0.07% -0.05% -0.07% -0.05% 0.00% 49.15% 0.00% 0.19% 0.00% 49.15% 1.45% 2.64%
Beverage (Alcoholic) 31 47.82% 24.35% 23.02% 22.39% 21.81% 22.41% 21.84% 22.41% 21.84% 28.31% 52.88% 28.31% 52.18% 0.00% 24.57% 0.64% 0.67%
Beverage (Soft) 37 55.95% 8.76% 21.34% 20.76% 19.96% 20.91% 20.10% 20.90% 20.09% 23.89% 58.35% 24.61% 44.05% 0.72% 34.46% 0.58% 0.73%
Broadcasting 24 49.40% 9.59% 21.43% 20.42% 19.90% 20.84% 20.31% 20.85% 20.32% 24.34% 45.66% 24.36% 50.60% 0.02% 21.32% 1.00% 3.49%
Brokerage & Investment Banking 38 71.64% 14.23% 3.44% 0.41% 0.32% 0.30% 0.23% 0.30% 0.23% 0.40% 41.26% 0.45% 28.36% 0.05% 40.86% 3.04% 2.64%
Building Materials 42 26.62% 5.23% 9.91% 9.37% 7.86% 9.63% 8.08% 9.65% 8.10% 11.90% 27.79% 12.70% 73.38% 0.80% 15.89% 0.55% 0.99%
Business & Consumer Services 168 35.44% 6.47% 11.46% 10.56% 9.76% 10.91% 10.08% 10.93% 10.11% 14.96% 35.34% 15.26% 64.56% 0.30% 20.39% 0.89% 1.73%
Cable TV 14 61.38% 25.44% 19.30% 18.41% 17.75% 18.39% 17.73% 18.39% 17.73% 32.42% 58.37% 32.50% 38.62% 0.09% 25.96% 0.89% 1.14%
Chemical (Basic) 39 21.25% 9.30% 13.14% 12.73% 11.80% 12.80% 11.86% 12.84% 11.90% 16.26% 23.87% 16.89% 78.75% 0.63% 7.61% 0.41% 1.33%
Chemical (Diversified) 6 25.99% 4.97% 14.28% 13.59% 13.16% 13.65% 13.22% 14.45% 14.02% 14.25% 21.84% 17.37% 74.01% 3.12% 7.59% 0.69% 1.00%
Chemical (Specialty) 89 34.43% 8.29% 14.26% 13.65% 12.19% 13.92% 12.43% 14.03% 12.54% 17.37% 35.58% 19.32% 65.57% 1.95% 18.21% 0.62% 1.49%
Coal & Related Energy 23 23.38% 7.50% 8.76% 7.99% 7.85% 8.61% 8.46% 8.57% 8.42% 18.72% 23.67% 18.86% 76.62% 0.14% 4.95% 0.77% 2.33%
Computer Services 119 24.70% 4.03% 8.88% 8.35% 7.62% 8.65% 7.89% 8.62% 7.86% 10.76% 24.42% 12.65% 75.30% 1.89% 13.66% 0.53% 1.32%
Computers/Peripherals 57 33.47% 12.74% 17.93% 16.34% 15.27% 16.35% 15.27% 16.87% 15.79% 21.17% 32.55% 26.62% 66.53% 5.46% 11.38% 1.59% 0.59%
Construction Supplies 48 22.82% 7.47% 12.18% 11.79% 10.23% 11.89% 10.32% 12.04% 10.47% 13.30% 21.84% 15.77% 77.18% 2.47% 8.54% 0.39% 0.68%
Diversified 23 20.62% 8.70% 13.16% 12.93% 11.97% 12.97% 12.01% 12.98% 12.02% 13.07% 20.30% 15.34% 79.38% 2.26% 7.22% 0.23% 0.93%
Drugs (Biotechnology) 481 70.71% -1.61% 25.45% 19.31% 19.13% 19.20% 19.02% 22.71% 22.53% 28.69% 57.17% 64.61% 29.29% 35.92% 28.48% 6.14% 0.93%
Drugs (Pharmaceutical) 237 68.60% 10.94% 24.89% 23.30% 22.78% 23.36% 22.83% 24.35% 23.82% 29.77% 56.23% 49.05% 31.40% 19.28% 26.46% 1.59% 0.65%
Education 35 40.58% 6.81% 10.44% 9.21% 8.64% 9.45% 8.87% 9.54% 8.96% 13.24% 42.40% 14.25% 59.42% 1.01% 29.16% 1.23% 3.50%
Electrical Equipment 116 35.18% 8.31% 14.36% 13.25% 12.67% 13.51% 12.92% 13.82% 13.23% 14.74% 35.03% 17.44% 64.82% 2.70% 20.30% 1.11% 1.23%
Electronics (Consumer & Office) 19 34.10% -4.07% 0.59% -2.23% -2.06% -1.94% -1.79% -2.08% -1.94% 0.44% 25.34% 12.18% 65.90% 11.74% 24.90% 2.82% 1.10%
Electronics (General) 160 28.85% 2.30% 10.56% 9.52% 8.41% 9.69% 8.56% 10.23% 9.10% 13.52% 27.04% 18.96% 71.15% 5.45% 13.53% 1.04% 0.86%
Engineering/Construction 52 12.15% 2.18% 4.50% 4.06% 3.75% 4.33% 4.00% 4.33% 4.00% 5.66% 13.31% 5.68% 87.85% 0.02% 7.65% 0.44% 1.76%
Entertainment 120 42.47% 13.43% 19.24% 17.96% 17.62% 17.78% 17.43% 17.95% 17.61% 21.55% 39.48% 24.25% 57.53% 2.70% 17.93% 1.28% 1.96%
Environmental & Waste Services 91 32.58% 9.19% 12.46% 11.82% 11.44% 12.35% 11.95% 12.35% 11.95% 20.03% 32.99% 20.06% 67.42% 0.03% 12.96% 0.64% 2.52%
Farming/Agriculture 33 12.06% 3.44% 5.37% 5.19% 4.69% 5.34% 4.82% 5.48% 4.97% 7.08% 12.41% 8.41% 87.94% 1.33% 5.33% 0.18% 0.60%
Financial Svcs. (Non-bank & Insurance) 259 79.84% 20.06% 9.86% 8.70% 6.93% 8.56% 6.81% 8.59% 6.85% 9.35% 37.67% 9.65% 20.16% 0.30% 28.32% 1.16% 1.12%
Food Processing 83 27.86% 11.98% 13.56% 13.22% 12.54% 13.36% 12.67% 13.36% 12.67% 16.83% 30.90% 17.43% 72.14% 0.60% 14.08% 0.34% 0.88%
Food Wholesalers 18 16.97% 2.05% 3.27% 3.12% 2.97% 3.19% 3.04% 3.19% 3.04% 4.28% 18.02% 4.28% 83.03% 0.00% 13.74% 0.15% 0.42%
Furn/Home Furnishings 30 25.74% 2.20% 8.68% 8.31% 6.90% 8.65% 7.18% 8.69% 7.22% 11.97% 28.78% 13.66% 74.26% 1.69% 16.81% 0.37% 1.50%
Green & Renewable Energy 21 55.79% 10.02% 17.62% 16.15% 16.15% 12.96% 12.96% 12.98% 12.98% 47.50% 59.34% 47.74% 44.21% 0.24% 11.83% 1.47% 2.00%
Healthcare Products 248 57.74% 5.80% 17.14% 15.30% 14.46% 15.47% 14.63% 16.20% 15.35% 21.71% 54.18% 29.38% 42.26% 7.67% 32.47% 1.84% 0.86%
Healthcare Support Services 111 14.62% 2.46% 4.72% 4.53% 4.15% 4.45% 4.08% 4.44% 4.07% 5.04% 13.58% 5.06% 85.38% 0.02% 8.54% 0.19% 0.51%
Heathcare Information and Technology 119 51.21% 9.55% 15.04% 13.11% 12.37% 13.28% 12.53% 13.84% 13.09% 18.37% 45.98% 25.14% 48.79% 6.77% 27.61% 1.93% 1.31%
Homebuilding 31 20.40% 7.19% 11.01% 10.51% 7.95% 10.61% 8.03% 10.61% 8.03% 9.74% 19.65% 9.74% 79.60% 0.00% 9.90% 0.51% 0.36%
Hospitals/Healthcare Facilities 34 36.26% 0.78% 10.65% 10.13% 9.43% 9.91% 9.23% 9.91% 9.23% 14.02% 17.04% 14.02% 63.74% 0.00% 3.02% 0.52% 2.05%
Hotel/Gaming 70 54.32% 17.62% 21.45% 20.42% 18.47% 19.81% 17.92% 19.85% 17.95% 28.18% 46.41% 28.45% 45.68% 0.27% 18.23% 1.04% 1.29%
Household Products 141 50.78% 6.79% 18.28% 17.56% 16.31% 17.65% 16.39% 17.68% 16.42% 21.55% 54.22% 23.55% 49.22% 2.01% 32.67% 0.72% 1.07%
Information Services 71 55.28% 18.41% 28.87% 26.86% 24.08% 27.15% 24.33% 27.52% 24.70% 30.45% 52.86% 32.26% 44.72% 1.81% 22.41% 2.01% 1.56%
Insurance (General) 20 31.15% -1.61% 11.73% 11.00% 9.46% 11.09% 9.54% 11.09% 9.54% 14.52% 27.13% 14.53% 68.85% 0.01% 12.61% 0.73% 0.90%
Insurance (Life) 23 29.57% 11.24% 11.29% 10.93% 10.55% 10.93% 10.55% 10.93% 10.55% 12.52% 22.63% 12.52% 70.43% 0.00% 10.11% 0.36% 0.43%
Insurance (Prop/Cas.) 50 29.48% 9.51% 12.65% 12.29% 10.33% 12.38% 10.41% 12.38% 10.41% 11.06% 21.43% 11.06% 70.52% 0.00% 10.36% 0.36% 0.57%
Investments & Asset Management 172 70.67% 24.52% 22.41% 19.25% 17.89% 18.97% 17.63% 18.98% 17.64% 19.36% 51.06% 19.77% 29.33% 0.41% 31.70% 3.16% 1.62%
Machinery 127 34.58% 7.74% 14.54% 13.85% 11.97% 14.12% 12.20% 14.20% 12.28% 16.23% 35.36% 18.28% 65.42% 2.05% 19.13% 0.69% 0.96%
Metals & Mining 94 34.37% 8.33% 24.08% 23.70% 22.98% 23.82% 23.09% 23.82% 23.10% 25.27% 28.52% 25.39% 65.63% 0.13% 3.26% 0.37% 0.43%
Office Equipment & Services 24 32.61% 3.84% 7.91% 7.39% 6.38% 7.82% 6.74% 7.89% 6.82% 9.90% 33.38% 11.63% 67.39% 1.73% 23.47% 0.52% 1.49%
Oil/Gas (Integrated) 5 31.47% 9.23% 8.75% 8.45% 7.70% 8.55% 7.79% 8.55% 7.79% 13.54% 17.98% 13.87% 68.53% 0.33% 4.44% 0.31% 0.81%
Oil/Gas (Production and Exploration) 301 58.49% 9.94% 15.21% 13.74% 13.47% 14.08% 13.80% 14.08% 13.80% 35.31% 43.12% 35.37% 41.51% 0.06% 7.82% 1.48% 0.82%
Oil/Gas Distribution 20 34.69% 5.98% 17.24% 16.61% 15.27% 16.72% 15.37% 16.72% 15.37% 23.77% 30.54% 23.77% 65.31% 0.00% 6.77% 0.63% 1.01%
Oilfield Svcs/Equip. 134 10.70% 3.25% 5.08% 4.74% 4.54% 4.91% 4.71% 4.93% 4.72% 6.43% 9.55% 6.78% 89.30% 0.35% 3.12% 0.34% 0.98%
Packaging & Container 27 22.91% 7.30% 10.98% 10.55% 9.18% 10.73% 9.33% 10.73% 9.34% 14.76% 24.30% 15.21% 77.09% 0.45% 9.54% 0.43% 0.91%
Paper/Forest Products 20 18.61% 3.07% 7.97% 7.64% 7.00% 7.72% 7.07% 7.72% 7.07% 10.26% 18.23% 10.42% 81.39% 0.17% 7.97% 0.33% 0.46%
Power 51 40.08% 9.57% 19.31% 18.88% 16.31% 18.56% 16.04% 18.56% 16.04% 32.14% 33.94% 32.16% 59.92% 0.02% 1.81% 0.43% 1.74%
Precious Metals 91 44.65% -5.90% 11.49% 10.29% 10.08% 10.36% 10.15% 10.50% 10.29% 39.84% 48.15% 41.40% 55.35% 1.56% 8.32% 1.20% 0.67%
Publishing & Newspapers 33 39.11% -1.00% 7.91% 7.29% 6.41% 7.25% 6.38% 7.26% 6.39% 10.94% 36.76% 11.17% 60.89% 0.23% 25.82% 0.63% 1.59%
R.E.I.T. 238 61.50% 24.44% 27.17% 25.73% 25.11% 22.59% 22.04% 22.59% 22.04% 45.02% 53.63% 45.03% 38.50% 0.01% 8.61% 1.44% 2.39%
Real Estate (Development) 18 37.17% 18.42% 10.51% 9.07% 9.07% 4.94% 4.94% 4.94% 4.94% 26.37% 42.08% 26.37% 62.83% 0.00% 15.70% 1.44% 0.73%
Real Estate (General/Diversified) 11 73.08% 41.23% 38.21% 34.01% 31.60% 33.71% 31.32% 33.71% 31.32% 34.72% 73.72% 34.72% 26.92% 0.00% 39.00% 4.19% 1.12%
Real Estate (Operations & Services) 59 45.97% 5.87% 8.62% 7.13% 6.52% 7.16% 6.56% 7.19% 6.59% 10.36% 45.34% 10.50% 54.03% 0.14% 34.98% 1.49% 2.10%
Recreation 72 37.11% 3.25% 9.80% 8.80% 8.15% 8.86% 8.20% 8.89% 8.24% 14.13% 38.05% 17.00% 62.89% 2.87% 23.92% 1.00% 1.74%
Reinsurance 2 22.71% 13.53% 12.23% 11.85% 10.69% 11.80% 10.64% 11.80% 10.64% 8.04% 8.46% 8.04% 77.29% 0.00% 0.42% 0.38% 0.26%
Restaurant/Dining 78 30.92% 12.11% 16.52% 15.78% 14.36% 14.28% 13.00% 14.28% 13.00% 20.58% 30.61% 20.60% 69.08% 0.02% 10.03% 0.74% 5.10%
Retail (Automotive) 24 21.26% 3.90% 5.89% 5.69% 5.19% 5.21% 4.75% 5.21% 4.75% 6.74% 21.67% 6.74% 78.74% 0.00% 14.93% 0.20% 1.64%
Retail (Building Supply) 17 34.87% 7.29% 11.44% 11.14% 8.90% 10.92% 8.73% 10.92% 8.73% 13.28% 35.34% 13.30% 65.13% 0.02% 22.06% 0.30% 1.68%
Retail (Distributors) 88 28.21% 5.63% 8.36% 8.01% 7.36% 8.36% 7.68% 8.36% 7.68% 8.28% 26.94% 8.30% 71.79% 0.01% 18.65% 0.34% 1.40%
Retail (General) 19 24.90% 1.90% 4.57% 4.36% 3.89% 4.12% 3.67% 4.12% 3.67% 6.50% 26.53% 6.50% 75.10% 0.00% 20.04% 0.20% 0.93%
Retail (Grocery and Food) 12 22.10% 2.85% 2.28% 2.14% 2.08% 1.92% 1.86% 1.92% 1.86% 4.21% 22.32% 4.21% 77.90% 0.00% 18.12% 0.14% 0.77%
Retail (Online) 79 46.69% 11.34% 8.91% 6.54% 6.29% 6.09% 5.86% 6.06% 5.83% 9.14% 37.49% 10.52% 53.31% 1.38% 28.35% 2.36% 1.01%
Retail (Special Lines) 91 30.48% 4.00% 6.67% 6.35% 5.47% 6.48% 5.59% 6.49% 5.59% 8.43% 32.11% 8.51% 69.52% 0.08% 23.68% 0.32% 4.67%
Rubber& Tires 4 21.58% 2.72% 7.54% 7.43% 5.57% 7.97% 5.98% 8.02% 6.03% 13.81% 28.05% 16.33% 78.42% 2.52% 14.24% 0.11% 2.00%
Semiconductor 72 58.16% 21.47% 32.45% 29.61% 26.59% 29.63% 26.61% 30.71% 27.69% 37.19% 46.47% 54.27% 41.84% 17.07% 9.27% 2.84% 0.57%
Semiconductor Equip 41 44.22% 15.61% 25.50% 23.99% 20.68% 24.15% 20.82% 24.90% 21.58% 28.03% 37.49% 38.41% 55.78% 10.39% 9.46% 1.51% 0.51%
Shipbuilding & Marine 9 23.80% 8.69% 8.34% 7.53% 7.53% 8.52% 8.52% 8.52% 8.52% 12.09% 22.11% 12.09% 76.20% 0.00% 10.02% 0.81% 4.99%
Shoe 10 44.45% 5.59% 12.38% 11.73% 9.55% 11.54% 9.40% 11.55% 9.41% 12.93% 45.43% 13.04% 55.55% 0.11% 32.50% 0.65% 2.60%
Software (Entertainment) 92 65.91% 18.91% 35.00% 27.62% 26.66% 27.28% 26.33% 29.45% 28.50% 28.48% 50.37% 44.43% 34.09% 15.95% 21.89% 7.38% 0.92%
Software (Internet) 44 63.27% 1.88% 17.22% 11.22% 11.12% 11.26% 11.16% 13.04% 12.94% 18.00% 53.70% 30.62% 36.73% 12.62% 35.70% 6.00% 2.36%
Software (System & Application) 355 70.67% 10.45% 27.27% 21.28% 20.30% 21.35% 20.36% 22.90% 21.91% 26.98% 58.75% 43.90% 29.33% 16.91% 31.77% 5.99% 1.50%
Steel 37 17.22% 7.32% 9.21% 8.85% 8.48% 8.97% 8.60% 8.98% 8.60% 9.51% 16.18% 9.59% 82.78% 0.08% 6.68% 0.36% 0.50%
Telecom (Wireless) 21 57.45% 14.88% 11.00% 10.19% 9.95% 10.41% 10.16% 10.41% 10.16% 27.88% 55.91% 28.08% 42.55% 0.19% 28.03% 0.80% 7.28%
Telecom. Equipment 98 54.03% 2.11% 20.74% 17.41% 16.33% 17.62% 16.52% 18.29% 17.20% 22.31% 44.43% 35.25% 45.97% 12.94% 22.12% 3.33% 0.99%
Telecom. Services 67 55.37% 18.76% 18.95% 18.54% 17.85% 18.39% 17.71% 18.38% 17.70% 31.04% 51.95% 31.54% 44.63% 0.51% 20.92% 0.41% 2.87%
Tobacco 17 58.97% 31.42% 40.37% 39.97% 37.06% 40.07% 37.15% 40.13% 37.21% 41.47% 60.28% 42.74% 41.03% 1.27% 18.81% 0.41% 0.78%
Transportation 19 21.38% 6.74% 8.99% 8.43% 7.98% 8.39% 7.94% 8.39% 7.94% 11.45% 13.46% 11.47% 78.62% 0.02% 2.01% 0.57% 2.63%
Transportation (Railroads) 10 49.05% 50.93% 37.06% 36.64% 36.64% 36.54% 36.54% 36.54% 36.54% 43.36% 43.47% 43.36% 50.95% 0.00% 0.11% 0.42% 2.63%
Trucking 28 20.74% 7.82% 7.60% 7.31% 7.22% 8.22% 8.12% 8.22% 8.12% 11.22% 18.39% 11.22% 79.26% 0.00% 7.17% 0.29% 4.32%
Utility (General) 18 36.31% 11.49% 17.65% 17.23% 14.71% 17.16% 14.64% 17.16% 14.64% 30.06% 30.23% 30.08% 63.69% 0.02% 0.17% 0.42% 0.41%
Utility (Water) 19 57.04% 15.06% 31.36% 30.82% 27.90% 30.73% 27.82% 30.73% 27.81% 45.98% 50.82% 46.03% 42.96% 0.05% 4.84% 0.54% 0.57%
Total Market  7209 36.86% 8.89% 12.32% 11.31% 10.32% 11.27% 10.29% 11.46% 10.47% 15.25% 31.32% 17.78% 63.14% 2.52% 16.07% 1.01% 1.39%
Total Market (without financials) 6004 33.37% 8.01% 12.79% 11.85% 11.11% 11.81% 11.07% 12.01% 11.28% 16.18% 30.50% 18.98% 66.63% 2.80% 14.32% 0.95% 1.36%

Last Updated in January 2019
By Aswath Damodaran