Betas by Sector

Data Used: Value Line database, of 7364 firms

Date of Analysis: Data used is as of January 2008

can be obtained by clicking here

on which companies are included in each industry

Industry Name
 Number of Firms Average Beta Market D/E Ratio Tax Rate Unlevered Beta Cash/Firm Value Unlevered Beta corrected for cash
Advertising
 40 1.60 40.78% 14.93% 1.19 9.82% 1.32
Aerospace/Defense
 69 1.19 16.18% 21.13% 1.06 5.20% 1.12
Air Transport
 49 1.40 48.14% 17.38% 1.00 13.46% 1.15
Apparel
 57 0.87 19.85% 25.25% 0.76 6.50% 0.81
Auto & Truck
 28 1.54 98.16% 22.92% 0.88 11.96% 1.00
Auto Parts
 56 1.45 46.73% 17.75% 1.05 10.38% 1.17
Bank
 504 0.63 42.17% 27.88% 0.48 6.76% 0.52
Bank (Canadian)
 8 0.67 5.91% 19.07% 0.64 2.87% 0.66
Bank (Midwest)
 38 0.85 39.81% 27.80% 0.66 7.39% 0.72
Beverage
 44 0.89 11.48% 16.73% 0.81 1.91% 0.82
Biotechnology
 103 1.51 9.09% 4.11% 1.38 9.73% 1.53
Building Materials
 49 1.07 29.48% 23.79% 0.87 4.97% 0.92
Cable TV
 23 1.56 59.85% 20.04% 1.06 3.83% 1.10
Canadian Energy
 13 0.80 16.68% 27.13% 0.71 1.14% 0.72
Chemical (Basic)
 19 1.52 15.59% 16.97% 1.35 2.91% 1.39
Chemical (Diversified)
 37 1.16 13.80% 26.20% 1.05 4.31% 1.10
Chemical (Specialty)
 90 1.06 17.92% 19.01% 0.93 5.01% 0.98
Coal
 18 1.71 14.12% 10.36% 1.52 1.67% 1.55
Computer Software/Svcs
 376 1.56 3.44% 10.75% 1.51 8.68% 1.66
Computers/Peripherals
 144 1.86 5.77% 8.41% 1.77 10.02% 1.97
Diversified Co.
 107 1.03 15.96% 19.54% 0.92 4.98% 0.96
Drug
 368 1.78 7.79% 5.95% 1.66 8.65% 1.82
E-Commerce
 56 2.08 3.36% 15.82% 2.02 11.84% 2.29
Educational Services
 39 1.27 1.35% 20.74% 1.26 6.25% 1.34
Electric Util. (Central)
 25 0.93 72.72% 26.66% 0.61 1.80% 0.62
Electric Utility (East)
 27 0.84 46.30% 29.51% 0.63 1.37% 0.64
Electric Utility (West)
 17 0.88 60.31% 31.69% 0.62 2.91% 0.64
Electrical Equipment
 86 1.35 80.88% 14.92% 0.80 8.50% 0.87
Electronics
 179 1.32 14.17% 13.25% 1.17 11.42% 1.32
Entertainment
 93 1.53 37.17% 15.50% 1.17 5.13% 1.23
Entertainment Tech
 38 2.06 2.79% 9.03% 2.01 14.76% 2.35
Environmental
 89 1.00 45.33% 11.44% 0.71 1.93% 0.73
Financial Svcs. (Div.)
 294 1.14 193.48% 17.36% 0.44 9.30% 0.48
Food Processing
 123 0.77 18.03% 19.34% 0.67 2.23% 0.69
Food Wholesalers
 19 0.79 48.30% 31.85% 0.60 4.76% 0.63
Foreign Electronics
 10 1.08 20.91% 33.95% 0.95 16.87% 1.15
Furn/Home Furnishings
 39 1.10 31.44% 23.96% 0.89 5.74% 0.94
Grocery
 15 0.99 30.21% 28.20% 0.81 2.08% 0.83
Healthcare Information
 38 0.91 12.70% 14.55% 0.82 9.01% 0.90
Heavy Construction
 12 1.25 3.60% 29.84% 1.21 8.60% 1.33
Home Appliance
 11 0.95 21.66% 15.98% 0.81 4.63% 0.85
Homebuilding
 36 1.64 128.82% 23.61% 0.83 9.41% 0.92
Hotel/Gaming
 75 1.25 35.53% 12.97% 0.96 2.80% 0.99
Household Products
 28 0.89 17.13% 29.49% 0.80 2.34% 0.82
Human Resources
 35 1.38 7.51% 23.43% 1.30 13.63% 1.51
Industrial Services
 196 1.22 23.79% 16.12% 1.02 6.33% 1.09
Information Services
 38 1.05 10.06% 19.94% 0.97 3.80% 1.01
Insurance (Life)
 40 0.94 8.38% 27.97% 0.89 9.72% 0.99
Insurance (Prop/Cas.)
 87 0.89 1.21% 19.80% 0.88 1.49% 0.90
Internet
 266 1.97 1.83% 6.76% 1.94 7.36% 2.09
Investment Co.
 18 0.71 0.54% 0.00% 0.71 1.04% 0.71
Investment Co.(Foreign)
 15 1.31 0.00% 2.20% 1.31 4.08% 1.36
Machinery
 126 1.19 23.74% 22.70% 1.01 3.56% 1.04
Manuf. Housing/RV
 18 1.92 14.24% 16.88% 1.71 12.70% 1.96
Maritime
 52 0.87 50.70% 5.49% 0.59 3.98% 0.62
Medical Services
 178 1.10 19.18% 16.18% 0.95 8.79% 1.04
Medical Supplies
 274 1.43 8.04% 11.47% 1.34 4.20% 1.40
Metal Fabricating
 37 1.19 10.16% 18.27% 1.10 3.96% 1.14
Metals & Mining (Div.)
 78 1.05 6.57% 7.73% 0.99 2.30% 1.02
Natural Gas (Div.)
 31 0.93 30.04% 22.37% 0.75 1.72% 0.77
Natural Gas Utility
 26 0.78 66.33% 25.92% 0.52 2.14% 0.53
Newspaper
 18 1.21 50.03% 22.27% 0.87 2.06% 0.89
Office Equip/Supplies
 25 1.13 32.20% 27.71% 0.92 7.23% 0.99
Oil/Gas Distribution
 15 0.72 39.45% 5.20% 0.52 2.50% 0.53
Oilfield Svcs/Equip.
 113 1.10 11.25% 20.11% 1.01 3.51% 1.05
Packaging & Container
 35 1.12 52.48% 21.03% 0.79 3.16% 0.82
Paper/Forest Products
 39 0.93 40.85% 14.27% 0.69 5.64% 0.73
Petroleum (Integrated)
 26 1.02 7.96% 32.20% 0.97 3.83% 1.01
Petroleum (Producing)
 186 1.00 19.09% 14.95% 0.86 1.27% 0.87
Pharmacy Services
 19 1.07 9.79% 21.25% 0.99 1.90% 1.01
Power
 58 1.87 11.96% 8.06% 1.69 1.67% 1.72
Precious Metals
 84 1.11 7.19% 4.90% 1.04 6.10% 1.11
Precision Instrument
 103 1.66 10.40% 16.50% 1.53 10.49% 1.71
Property Management
 12 0.91 87.17% 15.99% 0.52 7.04% 0.56
Publishing
 40 1.35 34.25% 15.56% 1.05 2.10% 1.07
R.E.I.T.
 147 0.90 40.49% 1.16% 0.64 7.46% 0.70
Railroad
 16 1.23 26.06% 32.19% 1.04 2.23% 1.07
Recreation
 73 1.54 28.20% 18.25% 1.25 5.26% 1.32
Reinsurance
 11 1.01 6.45% 10.70% 0.96 14.16% 1.12
Restaurant
 75 0.93 14.33% 20.74% 0.83 3.19% 0.86
Retail (Special Lines)
 164 1.26 12.39% 22.68% 1.15 10.71% 1.28
Retail Automotive
 16 1.58 42.14% 36.04% 1.24 4.11% 1.30
Retail Building Supply
 9 1.23 19.39% 37.24% 1.10 1.54% 1.12
Retail Store
 42 1.11 17.29% 24.46% 0.98 4.54% 1.03
Securities Brokerage
 31 1.66 123.16% 22.95% 0.85 13.25% 0.98
Semiconductor
 138 2.59 4.53% 11.65% 2.49 11.18% 2.81
Semiconductor Equip
 16 2.51 8.91% 25.66% 2.35 13.98% 2.74
Shoe
 20 1.47 2.62% 32.17% 1.44 8.51% 1.58
Steel (General)
 26 1.71 11.01% 30.16% 1.59 7.66% 1.72
Steel (Integrated)
 14 1.97 18.90% 23.94% 1.73 5.82% 1.83
Telecom. Equipment
 124 1.98 5.51% 12.78% 1.89 14.61% 2.21
Telecom. Services
 152 1.34 33.71% 12.42% 1.03 3.35% 1.07
Thrift
 234 0.59 26.20% 20.69% 0.49 8.04% 0.53
Tobacco
 11 0.70 7.54% 27.57% 0.66 2.07% 0.68
Toiletries/Cosmetics
 21 0.85 16.22% 18.34% 0.75 4.87% 0.79
Trucking
 32 1.04 48.80% 31.50% 0.78 5.26% 0.82
Utility (Foreign)
 6 1.01 3.09% 0.00% 0.98 4.53% 1.03
Water Utility
 16 0.78 50.95% 33.23% 0.58 1.05% 0.59
Wireless Networking
 74 2.20 14.09% 11.52% 1.96 5.23% 2.07
Market
 7364 1.24 25.12% 16.25% 1.03 6.02% 1.09

Last Updated in January 2008
By Aswath Damodaran