Industry Name Number of firms Beta  D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk Standard deviation of equity Standard deviation in operating income (last 10 years)
Advertising 41 $1.36 $0.63 5.10% $0.85 $0.06 91.00% 66.71% 0.73 17%
Aerospace/Defense 96 $1.07 $0.24 10.86% $0.89 $0.05 94.00% 52.41% 0.41 15%
Air Transport 18 $1.12 $0.70 22.99% $0.73 $0.04 76.00% 47.60% 0.39 99%
Apparel 58 $0.88 $0.34 10.95% $0.67 $0.04 71.00% 49.68% 0.47 25%
Auto & Truck 15 $0.85 $1.50 8.14% $0.35 $0.06 38.00% 62.22% 0.29 367%
Auto Parts 63 $1.12 $0.35 10.40% $0.85 $0.09 94.00% 54.78% 0.51 54%
Bank (Money Center) 10 $0.86 $1.88 27.90% $0.37 $0.10 41.00% 26.58% 0.26 NA
Banks (Regional) 645 $0.47 $0.61 25.43% $0.33 $0.11 36.00% 23.25% 0.23 NA
Beverage (Alcoholic) 25 $0.79 $0.29 10.86% $0.63 $0.11 71.00% 58.05% 0.44 27%
Beverage (Soft) 36 $0.91 $0.25 5.87% $0.74 $0.05 78.00% 58.56% 0.53 17%
Broadcasting 30 $1.22 $0.96 18.54% $0.68 $0.02 70.00% 42.66% 0.41 19%
Brokerage & Investment Banking 45 $1.08 $2.32 13.59% $0.36 $0.15 42.00% 45.77% 0.45 40%
Building Materials 41 $1.01 $0.27 23.39% $0.83 $0.04 87.00% 38.18% 0.34 48%
Business & Consumer Services 165 $1.07 $0.35 12.61% $0.82 $0.04 85.00% 52.00% 0.45 20%
Cable TV 14 $1.12 $0.49 20.28% $0.80 $0.02 82.00% 33.95% 0.31 40%
Chemical (Basic) 45 $1.00 $0.59 7.71% $0.65 $0.04 68.00% 55.26% 0.60 55%
Chemical (Diversified) 8 $1.52 $0.36 6.59% $1.14 $0.07 122.00% 52.98% 0.45 26%
Chemical (Specialty) 100 $1.20 $0.30 9.58% $0.94 $0.04 98.00% 49.24% 0.45 28%
Coal & Related Energy 38 $1.36 $1.39 0.48% $0.57 $0.05 61.00% 60.01% 0.73 85%
Computer Services 117 $0.99 $0.28 11.18% $0.79 $0.05 83.00% 53.90% 0.46 16%
Computers/Peripherals 55 $1.06 $0.20 5.68% $0.89 $0.06 94.00% 48.66% 0.60 57%
Construction Supplies 51 $1.31 $0.43 18.44% $0.98 $0.05 102.00% 44.24% 0.39 28%
Diversified 24 $0.76 $0.36 11.55% $0.58 $0.08 63.00% 39.51% 0.23 22%
Drugs (Biotechnology) 426 $1.40 $0.19 1.44% $1.18 $0.06 125.00% 58.05% 0.75 69%
Drugs (Pharmaceutical) 164 $1.02 $0.15 2.54% $0.89 $0.04 93.00% 61.79% 0.68 12%
Education 36 $1.23 $0.33 9.29% $0.94 $0.10 105.00% 58.65% 0.52 43%
Electrical Equipment 119 $1.14 $0.19 5.87% $0.97 $0.06 104.00% 62.52% 0.55 18%
Electronics (Consumer & Office) 24 $1.08 $0.19 3.81% $0.91 $0.06 97.00% 60.86% 0.67 57%
Electronics (General) 164 $0.86 $0.18 8.85% $0.74 $0.10 83.00% 49.51% 0.49 31%
Engineering/Construction 48 $1.18 $0.32 15.15% $0.93 $0.08 101.00% 50.56% 0.44 20%
Entertainment 79 $1.20 $0.31 5.50% $0.93 $0.04 97.00% 66.05% 0.45 19%
Environmental & Waste Services 89 $0.85 $0.39 5.07% $0.62 $0.01 63.00% 58.37% 0.58 14%
Farming/Agriculture 37 $0.92 $0.60 7.89% $0.59 $0.04 62.00% 54.82% 0.41 27%
Financial Svcs. (Non-bank & Insurance) 258 $0.65 $11.24 20.80% $0.07 $0.02 7.00% 29.47% 0.29 45%
Food Processing 87 $0.75 $0.27 14.66% $0.61 $0.03 63.00% 42.14% 0.31 22%
Food Wholesalers 16 $1.20 $0.36 11.77% $0.91 $0.02 93.00% 38.78% 0.53 16%
Furn/Home Furnishings 30 $0.84 $0.29 14.58% $0.67 $0.03 69.00% 47.89% 0.43 28%
Green & Renewable Energy 25 $1.14 $1.74 4.25% $0.43 $0.09 47.00% 67.70% 0.48 97%
Healthcare Products 254 $1.04 $0.18 6.12% $0.89 $0.04 92.00% 53.48% 0.57 11%
Healthcare Support Services 121 $0.94 $0.32 14.31% $0.74 $0.10 82.00% 50.96% 0.50 22%
Heathcare Information and Technology 125 $0.95 $0.21 6.32% $0.80 $0.04 83.00% 54.58% 0.52 37%
Homebuilding 33 $1.08 $0.66 27.28% $0.73 $0.05 77.00% 33.21% 0.34 137%
Hospitals/Healthcare Facilities 38 $1.10 $1.71 12.06% $0.44 $0.01 45.00% 48.17% 0.45 32%
Hotel/Gaming 69 $0.96 $0.55 11.23% $0.64 $0.03 67.00% 45.98% 0.39 26%
Household Products 129 $0.80 $0.21 9.05% $0.67 $0.03 69.00% 59.26% 0.51 6%
Information Services 64 $0.98 $0.20 16.37% $0.84 $0.04 87.00% 34.52% 0.37 35%
Insurance (General) 19 $0.90 $0.39 18.33% $0.69 $0.04 71.00% 27.61% 0.30 76%
Insurance (Life) 22 $1.03 $0.71 22.91% $0.67 $0.17 80.00% 28.18% 0.28 35%
Insurance (Prop/Cas.) 50 $0.83 $0.31 22.27% $0.67 $0.05 70.00% 25.24% 0.25 60%
Investments & Asset Management 156 $0.90 $0.62 7.71% $0.57 $0.15 68.00% 38.09% 0.34 33%
Machinery 127 $1.06 $0.22 11.73% $0.89 $0.04 93.00% 44.67% 0.39 23%
Metals & Mining 97 $1.30 $0.52 1.16% $0.86 $0.03 89.00% 74.40% 0.77 33%
Office Equipment & Services 24 $1.49 $0.54 16.68% $1.03 $0.06 109.00% 43.62% 0.34 15%
Oil/Gas (Integrated) 7 $1.08 $0.17 1.14% $0.93 $0.02 95.00% 51.61% 0.46 44%
Oil/Gas (Production and Exploration) 330 $1.38 $0.47 0.32% $0.94 $0.05 99.00% 64.05% 0.75 70%
Oil/Gas Distribution 78 $1.20 $0.77 2.93% $0.68 $0.01 69.00% 42.15% 0.45 45%
Oilfield Svcs/Equip. 148 $1.37 $0.33 4.11% $1.04 $0.06 111.00% 54.50% 0.61 34%
Packaging & Container 26 $0.84 $0.56 24.47% $0.59 $0.03 60.00% 35.46% 0.30 21%
Paper/Forest Products 23 $1.12 $0.49 14.46% $0.79 $0.05 83.00% 50.42% 0.39 39%
Power 68 $0.54 $0.87 19.27% $0.32 $0.02 33.00% 26.48% 0.24 8%
Precious Metals 109 $1.25 $0.24 1.84% $1.01 $0.08 110.00% 75.86% 0.78 73%
Publishing & Newspapers 37 $1.32 $0.57 14.32% $0.89 $0.08 96.00% 41.32% 0.48 14%
R.E.I.T. 238 $0.72 $0.79 1.72% $0.41 $0.02 41.00% 23.92% 0.25 28%
Real Estate (Development) 18 $0.68 $0.61 1.97% $0.43 $0.08 47.00% 60.38% 0.39 336%
Real Estate (General/Diversified) 11 $1.27 $0.24 15.32% $1.05 $0.04 109.00% 43.91% 0.25 170%
Real Estate (Operations & Services) 54 $0.99 $0.77 8.78% $0.58 $0.05 62.00% 59.13% 0.50 41%
Recreation 66 $0.92 $0.31 13.21% $0.73 $0.05 76.00% 52.33% 0.46 29%
Reinsurance 3 $0.75 $0.32 19.33% $0.59 $0.08 65.00% 25.14% 0.21 80%
Restaurant/Dining 86 $0.77 $0.35 16.47% $0.59 $0.02 61.00% 41.23% 0.39 22%
Retail (Automotive) 25 $0.91 $0.60 22.58% $0.62 $0.01 63.00% 43.33% 0.28 36%
Retail (Building Supply) 6 $1.30 $0.22 20.11% $1.11 $0.02 112.00% 26.21% 0.40 23%
Retail (Distributors) 88 $1.10 $0.57 16.95% $0.75 $0.02 77.00% 50.18% 0.40 39%
Retail (General) 19 $1.05 $0.40 22.22% $0.80 $0.03 82.00% 28.05% 0.40 7%
Retail (Grocery and Food) 14 $0.69 $0.67 24.11% $0.46 $0.01 46.00% 35.99% 0.35 18%
Retail (Online) 57 $1.23 $0.10 8.46% $1.13 $0.04 117.00% 52.12% 0.49 51%
Retail (Special Lines) 108 $1.02 $0.52 21.29% $0.73 $0.04 76.00% 41.08% 0.42 22%
Rubber& Tires 4 $1.35 $0.72 10.09% $0.82 $0.08 89.00% 45.55% 0.64 46%
Semiconductor 80 $1.20 $0.14 7.71% $1.06 $0.05 111.00% 47.17% 0.42 34%
Semiconductor Equip 45 $1.10 $0.16 11.13% $0.96 $0.13 110.00% 43.24% 0.38 50%
Shipbuilding & Marine 11 $1.20 $0.48 7.30% $0.83 $0.03 85.00% 59.53% 0.74 25%
Shoe 10 $0.85 $0.10 14.47% $0.78 $0.06 83.00% 30.07% 0.37 26%
Software (Entertainment) 13 $0.98 $0.15 1.04% $0.86 $0.11 96.00% 61.24% 0.48 119%
Software (Internet) 297 $1.13 $0.04 3.49% $1.09 $0.03 112.00% 62.93% 0.56 47%
Software (System & Application) 236 $1.13 $0.22 5.67% $0.94 $0.05 99.00% 56.14% 0.47 17%
Steel 38 $1.60 $0.48 7.94% $1.11 $0.07 119.00% 59.72% 0.54 65%
Telecom (Wireless) 17 $1.12 $1.15 9.11% $0.55 $0.06 58.00% 65.30% 0.38 42%
Telecom. Equipment 107 $0.99 $0.25 6.14% $0.80 $0.07 86.00% 48.93% 0.49 18%
Telecom. Services 67 $1.04 $0.66 13.36% $0.66 $0.02 68.00% 45.31% 0.47 38%
Tobacco 22 $1.28 $0.17 8.84% $1.11 $0.02 113.00% 63.50% 0.62 17%
Transportation 17 $1.01 $0.32 17.46% $0.80 $0.04 83.00% 39.69% 0.33 24%
Transportation (Railroads) 7 $0.79 $0.28 22.17% $0.65 $0.02 66.00% 28.29% 0.27 28%
Trucking 30 $1.21 $0.91 26.74% $0.72 $0.04 76.00% 45.77% 0.42 33%
Utility (General) 18 $0.38 $0.68 25.62% $0.25 $0.01 25.00% 15.15% 0.19 7%
Utility (Water) 22 $0.65 $0.43 11.97% $0.47 $0.00 47.00% 45.30% 0.45 25%
Total Market 7330 $1.00 $0.68 10.44% $0.62 $0.05 65.00% 48.22% 0.45 17%
Total Market (without financials) 6100 $1.08 $0.36 8.31% $0.81 $0.04 85.00% 52.49% 0.49 17%