Debt Fundamentals 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/dbtfund.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

Industry  Name Number of firms Book Debt to Capital Market Debt to Capital (Unadjusted) Market D/E (unadjusted) Market Debt to Capital (adjusted for leases) Market D/E (adjusted for leases) Effective tax rate Institutional Holdings Std dev in Stock Prices EBITDA/EV Net PP&E/Total Assets Capital Spending/Total Assets
Advertising 47 79.94% 39.98% 66.60% 45.97% 85.08% 4.13% 37.55% 62.38% 10.19% 15.42% 1.26%
Aerospace/Defense 77 58.04% 18.51% 22.71% 19.54% 24.28% 8.54% 57.10% 38.74% 6.65% 13.37% 1.97%
Air Transport 18 63.28% 42.38% 73.56% 50.84% 103.43% 18.47% 73.02% 31.74% 15.30% 64.93% 7.89%
Apparel 51 52.26% 22.71% 29.38% 29.46% 41.77% 11.11% 50.56% 51.10% 9.09% 22.88% 2.49%
Auto & Truck 13 74.72% 61.91% 162.53% 62.25% 164.93% 5.93% 60.63% 35.02% 6.95% 18.20% 6.00%
Auto Parts 46 47.44% 31.67% 46.35% 33.72% 50.86% 7.25% 59.91% 50.43% 15.53% 28.81% 5.33%
Bank (Money Center) 7 68.98% 63.63% 174.97% 64.00% 177.75% 19.36% 58.45% 17.74% 0.24% 1.01% 0.06%
Banks (Regional) 611 45.26% 37.57% 60.17% 38.62% 62.92% 17.46% 35.43% 18.26% 0.33% 1.52% 0.14%
Beverage (Alcoholic) 21 47.64% 23.31% 30.39% 23.83% 31.28% 6.62% 45.56% 42.46% 6.11% 19.05% 2.73%
Beverage (Soft) 34 60.07% 15.75% 18.70% 16.13% 19.24% 4.00% 26.11% 57.08% 5.01% 15.60% 2.54%
Broadcasting 27 65.20% 47.40% 90.10% 49.61% 98.45% 13.31% 58.77% 32.65% 11.04% 8.83% 1.13%
Brokerage & Investment Banking 39 77.12% 72.57% 264.62% 72.85% 268.39% 12.83% 65.66% 27.36% 0.29% 1.45% 0.49%
Building Materials 42 54.02% 22.76% 29.47% 24.28% 32.07% 16.26% 68.57% 30.78% 8.12% 24.53% 3.08%
Business & Consumer Services 165 57.29% 21.14% 26.81% 23.26% 30.31% 8.32% 52.47% 43.80% 7.03% 15.11% 2.82%
Cable TV 14 60.46% 36.93% 58.56% 37.57% 60.17% 14.55% 57.09% 25.03% 9.53% 19.38% 4.08%
Chemical (Basic) 43 54.19% 35.86% 55.91% 37.92% 61.09% 6.66% 37.53% 51.96% 11.98% 39.20% 4.06%
Chemical (Diversified) 6 58.27% 42.46% 73.79% 44.03% 78.66% 11.89% 79.31% 35.92% 12.60% 40.26% 4.17%
Chemical (Specialty) 94 40.60% 20.74% 26.17% 22.19% 28.53% 11.01% 57.42% 48.36% 9.40% 25.17% 3.63%
Coal & Related Energy 22 39.04% 42.74% 74.63% 44.35% 79.69% 0.97% 36.23% 54.71% 29.42% 61.86% 5.84%
Computer Services 106 60.40% 28.60% 40.05% 30.87% 44.65% 8.92% 54.94% 45.52% 9.42% 9.68% 1.46%
Computers/Peripherals 48 61.32% 12.57% 14.38% 13.41% 15.49% 6.21% 45.72% 50.41% 6.57% 9.29% 2.83%
Construction Supplies 44 56.85% 27.88% 38.66% 28.64% 40.14% 15.82% 72.80% 29.91% 9.51% 18.28% 4.23%
Diversified 23 36.24% 22.74% 29.43% 23.76% 31.16% 6.68% 54.02% 38.16% 7.74% 19.57% 2.11%
Drugs (Biotechnology) 503 49.14% 12.01% 13.65% 12.73% 14.58% 0.61% 36.14% 67.45% 2.59% 9.41% 1.55%
Drugs (Pharmaceutical) 267 47.53% 12.52% 14.31% 12.99% 14.93% 1.36% 27.23% 77.14% 6.17% 12.64% 2.29%
Education 35 37.85% 19.53% 24.26% 25.19% 33.68% 6.56% 53.93% 37.64% 6.80% 20.53% 3.03%
Electrical Equipment 113 48.59% 16.32% 19.50% 17.35% 21.00% 3.94% 40.68% 53.67% 7.16% 20.89% 3.60%
Electronics (Consumer & Office) 20 28.95% 12.88% 14.79% 17.13% 20.67% 5.45% 28.16% 62.17% 3.22% 12.11% 2.29%
Electronics (General) 153 35.27% 14.27% 16.65% 15.42% 18.24% 6.65% 44.92% 42.78% 7.31% 25.30% 4.53%
Engineering/Construction 54 37.22% 24.11% 31.77% 28.20% 39.27% 9.44% 67.62% 33.19% 9.75% 12.12% 2.28%
Entertainment 107 38.65% 14.54% 17.02% 16.71% 20.07% 1.93% 43.91% 55.57% 4.40% 16.40% 2.25%
Environmental & Waste Services 82 55.79% 22.73% 29.42% 24.06% 31.69% 4.14% 45.59% 44.34% 7.11% 38.39% 5.14%
Farming/Agriculture 31 60.63% 37.68% 60.47% 38.42% 62.39% 5.91% 44.07% 46.88% 6.52% 18.37% 3.81%
Financial Svcs. (Non-bank & Insurance) 232 95.14% 89.80% 880.35% 89.82% 882.21% 14.42% 38.83% 25.70% 0.33% 0.67% 0.23%
Food Processing 88 48.04% 26.37% 35.82% 27.21% 37.38% 6.44% 49.76% 31.53% 7.00% 15.43% 2.22%
Food Wholesalers 17 69.89% 28.14% 39.16% 30.53% 43.95% 7.79% 62.79% 31.58% 7.14% 26.72% 3.44%
Furn/Home Furnishings 35 47.65% 29.21% 41.27% 32.59% 48.35% 8.15% 42.58% 43.38% 10.59% 26.65% 3.33%
Green & Renewable Energy 22 64.15% 51.54% 106.36% 52.97% 112.64% 1.52% 34.20% 53.76% 5.78% 74.52% 4.28%
Healthcare Products 242 39.12% 11.13% 12.53% 11.70% 13.25% 3.52% 46.13% 53.09% 3.97% 11.82% 2.36%
Healthcare Support Services 128 49.95% 25.86% 34.87% 28.52% 39.91% 8.26% 49.12% 49.95% 8.42% 8.51% 1.23%
Heathcare Information and Technology 129 41.65% 11.90% 13.51% 12.79% 14.67% 3.84% 50.57% 53.86% 3.84% 9.98% 2.04%
Homebuilding 32 41.07% 29.98% 42.82% 30.65% 44.20% 17.02% 76.85% 36.55% 9.13% 2.06% 0.75%
Hospitals/Healthcare Facilities 36 87.86% 53.41% 114.62% 56.56% 130.18% 7.50% 53.79% 42.63% 10.62% 47.98% 5.58%
Hotel/Gaming 65 67.21% 34.72% 53.20% 36.07% 56.41% 12.52% 62.92% 34.10% 7.83% 56.88% 3.84%
Household Products 127 56.36% 13.61% 15.75% 14.66% 17.17% 5.93% 33.81% 50.91% 6.01% 20.58% 3.06%
Information Services 69 42.62% 10.14% 11.29% 10.62% 11.89% 8.34% 62.18% 37.80% 3.79% 3.96% 0.96%
Insurance (General) 19 36.62% 28.09% 39.06% 29.29% 41.41% 16.10% 73.31% 31.00% 9.74% 0.80% 0.11%
Insurance (Life) 24 40.50% 48.89% 95.64% 49.37% 97.50% 14.78% 65.79% 25.13% 10.48% 0.16% 0.01%
Insurance (Prop/Cas.) 51 27.42% 19.77% 24.64% 20.86% 26.36% 14.03% 56.87% 21.71% 8.73% 3.49% 0.38%
Investments & Asset Management 192 46.56% 34.21% 51.99% 35.24% 54.41% 7.47% 47.07% 27.88% 4.37% 1.17% 0.29%
Machinery 120 47.97% 18.40% 22.55% 19.26% 23.86% 12.32% 67.31% 35.39% 7.19% 13.40% 2.13%
Metals & Mining 92 40.86% 27.09% 37.16% 27.65% 38.21% 1.96% 20.82% 73.25% 10.01% 64.47% 5.30%
Office Equipment & Services 22 58.37% 32.12% 47.33% 35.43% 54.88% 15.29% 60.25% 31.28% 11.40% 19.21% 3.19%
Oil/Gas (Integrated) 4 26.28% 20.23% 25.37% 21.15% 26.82% 24.54% 72.96% 28.62% 10.90% 69.81% 6.00%
Oil/Gas (Production and Exploration) 269 38.70% 34.67% 53.06% 36.06% 56.39% 3.70% 37.71% 59.37% 20.19% 83.49% 15.13%
Oil/Gas Distribution 24 57.99% 46.61% 87.30% 47.28% 89.69% 5.46% 56.55% 32.66% 7.55% 66.15% 7.70%
Oilfield Svcs/Equip. 136 38.92% 30.29% 43.45% 32.73% 48.65% 5.06% 52.96% 53.50% 11.48% 39.05% 4.94%
Packaging & Container 24 65.96% 38.49% 62.56% 39.74% 65.94% 12.18% 69.45% 33.14% 10.46% 33.99% 3.89%
Paper/Forest Products 15 36.78% 26.83% 36.67% 28.29% 39.45% 10.41% 75.42% 37.37% 13.21% 49.70% 5.84%
Power 52 58.56% 41.27% 70.26% 42.03% 72.51% 13.27% 70.95% 18.49% 8.31% 70.14% 7.72%
Precious Metals 83 23.88% 15.25% 17.99% 15.52% 18.37% 1.75% 20.26% 82.64% 7.10% 63.37% 3.40%
Publishing & Newspapers 31 46.25% 35.06% 53.99% 40.32% 67.57% 8.10% 56.62% 38.18% 10.67% 22.82% 2.83%
R.E.I.T. 234 64.46% 44.52% 80.24% 45.76% 84.38% 1.92% 76.56% 19.86% 3.92% 49.82% 0.37%
Real Estate (Development) 20 50.85% 39.57% 65.47% 41.18% 70.02% 2.19% 30.84% 47.22% 3.60% 65.33% 0.67%
Real Estate (General/Diversified) 12 27.65% 30.18% 43.23% 31.24% 45.43% 6.55% 53.10% 21.35% 6.41% 15.78% 0.32%
Real Estate (Operations & Services) 57 56.46% 33.46% 50.28% 37.03% 58.80% 5.58% 34.20% 39.15% 7.40% 12.17% 1.17%
Recreation 63 63.36% 22.27% 28.65% 25.20% 33.68% 8.21% 51.81% 47.53% 6.67% 28.41% 4.48%
Reinsurance 2 22.48% 21.53% 27.44% 22.49% 29.01% 17.55% 89.82% 14.87% 6.70% 0.41% 0.05%
Restaurant/Dining 77 115.11% 23.49% 30.70% 29.41% 41.65% 6.57% 59.78% 38.76% 5.88% 58.22% 5.59%
Retail (Automotive) 26 78.92% 36.72% 58.02% 42.15% 72.87% 14.04% 74.19% 37.37% 6.87% 37.38% 3.24%
Retail (Building Supply) 17 89.65% 16.75% 20.11% 20.45% 25.71% 14.90% 77.59% 47.29% 7.35% 53.61% 4.40%
Retail (Distributors) 80 61.90% 35.47% 54.96% 37.83% 60.86% 11.96% 60.43% 42.83% 7.85% 12.25% 7.44%
Retail (General) 18 54.20% 19.63% 24.43% 24.30% 32.10% 15.49% 72.86% 40.40% 8.08% 52.48% 5.00%
Retail (Grocery and Food) 13 65.72% 41.63% 71.31% 49.15% 96.66% 12.78% 47.71% 37.18% 11.20% 64.34% 7.02%
Retail (Online) 70 58.19% 9.35% 10.31% 11.40% 12.87% 2.92% 42.36% 55.97% 4.20% 34.72% 6.22%
Retail (Special Lines) 89 64.29% 28.27% 39.40% 41.37% 70.57% 11.89% 67.43% 44.95% 10.28% 40.95% 3.86%
Rubber& Tires 4 55.50% 60.92% 155.87% 64.03% 178.03% 20.75% 46.72% 57.59% 16.67% 42.60% 4.57%
Semiconductor 72 36.18% 10.16% 11.31% 10.55% 11.80% 6.15% 58.82% 43.69% 7.22% 26.25% 7.22%
Semiconductor Equip 39 40.49% 10.42% 11.63% 10.85% 12.17% 9.71% 64.09% 41.06% 6.29% 13.54% 2.99%
Shipbuilding & Marine 10 39.65% 32.90% 49.03% 35.78% 55.71% 4.89% 38.46% 34.05% 8.64% 65.96% 6.60%
Shoe 11 41.03% 5.39% 5.70% 8.09% 8.80% 13.98% 78.12% 37.56% 4.53% 27.85% 0.92%
Software (Entertainment) 86 10.59% 2.26% 2.31% 3.66% 3.80% 2.58% 36.62% 61.37% 4.57% 28.55% 9.35%
Software (Internet) 30 63.29% 15.52% 18.37% 16.95% 20.41% 1.23% 46.60% 44.78% 2.68% 21.03% 3.12%
Software (System & Application) 363 46.04% 7.92% 8.60% 8.82% 9.67% 2.60% 48.09% 49.50% 3.59% 11.89% 2.92%
Steel 32 38.70% 30.56% 44.00% 31.96% 46.97% 9.25% 66.78% 39.39% 15.95% 39.47% 6.43%
Telecom (Wireless) 18 60.80% 50.14% 100.57% 56.75% 131.19% 5.89% 49.33% 41.85% 15.05% 36.70% 10.36%
Telecom. Equipment 91 44.39% 13.77% 15.97% 14.69% 17.22% 4.31% 46.08% 46.30% 7.29% 9.04% 1.84%
Telecom. Services 67 59.75% 41.11% 69.82% 44.19% 79.19% 4.17% 38.82% 54.47% 12.57% 34.53% 4.62%
Tobacco 17 96.16% 21.92% 28.07% 22.21% 28.56% 11.48% 41.63% 38.49% 8.12% 10.18% 1.40%
Transportation 18 67.42% 29.57% 41.99% 35.16% 54.23% 12.76% 82.45% 27.99% 8.07% 58.19% 8.74%
Transportation (Railroads) 8 54.57% 19.66% 24.47% 20.78% 26.24% 12.24% 63.91% 18.25% 7.96% 86.73% 5.37%
Trucking 33 58.89% 33.76% 50.96% 36.66% 57.88% 16.73% 55.91% 41.85% 2.12% 23.91% 12.58%
Utility (General) 16 58.15% 39.73% 65.92% 40.10% 66.95% 13.45% 80.39% 13.11% 7.08% 68.15% 6.59%
Utility (Water) 17 54.17% 26.12% 35.35% 26.34% 35.75% 10.01% 49.96% 17.88% 5.18% 77.92% 7.00%
Total Market 7053 63.86% 35.47% 54.97% 36.71% 58.00% 7.32% 48.57% 42.36% 5.41% 14.74% 1.87%
Total Market (without financials) 5878 52.55% 22.18% 28.50% 24.01% 31.60% 5.81% 50.03% 46.41% 6.86% 32.99% 4.14%

Updated January 2020
By Aswath Damodaran