Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2021

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    
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 61 23.99% 0.34% 10.80% 9.98% 9.64% 10.34% 10.00% 10.31% 9.97% 17.39% 26.72% 17.75% 76.01% 0.36% 9.33% 0.82% 4.97%
Aerospace/Defense 72 17.61% 2.49% 8.11% 7.56% 7.00% 7.56% 7.01% 7.89% 7.33% 12.59% 20.69% 16.63% 82.39% 4.04% 8.10% 0.55% 0.76%
Air Transport 17 5.38% -25.03% -18.45% -18.99% -17.85% -19.36% -18.20% -19.35% -18.19% 30.74% 34.63% 30.97% 94.62% 0.23% 3.89% 0.54% 14.19%
Apparel 51 49.77% -3.94% 6.27% 5.49% 5.23% 5.93% 5.64% 5.91% 5.63% 14.33% 58.27% 14.49% 50.23% 0.17% 43.95% 0.78% 6.80%
Auto & Truck 19 9.04% 1.40% 2.64% 1.93% 1.78% 1.99% 1.84% 1.73% 1.58% 9.47% 16.04% 14.92% 90.96% 5.46% 6.57% 0.71% 0.46%
Auto Parts 52 13.69% -4.45% 4.37% 4.01% 3.72% 4.17% 3.86% 3.85% 3.54% 12.26% 19.07% 15.62% 86.31% 3.36% 6.81% 0.36% 0.95%
Bank (Money Center) 7 100.00% 20.98% 2.60% 0.00% 0.00% -0.11% -0.09% -0.11% -0.09% 0.00% 62.89% 0.00% 0.00% 0.00% 62.89% 2.60% 3.14%
Banks (Regional) 598 99.75% 23.79% 1.47% 0.00% 0.00% -0.41% -0.34% -0.41% -0.34% 0.00% 56.05% 0.00% 0.25% 0.00% 56.05% 1.47% 2.99%
Beverage (Alcoholic) 23 47.10% 11.95% 24.35% 23.87% 22.60% 23.84% 22.57% 23.84% 22.57% 29.16% 52.47% 29.16% 52.90% 0.00% 23.31% 0.47% 2.66%
Beverage (Soft) 41 55.73% 14.10% 20.45% 19.98% 19.31% 20.10% 19.43% 20.11% 19.45% 23.81% 58.65% 24.43% 44.27% 0.62% 34.84% 0.47% 1.20%
Broadcasting 29 45.75% 0.12% 20.43% 19.30% 17.51% 19.03% 17.27% 19.03% 17.27% 24.46% 44.89% 24.47% 54.25% 0.00% 20.43% 1.14% 1.08%
Brokerage & Investment Banking 39 60.83% 12.71% 3.01% 0.42% 0.38% -0.02% -0.01% -0.01% -0.01% 0.56% 36.09% 0.59% 39.17% 0.03% 35.53% 2.59% 2.37%
Building Materials 42 28.38% 5.06% 11.47% 10.80% 9.17% 10.97% 9.30% 10.98% 9.32% 13.77% 30.33% 14.89% 71.62% 1.12% 16.56% 0.67% 1.34%
Business & Consumer Services 169 36.81% 2.47% 10.05% 8.88% 8.22% 9.12% 8.44% 9.18% 8.50% 14.59% 36.78% 15.03% 63.19% 0.45% 22.19% 1.17% 1.91%
Cable TV 13 62.88% 8.50% 19.29% 18.15% 14.71% 18.07% 14.64% 18.07% 14.65% 32.29% 61.74% 32.44% 37.12% 0.15% 29.44% 1.14% 1.12%
Chemical (Basic) 48 14.13% -0.72% 7.65% 7.21% 7.00% 7.30% 7.08% 7.28% 7.06% 17.75% 23.04% 18.85% 85.87% 1.10% 5.28% 0.44% 2.04%
Chemical (Diversified) 5 19.75% 6.43% 6.25% 5.81% 5.74% 5.87% 5.80% 5.82% 5.74% 14.85% 26.58% 17.10% 80.25% 2.24% 11.73% 0.44% 1.49%
Chemical (Specialty) 97 34.66% 2.21% 12.66% 12.07% 11.29% 12.26% 11.47% 12.18% 11.40% 20.70% 38.36% 23.53% 65.34% 2.83% 17.66% 0.60% 1.44%
Coal & Related Energy 29 19.73% -31.79% -7.81% -8.70% -8.70% -8.48% -8.48% -8.61% -8.61% 26.34% 32.24% 26.43% 80.27% 0.09% 5.90% 0.90% 2.29%
Computer Services 116 27.16% 3.62% 8.28% 7.58% 7.16% 7.88% 7.44% 8.02% 7.58% 12.40% 28.36% 14.88% 72.84% 2.47% 15.95% 0.71% 1.78%
Computers/Peripherals 52 33.82% 12.48% 17.55% 15.55% 14.97% 15.53% 14.96% 15.98% 15.40% 20.15% 31.85% 26.70% 66.18% 6.55% 11.70% 2.00% 2.54%
Construction Supplies 46 21.47% 5.86% 9.89% 9.41% 8.40% 9.43% 8.41% 9.25% 8.23% 17.97% 27.16% 20.64% 78.53% 2.67% 9.19% 0.48% 0.87%
Diversified 29 25.07% 12.18% 18.31% 18.06% 16.89% 18.14% 16.96% 18.14% 16.96% 34.95% 41.45% 36.86% 74.93% 1.92% 6.50% 0.25% 0.99%
Drugs (Biotechnology) 547 64.20% -0.94% 15.59% 9.54% 9.49% 9.36% 9.31% 12.92% 12.87% 15.54% 45.43% 57.51% 35.80% 41.97% 29.89% 6.05% 1.25%
Drugs (Pharmaceutical) 287 70.68% 14.10% 25.81% 24.02% 23.57% 24.04% 23.59% 25.38% 24.93% 32.25% 57.14% 51.08% 29.32% 18.83% 24.89% 1.79% 0.80%
Education 38 41.15% -4.82% 10.73% 9.26% 8.89% 8.72% 8.37% 8.82% 8.47% 14.47% 43.14% 15.84% 58.85% 1.37% 28.67% 1.47% 4.34%
Electrical Equipment 122 34.57% 7.63% 13.58% 12.60% 12.04% 12.82% 12.25% 12.84% 12.27% 17.76% 37.60% 20.80% 65.43% 3.04% 19.83% 0.97% 1.26%
Electronics (Consumer & Office) 22 35.69% -1.53% 4.58% 1.99% 1.97% 2.05% 2.02% 2.58% 2.56% 2.88% 26.76% 12.55% 64.31% 9.66% 23.87% 2.59% 1.15%
Electronics (General) 157 26.53% 3.49% 8.73% 7.47% 7.01% 7.57% 7.11% 7.90% 7.44% 13.65% 26.62% 19.57% 73.47% 5.93% 12.98% 1.26% 0.94%
Engineering/Construction 61 14.09% 0.75% 4.99% 4.10% 3.72% 4.32% 3.91% 4.31% 3.91% 5.70% 14.96% 5.72% 85.91% 0.02% 9.26% 0.88% 2.79%
Entertainment 118 39.25% -3.00% 9.73% 7.44% 7.40% 6.98% 6.94% 7.51% 7.47% 14.97% 36.52% 19.57% 60.75% 4.60% 21.55% 2.29% 2.92%
Environmental & Waste Services 86 33.29% 3.52% 12.60% 11.92% 11.60% 12.09% 11.77% 12.10% 11.77% 20.86% 34.33% 20.89% 66.71% 0.02% 13.46% 0.69% 2.16%
Farming/Agriculture 32 14.14% 3.81% 6.80% 6.55% 6.13% 6.67% 6.24% 6.61% 6.18% 7.56% 13.53% 9.02% 85.86% 1.45% 5.97% 0.24% 1.07%
Financial Svcs. (Non-bank & Insurance) 235 77.76% 20.13% 13.45% 12.32% 10.73% 12.20% 10.63% 12.23% 10.66% 9.87% 43.56% 10.31% 22.24% 0.44% 33.68% 1.13% 1.54%
Food Processing 101 27.13% 6.38% 13.24% 12.80% 11.70% 12.95% 11.84% 12.95% 11.84% 15.76% 29.49% 16.34% 72.87% 0.58% 13.73% 0.45% 2.13%
Food Wholesalers 18 15.49% -0.36% 1.69% 1.56% 1.55% 1.54% 1.53% 1.54% 1.53% 3.47% 17.11% 3.47% 84.51% 0.00% 13.63% 0.13% 0.58%
Furn/Home Furnishings 40 27.03% 4.63% 8.67% 7.98% 7.60% 8.15% 7.76% 8.16% 7.77% 11.12% 29.37% 12.85% 72.97% 1.72% 18.25% 0.69% 1.80%
Green & Renewable Energy 25 58.83% -34.82% 27.01% 26.12% 25.67% 25.84% 25.39% 25.88% 25.43% 59.20% 67.32% 59.37% 41.17% 0.17% 8.12% 0.89% 0.31%
Healthcare Products 265 56.94% 10.91% 16.35% 14.24% 13.87% 14.29% 13.92% 14.09% 13.72% 22.69% 55.16% 30.63% 43.06% 7.94% 32.47% 2.12% 1.11%
Healthcare Support Services 129 15.51% 2.63% 5.18% 4.97% 4.69% 4.84% 4.56% 4.84% 4.57% 5.08% 14.86% 5.11% 84.49% 0.03% 9.78% 0.21% 0.51%
Heathcare Information and Technology 139 49.38% 10.61% 15.53% 13.14% 12.59% 13.19% 12.64% 13.69% 13.14% 19.01% 44.48% 25.05% 50.62% 6.04% 25.47% 2.39% 1.35%
Homebuilding 30 21.82% 9.04% 12.16% 11.81% 9.93% 11.82% 9.94% 11.82% 9.94% 11.50% 21.42% 11.50% 78.18% 0.00% 9.93% 0.35% 0.30%
Hospitals/Healthcare Facilities 32 35.50% 3.70% 10.72% 10.20% 9.36% 9.48% 8.71% 9.49% 8.71% 16.18% 19.81% 16.19% 64.50% 0.00% 3.63% 0.53% 2.89%
Hotel/Gaming 66 46.41% -30.78% -8.15% -10.34% -10.13% -14.77% -14.47% -14.01% -13.72% 46.77% 79.32% 48.57% 53.59% 1.80% 32.55% 2.18% 3.61%
Household Products 140 50.87% 11.71% 19.10% 18.20% 17.28% 18.27% 17.35% 18.27% 17.35% 21.25% 53.31% 23.16% 49.13% 1.91% 32.06% 0.90% 1.45%
Information Services 77 52.66% 15.76% 25.84% 23.40% 21.11% 23.52% 21.23% 23.61% 21.32% 31.80% 56.38% 34.54% 47.34% 2.74% 24.58% 2.45% 1.47%
Insurance (General) 21 30.71% 1.43% 13.83% 12.83% 11.21% 12.90% 11.27% 12.92% 11.30% 21.01% 34.06% 21.07% 69.29% 0.07% 13.05% 1.00% 0.94%
Insurance (Life) 26 27.58% 6.54% 8.83% 8.48% 7.20% 8.48% 7.20% 8.48% 7.20% 11.84% 23.68% 11.84% 72.42% 0.00% 11.84% 0.35% 0.35%
Insurance (Prop/Cas.) 55 29.03% 6.68% 11.21% 10.85% 9.67% 10.89% 9.71% 10.89% 9.71% 16.09% 28.39% 16.09% 70.97% 0.00% 12.30% 0.37% 0.54%
Investments & Asset Management 348 69.23% 19.51% 20.56% 16.95% 16.16% 16.70% 15.92% 16.74% 15.97% 19.51% 53.86% 20.09% 30.77% 0.59% 34.35% 3.62% 1.53%
Machinery 125 34.50% 6.58% 13.83% 13.07% 11.92% 13.26% 12.09% 13.21% 12.04% 18.79% 38.32% 20.96% 65.50% 2.17% 19.52% 0.75% 1.05%
Metals & Mining 86 24.02% 1.64% 11.88% 11.47% 11.27% 11.28% 11.09% 11.26% 11.07% 20.05% 24.63% 20.30% 75.98% 0.25% 4.59% 0.41% 1.14%
Office Equipment & Services 22 35.26% 1.95% 8.02% 7.50% 6.51% 7.58% 6.58% 7.51% 6.51% 13.03% 38.33% 14.95% 64.74% 1.92% 25.30% 0.52% 1.94%
Oil/Gas (Integrated) 3 37.41% -7.20% -3.85% -4.27% -3.91% -3.98% -3.64% -3.96% -3.62% 21.39% 33.97% 21.92% 62.59% 0.54% 12.58% 0.42% 2.06%
Oil/Gas (Production and Exploration) 278 50.97% -78.85% -19.92% -21.40% -21.25% -20.70% -20.56% -20.70% -20.56% 63.21% 73.52% 63.29% 49.03% 0.08% 10.32% 1.48% 4.13%
Oil/Gas Distribution 57 29.23% 0.96% 17.85% 17.43% 16.64% 17.38% 16.59% 17.38% 16.59% 25.98% 29.88% 25.98% 70.77% 0.00% 3.90% 0.42% 0.89%
Oilfield Svcs/Equip. 135 9.07% -10.98% 0.92% 0.47% 0.47% 0.72% 0.71% 0.70% 0.69% 10.20% 15.30% 10.69% 90.93% 0.49% 5.10% 0.45% 1.82%
Packaging & Container 26 22.39% 2.98% 10.09% 9.66% 8.15% 9.82% 8.28% 9.86% 8.32% 16.38% 26.11% 16.85% 77.61% 0.47% 9.73% 0.43% 1.28%
Paper/Forest Products 15 17.79% 2.27% 6.32% 5.84% 5.50% 6.00% 5.64% 6.01% 5.65% 11.30% 20.20% 11.49% 82.21% 0.19% 8.90% 0.48% 0.95%
Power 55 43.68% 8.80% 20.23% 19.82% 17.86% 19.61% 17.67% 19.61% 17.67% 35.22% 38.12% 35.29% 56.32% 0.07% 2.90% 0.41% 1.93%
Precious Metals 93 50.17% 15.79% 22.41% 21.48% 21.25% 21.64% 21.41% 21.64% 21.40% 31.90% 38.15% 32.96% 49.83% 1.06% 6.25% 0.93% 3.21%
Publishing & Newspapers 29 40.81% -6.27% 6.23% 5.64% 5.32% 5.34% 5.03% 5.31% 5.01% 9.75% 38.84% 10.03% 59.19% 0.27% 29.09% 0.59% 2.08%
R.E.I.T. 238 58.12% 6.72% 25.05% 23.23% 22.94% 19.05% 18.81% 19.05% 18.81% 53.36% 64.05% 53.37% 41.88% 0.01% 10.69% 1.82% 3.13%
Real Estate (Development) 25 23.68% -0.32% -2.51% -3.64% -3.54% -6.71% -6.52% -6.70% -6.51% 22.21% 34.31% 22.21% 76.32% 0.00% 12.10% 1.13% 0.80%
Real Estate (General/Diversified) 11 49.31% 5.12% 10.53% 6.93% 6.42% 6.37% 5.91% 6.37% 5.91% 13.36% 58.74% 13.36% 50.69% 0.00% 45.38% 3.60% 5.58%
Real Estate (Operations & Services) 61 32.88% 1.53% 5.29% 4.13% 3.95% 4.02% 3.84% 4.07% 3.89% 8.15% 33.85% 8.40% 67.12% 0.25% 25.70% 1.16% 1.60%
Recreation 69 37.58% -2.12% 8.11% 6.81% 6.42% 6.38% 6.01% 6.44% 6.07% 15.05% 40.66% 18.13% 62.42% 3.09% 25.62% 1.30% 2.27%
Reinsurance 2 17.87% 2.16% 4.66% 4.27% 3.73% 4.21% 3.68% 4.21% 3.68% 12.88% 13.15% 12.88% 82.13% 0.00% 0.28% 0.39% 0.18%
Restaurant/Dining 79 27.60% 5.69% 12.13% 11.36% 11.00% 6.55% 6.34% 6.55% 6.34% 20.21% 30.44% 20.22% 72.40% 0.00% 10.23% 0.77% 9.11%
Retail (Automotive) 30 23.06% 3.84% 6.67% 6.43% 5.68% 5.48% 4.84% 5.48% 4.84% 7.09% 23.04% 7.09% 76.94% 0.00% 15.95% 0.24% 1.74%
Retail (Building Supply) 15 34.48% 7.53% 13.09% 12.79% 11.07% 12.50% 10.82% 12.51% 10.82% 12.07% 32.22% 12.09% 65.52% 0.02% 20.15% 0.30% 1.61%
Retail (Distributors) 85 28.39% 2.74% 8.04% 7.70% 6.76% 7.90% 6.93% 7.90% 6.94% 9.58% 28.38% 9.59% 71.61% 0.01% 18.80% 0.34% 1.61%
Retail (General) 17 24.27% 2.79% 4.84% 4.63% 4.05% 4.09% 3.58% 4.09% 3.58% 6.35% 25.56% 6.35% 75.73% 0.00% 19.20% 0.21% 1.02%
Retail (Grocery and Food) 14 26.25% 2.20% 3.62% 3.48% 3.01% 2.71% 2.34% 2.71% 2.34% 4.36% 25.69% 4.36% 73.75% 0.00% 21.33% 0.14% 1.00%
Retail (Online) 75 42.53% 4.95% 8.15% 5.74% 5.57% 5.24% 5.09% 6.29% 6.13% 10.83% 37.11% 20.65% 57.47% 9.82% 26.27% 2.41% 1.39%
Retail (Special Lines) 85 28.16% -0.10% 3.20% 2.89% 2.66% 2.50% 2.29% 2.51% 2.31% 7.67% 32.53% 7.78% 71.84% 0.11% 24.86% 0.31% 5.73%
Rubber& Tires 3 16.92% -10.40% -0.25% -0.50% -0.47% -0.02% -0.02% 0.01% 0.01% 12.15% 29.57% 15.50% 83.08% 3.35% 17.42% 0.25% 2.22%
Semiconductor 70 54.93% 20.49% 27.95% 24.09% 22.55% 24.09% 22.55% 24.79% 23.25% 35.74% 44.90% 54.35% 45.07% 18.61% 9.16% 3.86% 0.58%
Semiconductor Equip 40 43.25% 17.06% 23.89% 22.21% 20.57% 22.39% 20.73% 23.18% 21.53% 23.71% 33.55% 34.51% 56.75% 10.80% 9.85% 1.67% 0.86%
Shipbuilding & Marine 11 23.66% -5.99% 5.79% 5.11% 4.99% 5.66% 5.53% 5.66% 5.53% 14.57% 25.73% 14.57% 76.34% 0.00% 11.16% 0.68% 3.69%
Shoe 11 43.71% 6.86% 10.37% 9.22% 8.60% 8.93% 8.34% 8.93% 8.34% 11.71% 45.91% 11.83% 56.29% 0.11% 34.20% 1.15% 3.42%
Software (Entertainment) 101 62.68% 20.30% 28.60% 20.61% 20.49% 19.82% 19.70% 21.79% 21.68% 28.13% 51.99% 45.96% 37.32% 17.83% 23.86% 7.99% 1.54%
Software (Internet) 36 58.58% -5.60% 13.70% 5.06% 4.89% 4.80% 4.64% 6.78% 6.62% 14.72% 52.68% 28.32% 41.42% 13.61% 37.97% 8.64% 3.93%
Software (System & Application) 388 72.19% 19.99% 30.21% 23.30% 22.66% 23.27% 22.62% 24.90% 24.26% 28.47% 59.35% 45.87% 27.81% 17.41% 30.88% 6.90% 1.81%
Steel 32 13.53% -1.28% 3.98% 3.55% 3.34% 3.63% 3.41% 3.63% 3.41% 11.66% 19.62% 11.74% 86.47% 0.08% 7.96% 0.43% 0.56%
Telecom (Wireless) 16 59.47% 4.60% 13.62% 12.48% 12.04% 12.42% 11.98% 12.65% 12.21% 21.67% 49.29% 22.17% 40.53% 0.50% 27.62% 1.14% 4.63%
Telecom. Equipment 96 55.35% 10.79% 21.82% 18.69% 17.97% 18.91% 18.18% 18.86% 18.13% 24.57% 46.28% 37.82% 44.65% 13.25% 21.71% 3.14% 1.53%
Telecom. Services 58 56.39% 8.52% 20.08% 19.46% 18.69% 19.06% 18.31% 19.07% 18.32% 33.87% 54.84% 34.32% 43.61% 0.45% 20.97% 0.62% 3.32%
Tobacco 15 62.00% 15.31% 43.20% 42.80% 39.08% 42.92% 39.19% 42.92% 39.18% 42.80% 61.83% 43.97% 38.00% 1.17% 19.03% 0.40% 0.77%
Transportation 21 19.91% 3.88% 6.82% 6.28% 5.61% 6.07% 5.43% 6.07% 5.43% 9.15% 11.08% 9.16% 80.09% 0.01% 1.93% 0.54% 3.75%
Transportation (Railroads) 6 53.56% 25.07% 39.58% 39.13% 33.03% 38.69% 32.66% 38.69% 32.66% 55.38% 55.38% 55.38% 46.44% 0.00% 0.00% 0.46% 2.52%
Trucking 35 21.80% -9.27% -0.93% -2.88% -2.60% -2.56% -2.31% -5.07% -4.83% 0.93% 15.59% 4.79% 78.20% 3.86% 14.66% 1.95% 4.45%
Utility (General) 16 40.78% 8.59% 20.84% 20.40% 18.42% 20.15% 18.19% 20.15% 18.19% 32.46% 32.75% 32.48% 59.22% 0.02% 0.29% 0.43% 0.72%
Utility (Water) 17 56.57% 16.24% 31.03% 30.46% 27.18% 30.22% 26.96% 30.21% 26.95% 41.22% 45.34% 41.22% 43.43% 0.00% 4.11% 0.57% 0.15%
Total Market 7582 36.22% 5.05% 10.83% 9.62% 9.07% 9.42% 8.88% 9.61% 9.06% 16.68% 34.13% 19.82% 63.78% 3.15% 17.45% 1.21% 1.79%
Total Market (without financials) 6253 33.13% 4.01% 11.10% 9.93% 9.49% 9.72% 9.29% 9.93% 9.50% 17.58% 33.12% 21.06% 66.87% 3.48% 15.54% 1.17% 1.79%

Last Updated in January 2021
By Aswath Damodaran