Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2025

Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/margin.xls

For global datasets: https://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 54 29.91% 3.00% 13.61% 10.90% 10.06% 11.25% 10.39% 11.40% 10.53% 13.72% 27.29% 15.87% 70.09% 2.15% 13.57% 2.71% 3.00%
Aerospace/Defense 67 17.05% 4.37% 8.62% 7.59% 6.75% 7.66% 6.81% 7.87% 7.03% 11.22% 18.39% 15.30% 82.95% 4.08% 7.16% 1.03% 0.79%
Air Transport 24 24.96% 2.21% 5.88% 5.54% 4.97% 5.46% 4.91% 5.50% 4.95% 11.03% 14.77% 11.41% 75.04% 0.38% 3.74% 0.35% 7.28%
Apparel 37 54.28% 2.98% 9.67% 8.73% 8.02% 9.61% 8.83% 9.62% 8.84% 11.79% 57.11% 11.90% 45.72% 0.11% 45.32% 0.95% 6.00%
Auto & Truck 34 11.11% 3.77% 3.94% 3.13% 3.07% 3.21% 3.14% 3.31% 3.24% 7.04% 13.42% 12.36% 88.89% 5.32% 6.38% 0.81% 0.51%
Auto Parts 33 15.21% 2.27% 5.87% 5.10% 4.45% 5.21% 4.54% 5.41% 4.75% 8.70% 16.86% 13.29% 84.79% 4.58% 8.16% 0.77% 0.83%
Bank (Money Center) 15 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Banks (Regional) 591 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Beverage (Alcoholic) 18 46.53% 9.29% 23.45% 22.85% 20.96% 22.88% 20.99% 22.88% 20.99% 26.04% 48.94% 26.04% 53.47% 0.00% 22.90% 0.60% 1.53%
Beverage (Soft) 29 54.90% 14.07% 20.53% 20.01% 18.62% 20.13% 18.73% 20.14% 18.74% 22.19% 56.48% 22.69% 45.10% 0.50% 34.29% 0.52% 1.26%
Broadcasting 22 39.84% -5.64% 13.44% 12.51% 11.17% 12.51% 11.17% 12.51% 11.17% 14.18% 37.19% 14.19% 60.16% 0.00% 23.00% 0.93% 0.86%
Brokerage & Investment Banking 30 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Building Materials 39 32.05% 10.56% 14.00% 13.34% 10.79% 13.50% 10.92% 13.66% 11.08% 16.56% 33.58% 17.84% 67.95% 1.28% 17.02% 0.66% 0.96%
Business & Consumer Services 152 33.70% 7.09% 13.40% 12.11% 10.60% 12.24% 10.71% 12.43% 10.91% 15.41% 33.65% 16.57% 66.30% 1.15% 18.24% 1.29% 1.43%
Cable TV 9 57.89% 7.58% 19.45% 18.46% 16.53% 18.17% 16.27% 18.16% 16.25% 31.60% 56.72% 31.80% 42.11% 0.19% 25.11% 0.99% 1.27%
Chemical (Basic) 31 12.54% 2.76% 6.49% 6.05% 5.57% 6.25% 5.75% 6.25% 5.75% 12.67% 17.86% 13.65% 87.46% 0.98% 5.19% 0.44% 2.14%
Chemical (Diversified) 4 16.47% -0.50% 4.80% 4.36% 4.36% 4.48% 4.48% 4.38% 4.38% 12.00% 22.29% 13.78% 83.53% 1.78% 10.29% 0.44% 1.35%
Chemical (Specialty) 60 33.77% 6.46% 12.77% 11.93% 10.74% 12.17% 10.96% 12.12% 10.91% 19.09% 36.83% 21.83% 66.23% 2.73% 17.73% 0.83% 1.60%
Coal & Related Energy 16 25.07% 10.06% 11.62% 10.97% 10.67% 11.11% 10.80% 11.04% 10.73% 31.73% 36.32% 32.08% 74.93% 0.34% 4.59% 0.64% 1.22%
Computer Services 63 24.14% 4.15% 6.81% 6.06% 5.40% 6.31% 5.63% 6.45% 5.77% 9.66% 24.93% 12.03% 75.86% 2.37% 15.27% 0.76% 1.04%
Computers/Peripherals 35 38.72% 16.78% 25.05% 22.65% 20.61% 22.67% 20.63% 22.95% 20.91% 25.46% 34.53% 32.47% 61.28% 7.01% 9.07% 2.40% 2.77%
Construction Supplies 46 25.98% 11.23% 15.55% 15.13% 13.08% 15.19% 13.13% 15.21% 13.15% 18.40% 26.59% 20.89% 74.02% 2.49% 8.19% 0.41% 0.63%
Diversified 21 36.46% 25.15% 32.97% 32.85% 31.20% 32.97% 31.31% 33.00% 31.35% 33.43% 36.29% 34.14% 63.54% 0.71% 2.86% 0.12% 0.58%
Drugs (Biotechnology) 535 56.02% -13.20% 8.77% 1.42% 1.41% 1.30% 1.29% 7.49% 7.47% 10.91% 43.48% 59.12% 43.98% 48.21% 32.58% 7.35% 1.51%
Drugs (Pharmaceutical) 231 70.30% 8.90% 24.46% 22.81% 22.22% 22.80% 22.21% 25.59% 25.00% 28.92% 51.76% 56.12% 29.70% 27.20% 22.84% 1.66% 0.91%
Education 29 41.15% 2.65% 12.14% 9.24% 8.14% 8.41% 7.41% 8.55% 7.55% 10.87% 38.40% 14.23% 58.85% 3.35% 27.52% 2.90% 4.40%
Electrical Equipment 101 30.09% 2.59% 8.54% 7.15% 6.78% 7.38% 7.01% 7.64% 7.26% 10.88% 30.12% 14.85% 69.91% 3.97% 19.24% 1.38% 1.13%
Electronics (Consumer & Office) 11 37.48% -15.37% -1.39% -5.30% -5.30% -5.20% -5.20% -4.87% -4.87% -2.60% 24.04% 13.30% 62.52% 15.91% 26.65% 3.91% 1.15%
Electronics (General) 122 25.19% 5.62% 9.51% 8.15% 7.62% 8.27% 7.73% 8.37% 7.82% 12.53% 24.73% 17.13% 74.81% 4.60% 12.20% 1.36% 0.91%
Engineering/Construction 42 14.45% 2.95% 6.04% 5.57% 4.75% 5.84% 4.98% 5.84% 4.98% 7.21% 15.05% 7.25% 85.55% 0.04% 7.84% 0.48% 2.68%
Entertainment 96 39.68% -3.16% 10.56% 8.34% 8.17% 8.13% 7.97% 8.26% 8.09% 16.15% 37.57% 19.63% 60.32% 3.48% 21.42% 2.22% 2.10%
Environmental & Waste Services 50 35.79% 8.81% 15.59% 14.89% 13.87% 15.08% 14.05% 15.12% 14.09% 20.53% 34.31% 20.98% 64.21% 0.45% 13.78% 0.70% 1.68%
Farming/Agriculture 35 14.70% 4.90% 7.49% 7.25% 6.61% 7.42% 6.76% 7.47% 6.81% 10.96% 16.83% 12.47% 85.30% 1.51% 5.86% 0.24% 1.06%
Financial Svcs. (Non-bank & Insurance) 166 68.37% 22.28% 18.69% 16.33% 14.40% 16.41% 14.47% 16.44% 14.50% 18.17% 46.28% 20.24% 31.63% 2.07% 28.11% 2.35% 0.70%
Food Processing 77 25.91% 6.01% 12.46% 11.97% 10.76% 12.10% 10.87% 12.13% 10.91% 14.59% 28.09% 15.27% 74.09% 0.68% 13.50% 0.49% 1.80%
Food Wholesalers 14 15.36% 1.34% 2.80% 2.67% 2.25% 2.63% 2.22% 2.63% 2.22% 3.69% 16.06% 3.69% 84.64% 0.00% 12.37% 0.13% 0.51%
Furn/Home Furnishings 28 28.50% 2.11% 7.21% 6.51% 5.75% 6.79% 6.00% 6.86% 6.07% 9.61% 30.31% 11.63% 71.50% 2.01% 20.70% 0.71% 2.62%
Green & Renewable Energy 18 58.55% -18.83% 22.51% 21.60% 21.33% 19.78% 19.53% 19.74% 19.50% 54.58% 64.61% 54.69% 41.45% 0.11% 10.03% 0.91% 1.00%
Healthcare Products 218 56.04% 8.73% 17.02% 14.81% 14.21% 14.99% 14.37% 15.15% 14.53% 20.86% 52.27% 28.88% 43.96% 8.02% 31.41% 2.21% 0.97%
Healthcare Support Services 113 13.16% 1.58% 3.65% 3.44% 3.13% 3.43% 3.13% 3.43% 3.13% 4.51% 13.50% 4.57% 86.84% 0.06% 8.99% 0.21% 0.37%
Heathcare Information and Technology 116 47.76% 4.69% 16.24% 13.35% 12.84% 13.40% 12.89% 13.50% 12.98% 20.87% 46.15% 27.57% 52.24% 6.70% 25.28% 2.88% 1.30%
Homebuilding 30 24.97% 12.00% 15.86% 15.52% 12.77% 15.59% 12.82% 15.59% 12.82% 15.51% 24.95% 15.51% 75.03% 0.00% 9.44% 0.34% 0.28%
Hospitals/Healthcare Facilities 33 38.25% 6.97% 13.00% 12.45% 11.32% 12.14% 11.05% 12.14% 11.04% 15.32% 19.70% 15.37% 61.75% 0.05% 4.38% 0.55% 2.27%
Hotel/Gaming 65 61.37% 9.80% 20.27% 18.15% 16.21% 14.85% 13.27% 14.90% 13.32% 23.25% 51.09% 25.63% 38.63% 2.37% 27.84% 2.13% 2.82%
Household Products 101 51.32% 10.38% 19.38% 18.38% 16.91% 18.53% 17.05% 18.56% 17.08% 21.47% 53.82% 23.42% 48.68% 1.95% 32.34% 1.00% 1.22%
Information Services 16 33.82% 6.23% 13.07% 11.54% 9.76% 12.15% 10.28% 12.24% 10.38% 16.98% 35.15% 18.92% 66.18% 1.94% 18.17% 1.54% 1.97%
Insurance (General) 22 36.83% 4.16% 17.64% 16.43% 14.99% 16.49% 15.04% 16.49% 15.05% 21.61% 35.28% 21.72% 63.17% 0.11% 13.67% 1.21% 1.06%
Insurance (Life) 19 26.04% 5.95% 8.65% 8.21% 7.02% 8.25% 7.05% 8.25% 7.05% 6.23% 16.69% 6.23% 73.96% 0.00% 10.46% 0.44% 0.29%
Insurance (Prop/Cas.) 53 28.24% 9.88% 14.00% 13.63% 11.44% 13.70% 11.50% 13.70% 11.50% 9.44% 19.05% 9.44% 71.76% 0.00% 9.61% 0.37% 0.32%
Investments & Asset Management 231 63.89% 17.59% 18.52% 14.49% 13.59% 14.08% 13.21% 14.13% 13.25% 12.07% 43.88% 12.56% 36.11% 0.49% 31.81% 4.03% 1.57%
Machinery 109 37.08% 10.04% 16.77% 15.79% 14.02% 15.98% 14.19% 15.99% 14.20% 18.67% 37.92% 20.84% 62.92% 2.16% 19.25% 0.98% 0.89%
Metals & Mining 64 34.21% 7.39% 23.08% 22.62% 22.22% 22.62% 22.21% 22.65% 22.24% 25.63% 29.62% 25.84% 65.79% 0.20% 3.99% 0.46% 0.81%
Office Equipment & Services 14 37.29% 1.06% 8.89% 8.17% 7.07% 8.46% 7.32% 8.48% 7.34% 11.21% 38.33% 13.20% 62.71% 1.99% 27.12% 0.72% 2.13%
Oil/Gas (Integrated) 4 35.60% 9.75% 13.60% 13.43% 10.04% 13.71% 10.25% 13.72% 10.26% 22.44% 30.16% 22.65% 64.40% 0.21% 7.72% 0.16% 0.78%
Oil/Gas (Production and Exploration) 147 58.78% 19.52% 30.58% 29.54% 27.44% 30.06% 27.92% 30.06% 27.93% 53.27% 59.57% 53.33% 41.22% 0.06% 6.30% 1.04% 2.82%
Oil/Gas Distribution 24 46.68% 16.24% 28.91% 28.06% 24.56% 28.45% 24.90% 28.46% 24.90% 47.19% 54.78% 47.20% 53.32% 0.01% 7.59% 0.85% 1.14%
Oilfield Svcs/Equip. 97 10.71% 3.31% 5.31% 4.99% 4.54% 5.17% 4.70% 5.19% 4.72% 10.75% 14.44% 11.05% 89.29% 0.30% 3.68% 0.31% 1.15%
Packaging & Container 22 22.64% 6.82% 10.23% 9.79% 8.39% 9.99% 8.56% 9.98% 8.55% 16.12% 26.28% 16.67% 77.36% 0.55% 10.15% 0.44% 1.25%
Paper/Forest Products 6 19.98% 6.53% 10.63% 10.13% 7.73% 10.31% 7.87% 10.33% 7.89% 14.26% 22.00% 14.33% 80.02% 0.07% 7.74% 0.49% 0.98%
Power 48 41.63% 11.30% 20.14% 19.75% 17.36% 19.67% 17.29% 19.67% 17.29% 32.82% 35.44% 32.91% 58.37% 0.10% 2.62% 0.39% 1.58%
Precious Metals 60 37.76% -4.84% 19.45% 18.83% 18.46% 18.89% 18.52% 18.92% 18.55% 20.12% 26.27% 20.97% 62.24% 0.85% 6.15% 0.62% 4.54%
Publishing & Newspapers 19 47.91% 2.26% 9.26% 8.30% 7.49% 8.23% 7.43% 8.28% 7.48% 12.35% 44.90% 13.65% 52.09% 1.30% 32.56% 0.96% 1.59%
R.E.I.T. 192 57.66% 12.53% 26.21% 24.48% 24.04% 22.23% 21.83% 22.23% 21.83% 44.60% 54.80% 44.61% 42.34% 0.01% 10.19% 1.73% 3.11%
Real Estate (Development) 15 35.13% 11.12% 15.83% 14.74% 14.37% 13.48% 13.15% 13.48% 13.15% 18.23% 28.15% 18.23% 64.87% 0.00% 9.92% 1.09% 0.50%
Real Estate (General/Diversified) 11 45.51% 8.64% 13.49% 11.07% 10.46% 11.24% 10.63% 11.24% 10.63% 19.14% 57.01% 19.14% 54.49% 0.00% 37.87% 2.42% 4.42%
Real Estate (Operations & Services) 60 33.61% -0.79% 3.31% 1.39% 1.33% 1.36% 1.30% 1.46% 1.40% 3.20% 31.92% 5.05% 66.39% 1.85% 28.72% 1.92% 1.33%
Recreation 50 38.81% 0.65% 10.67% 9.04% 8.37% 7.48% 6.93% 7.40% 6.85% 14.63% 38.92% 17.56% 61.19% 2.93% 24.29% 1.64% 3.06%
Reinsurance 1 10.88% 3.32% 5.73% 5.51% 4.40% 5.53% 4.42% 5.53% 4.42% 6.67% 6.88% 6.67% 89.12% 0.00% 0.21% 0.22% 0.00%
Restaurant/Dining 62 32.90% 10.62% 17.37% 15.96% 14.55% 13.90% 12.67% 13.96% 12.73% 19.56% 30.61% 20.27% 67.10% 0.71% 11.05% 1.41% 5.43%
Retail (Automotive) 29 22.31% 3.33% 6.29% 6.01% 5.28% 5.60% 4.92% 5.59% 4.91% 7.39% 22.50% 7.38% 77.69% -0.01% 15.11% 0.28% 1.33%
Retail (Building Supply) 13 34.15% 8.08% 12.61% 12.12% 10.47% 11.97% 10.34% 11.98% 10.34% 14.97% 35.25% 15.14% 65.85% 0.17% 20.28% 0.48% 1.52%
Retail (Distributors) 66 30.82% 6.45% 10.91% 10.56% 9.13% 10.79% 9.33% 10.79% 9.33% 12.13% 30.81% 12.15% 69.18% 0.02% 18.68% 0.35% 1.47%
Retail (General) 24 32.22% 4.60% 7.71% 6.20% 5.16% 5.92% 4.93% 6.00% 5.01% 8.62% 29.69% 13.30% 67.78% 4.68% 21.07% 1.51% 1.29%
Retail (Grocery and Food) 17 26.09% 1.97% 3.61% 3.33% 2.89% 2.93% 2.54% 2.46% 2.07% 4.60% 25.10% 4.84% 73.91% 0.24% 20.50% 0.28% 0.94%
Retail (REITs) 28 77.48% 25.47% 40.17% 38.88% 38.42% 37.28% 36.83% 37.28% 36.83% 64.43% 71.01% 64.45% 22.52% 0.02% 6.58% 1.29% 0.75%
Retail (Special Lines) 98 30.39% 1.49% 5.61% 5.10% 4.68% 5.30% 4.87% 5.32% 4.88% 6.82% 31.61% 6.96% 69.61% 0.14% 24.79% 0.51% 4.82%
Rubber& Tires 3 19.72% -1.70% 4.12% 4.04% 4.04% 4.34% 4.34% 4.26% 4.26% 7.81% 23.47% 10.22% 80.28% 2.42% 15.66% 0.08% 1.63%
Semiconductor 63 58.59% 19.96% 35.47% 29.71% 28.47% 29.73% 28.48% 31.44% 30.19% 31.32% 39.05% 49.53% 41.41% 18.21% 7.73% 5.76% 0.52%
Semiconductor Equip 30 45.35% 20.14% 26.32% 24.06% 21.67% 24.19% 21.78% 24.84% 22.43% 27.81% 37.31% 39.23% 54.65% 11.42% 9.50% 2.26% 0.78%
Shipbuilding & Marine 8 27.71% 10.52% 14.44% 13.74% 12.94% 14.98% 14.11% 14.98% 14.11% 15.82% 24.92% 15.82% 72.29% 0.00% 9.09% 0.70% 3.22%
Shoe 12 47.10% 10.15% 14.25% 12.82% 11.40% 13.01% 11.57% 13.02% 11.58% 15.35% 49.49% 15.46% 52.90% 0.11% 34.14% 1.43% 2.53%
Software (Entertainment) 81 65.38% 27.43% 40.38% 32.37% 30.19% 32.16% 30.00% 33.51% 31.34% 30.33% 45.54% 48.43% 34.62% 18.10% 15.21% 8.01% 1.45%
Software (Internet) 29 60.82% -2.60% 16.89% 1.31% 1.28% 2.05% 2.01% 4.23% 4.19% 7.75% 45.22% 29.20% 39.18% 21.46% 37.47% 15.58% 2.71%
Software (System & Application) 333 72.38% 22.94% 36.74% 28.63% 27.36% 28.77% 27.49% 30.05% 28.77% 33.84% 60.23% 50.70% 27.62% 16.86% 26.39% 8.11% 1.53%
Steel 27 15.61% 5.25% 8.03% 7.61% 6.71% 7.65% 6.75% 7.65% 6.75% 15.99% 22.49% 16.03% 84.39% 0.03% 6.49% 0.43% 0.55%
Telecom (Wireless) 11 62.35% 10.81% 21.08% 20.15% 17.15% 18.90% 16.08% 18.90% 16.09% 33.31% 59.41% 33.37% 37.65% 0.06% 26.10% 0.93% 6.35%
Telecom. Equipment 61 56.96% 10.48% 22.39% 17.49% 16.73% 17.80% 17.02% 18.41% 17.64% 22.89% 45.95% 37.74% 43.04% 14.85% 23.07% 4.90% 1.39%
Telecom. Services 32 59.32% 5.87% 20.84% 20.35% 19.60% 20.68% 19.93% 20.65% 19.89% 34.47% 57.91% 34.93% 40.68% 0.45% 23.44% 0.49% 4.19%
Tobacco 12 61.96% 31.96% 41.53% 41.05% 35.92% 41.22% 36.07% 41.22% 36.07% 42.77% 63.66% 44.25% 38.04% 1.49% 20.90% 0.48% 0.64%
Transportation 21 23.17% 4.09% 7.72% 6.83% 6.02% 6.90% 6.08% 6.83% 6.01% 11.33% 16.06% 12.53% 76.83% 1.21% 4.73% 0.89% 4.34%
Transportation (Railroads) 4 51.68% 24.30% 38.73% 38.31% 31.75% 38.26% 31.70% 38.26% 31.70% 46.71% 46.76% 46.71% 48.32% 0.00% 0.05% 0.42% 1.83%
Trucking 24 20.72% 4.20% 7.43% 6.97% 5.67% 7.32% 5.96% 7.16% 5.80% 15.48% 21.46% 15.71% 79.28% 0.23% 5.98% 0.46% 1.61%
Utility (General) 14 44.53% 15.46% 23.68% 23.28% 20.80% 23.07% 20.61% 23.07% 20.61% 39.12% 37.66% 39.12% 55.47% 0.00% -1.46% 0.40% 0.49%
Utility (Water) 15 58.92% 21.32% 33.69% 33.11% 29.34% 33.03% 29.28% 33.06% 29.31% 44.57% 48.39% 44.62% 41.08% 0.06% 3.82% 0.58% 0.31%
Total Market 6062 37.11% 8.67% 13.60% 12.08% 11.11% 12.02% 11.06% 12.26% 11.30% 15.95% 32.18% 19.67% 62.89% 3.72% 16.23% 1.52% 1.50%
Total Market (without financials) 4935 32.39% 7.33% 13.34% 11.93% 11.13% 11.87% 11.07% 12.13% 11.33% 16.12% 29.81% 20.04% 67.61% 3.92% 13.69% 1.40% 1.47%

 

Last Updated in January 2025
By Aswath Damodaran