Cost of Equity and Capital (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2026
Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/wacc.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
| Industry Name | Number of Firms | Beta | Cost of Equity | E/(D+E) | Std Dev in Stock | Cost of Debt | Tax Rate | After-tax Cost of Debt | D/(D+E) | Cost of Capital |
| Advertising | 52 | 1.21 | 9.35% | 71.33% | 62.91% | 5.29% | 5.02% | 3.97% | 28.67% | 7.81% |
| Aerospace/Defense | 79 | 0.95 | 8.17% | 86.53% | 46.45% | 5.29% | 11.58% | 3.97% | 13.47% | 7.60% |
| Air Transport | 23 | 1.19 | 9.24% | 52.31% | 59.00% | 5.29% | 8.29% | 3.97% | 47.69% | 6.72% |
| Apparel | 35 | 0.94 | 8.12% | 76.17% | 46.26% | 5.29% | 9.61% | 3.97% | 23.83% | 7.13% |
| Auto & Truck | 33 | 1.46 | 10.45% | 83.55% | 61.83% | 5.29% | 3.74% | 3.97% | 16.45% | 9.38% |
| Auto Parts | 35 | 1.34 | 9.92% | 70.69% | 49.87% | 5.29% | 15.00% | 3.97% | 29.31% | 8.18% |
| Bank (Money Center) | 15 | 0.76 | 7.34% | 37.85% | 22.74% | 4.73% | 18.43% | 3.55% | 62.15% | 4.98% |
| Banks (Regional) | 568 | 0.40 | 5.73% | 65.75% | 22.68% | 4.73% | 17.61% | 3.55% | 34.25% | 4.98% |
| Beverage (Alcoholic) | 14 | 0.81 | 7.57% | 69.76% | 55.96% | 5.29% | 12.35% | 3.97% | 30.24% | 6.48% |
| Beverage (Soft) | 27 | 0.64 | 6.81% | 82.93% | 57.89% | 5.29% | 6.85% | 3.97% | 17.07% | 6.33% |
| Broadcasting | 24 | 0.47 | 6.05% | 53.81% | 46.62% | 5.29% | 7.73% | 3.97% | 46.19% | 5.09% |
| Brokerage & Investment Banking | 32 | 1.17 | 9.17% | 42.45% | 36.61% | 5.07% | 15.27% | 3.80% | 57.55% | 6.08% |
| Building Materials | 41 | 1.11 | 8.91% | 79.37% | 35.28% | 5.07% | 18.02% | 3.80% | 20.63% | 7.85% |
| Business & Consumer Services | 155 | 0.89 | 7.91% | 83.53% | 41.11% | 5.07% | 10.38% | 3.80% | 16.47% | 7.23% |
| Cable TV | 9 | 0.74 | 7.25% | 40.50% | 44.04% | 5.07% | 10.64% | 3.80% | 59.50% | 5.20% |
| Chemical (Basic) | 29 | 1.01 | 8.46% | 50.16% | 45.81% | 5.29% | 7.68% | 3.97% | 49.84% | 6.22% |
| Chemical (Diversified) | 4 | 0.85 | 7.74% | 36.22% | 39.04% | 5.07% | 0.00% | 3.80% | 63.78% | 5.23% |
| Chemical (Specialty) | 59 | 0.97 | 8.28% | 76.99% | 42.31% | 5.07% | 13.68% | 3.80% | 23.01% | 7.25% |
| Coal & Related Energy | 16 | 1.07 | 8.73% | 93.33% | 64.31% | 5.29% | 3.13% | 3.97% | 6.67% | 8.41% |
| Computer Services | 64 | 1.09 | 8.80% | 79.94% | 53.43% | 5.29% | 10.53% | 3.97% | 20.06% | 7.83% |
| Computers/Peripherals | 36 | 1.35 | 9.97% | 95.58% | 54.58% | 5.29% | 5.91% | 3.97% | 4.42% | 9.71% |
| Construction Supplies | 40 | 1.15 | 9.08% | 85.02% | 35.51% | 5.07% | 16.04% | 3.80% | 14.98% | 8.29% |
| Diversified | 20 | 0.88 | 7.88% | 86.54% | 28.41% | 4.73% | 2.76% | 3.55% | 13.46% | 7.30% |
| Drugs (Biotechnology) | 496 | 1.14 | 9.01% | 88.46% | 75.68% | 6.02% | 1.08% | 4.51% | 11.54% | 8.49% |
| Drugs (Pharmaceutical) | 228 | 0.98 | 8.33% | 87.31% | 76.64% | 6.02% | 2.99% | 4.51% | 12.69% | 7.85% |
| Education | 32 | 0.78 | 7.43% | 80.40% | 47.24% | 5.29% | 15.54% | 3.97% | 19.60% | 6.75% |
| Electrical Equipment | 112 | 1.25 | 9.53% | 89.28% | 72.71% | 6.02% | 4.82% | 4.51% | 10.72% | 8.99% |
| Electronics (Consumer & Office) | 8 | 0.87 | 7.81% | 94.51% | 70.18% | 6.02% | 0.00% | 4.51% | 5.49% | 7.63% |
| Electronics (General) | 114 | 0.97 | 8.28% | 90.08% | 51.84% | 5.29% | 8.04% | 3.97% | 9.92% | 7.85% |
| Engineering/Construction | 48 | 1.21 | 9.35% | 87.71% | 45.92% | 5.29% | 13.64% | 3.97% | 12.29% | 8.69% |
| Entertainment | 92 | 0.83 | 7.63% | 86.27% | 48.71% | 5.29% | 3.30% | 3.97% | 13.73% | 7.13% |
| Environmental & Waste Services | 53 | 0.95 | 8.17% | 82.34% | 54.91% | 5.29% | 4.27% | 3.97% | 17.66% | 7.43% |
| Farming/Agriculture | 35 | 1.13 | 8.99% | 65.86% | 50.79% | 5.29% | 6.29% | 3.97% | 34.14% | 7.27% |
| Financial Svcs. (Non-bank & Insurance | 176 | 0.97 | 8.27% | 26.87% | 42.47% | 5.07% | 12.06% | 3.80% | 73.13% | 5.00% |
| Food Processing | 78 | 0.61 | 6.66% | 69.57% | 43.47% | 5.07% | 10.37% | 3.80% | 30.43% | 5.79% |
| Food Wholesalers | 13 | 0.87 | 7.82% | 68.04% | 33.98% | 5.07% | 9.15% | 3.80% | 31.96% | 6.53% |
| Furn/Home Furnishings | 27 | 0.82 | 7.62% | 70.26% | 51.51% | 5.29% | 11.38% | 3.97% | 29.74% | 6.53% |
| Green & Renewable Energy | 15 | 0.86 | 7.77% | 46.92% | 65.14% | 6.02% | 0.00% | 4.51% | 53.08% | 6.04% |
| Healthcare Products | 204 | 0.91 | 8.00% | 88.66% | 61.79% | 5.29% | 4.85% | 3.97% | 11.34% | 7.54% |
| Healthcare Support Services | 104 | 0.87 | 7.84% | 73.84% | 47.24% | 5.29% | 9.80% | 3.97% | 26.16% | 6.83% |
| Heathcare Information and Technology | 115 | 1.11 | 8.89% | 86.40% | 63.78% | 5.29% | 6.38% | 3.97% | 13.60% | 8.22% |
| Homebuilding | 30 | 0.91 | 8.01% | 82.41% | 32.79% | 5.07% | 16.99% | 3.80% | 17.59% | 7.27% |
| Hospitals/Healthcare Facilities | 31 | 0.80 | 7.52% | 62.53% | 56.46% | 5.29% | 11.35% | 3.97% | 37.47% | 6.19% |
| Hotel/Gaming | 63 | 1.08 | 8.77% | 71.56% | 39.65% | 5.07% | 8.31% | 3.80% | 28.44% | 7.36% |
| Household Products | 110 | 0.82 | 7.59% | 84.64% | 55.46% | 5.29% | 6.50% | 3.97% | 15.36% | 7.03% |
| Information Services | 15 | 0.92 | 8.06% | 75.09% | 32.38% | 5.07% | 18.16% | 3.80% | 24.91% | 7.00% |
| Insurance (General) | 21 | 0.67 | 6.95% | 79.60% | 46.07% | 5.29% | 12.77% | 3.97% | 20.40% | 6.34% |
| Insurance (Life) | 20 | 0.64 | 6.82% | 59.58% | 35.15% | 5.07% | 15.19% | 3.80% | 40.42% | 5.60% |
| Insurance (Prop/Cas.) | 57 | 0.48 | 6.11% | 87.09% | 28.70% | 4.73% | 18.37% | 3.55% | 12.91% | 5.78% |
| Investments & Asset Management | 283 | 0.66 | 6.89% | 75.36% | 30.04% | 5.07% | 3.53% | 3.80% | 24.64% | 6.13% |
| Machinery | 105 | 0.96 | 8.25% | 87.19% | 45.03% | 5.29% | 13.37% | 3.97% | 12.81% | 7.70% |
| Metals & Mining | 73 | 1.04 | 8.60% | 90.10% | 77.56% | 6.02% | 2.52% | 4.51% | 9.90% | 8.20% |
| Office Equipment & Services | 14 | 1.33 | 9.90% | 67.52% | 39.61% | 5.07% | 12.30% | 3.80% | 32.48% | 7.92% |
| Oil/Gas (Integrated) | 4 | 0.30 | 5.29% | 87.84% | 20.27% | 4.73% | 28.24% | 3.55% | 12.16% | 5.07% |
| Oil/Gas (Production and Exploration) | 142 | 0.72 | 7.17% | 72.68% | 42.22% | 5.07% | 6.66% | 3.80% | 27.32% | 6.25% |
| Oil/Gas Distribution | 23 | 0.67 | 6.93% | 63.08% | 42.24% | 5.07% | 9.17% | 3.80% | 36.92% | 5.78% |
| Oilfield Svcs/Equip. | 97 | 0.95 | 8.19% | 72.80% | 48.32% | 5.29% | 8.75% | 3.97% | 27.20% | 7.04% |
| Packaging & Container | 19 | 1.02 | 8.51% | 64.47% | 25.45% | 4.73% | 15.57% | 3.55% | 35.53% | 6.75% |
| Paper/Forest Products | 6 | 0.96 | 8.22% | 69.60% | 56.94% | 5.29% | 8.60% | 3.97% | 30.40% | 6.93% |
| Power | 46 | 0.48 | 6.10% | 57.42% | 25.38% | 4.73% | 12.75% | 3.55% | 42.58% | 5.01% |
| Precious Metals | 56 | 0.84 | 7.68% | 93.21% | 69.95% | 6.02% | 5.97% | 4.51% | 6.79% | 7.47% |
| Publishing & Newspapers | 19 | 0.56 | 6.46% | 80.68% | 35.93% | 5.07% | 10.21% | 3.80% | 19.32% | 5.95% |
| R.E.I.T. | 190 | 0.64 | 6.81% | 54.21% | 26.37% | 4.73% | 1.58% | 3.55% | 45.79% | 5.32% |
| Real Estate (Development) | 14 | 0.84 | 7.71% | 49.55% | 52.10% | 5.29% | 4.91% | 3.97% | 50.45% | 5.82% |
| Real Estate (General/Diversified) | 12 | 0.81 | 7.56% | 65.12% | 31.21% | 5.07% | 4.65% | 3.80% | 34.88% | 6.25% |
| Real Estate (Operations & Services) | 54 | 0.97 | 8.26% | 80.23% | 50.56% | 5.29% | 8.70% | 3.97% | 19.77% | 7.41% |
| Recreation | 49 | 1.02 | 8.51% | 61.35% | 48.31% | 5.29% | 11.45% | 3.97% | 38.65% | 6.76% |
| Reinsurance | 1 | 0.58 | 6.54% | 69.70% | 19.21% | 4.73% | 30.36% | 3.55% | 30.30% | 5.64% |
| Restaurant/Dining | 64 | 0.92 | 8.07% | 78.60% | 41.15% | 5.07% | 9.92% | 3.80% | 21.40% | 7.16% |
| Retail (Automotive) | 34 | 0.94 | 8.12% | 68.80% | 44.58% | 5.07% | 10.77% | 3.80% | 31.20% | 6.78% |
| Retail (Building Supply) | 14 | 1.54 | 10.80% | 81.11% | 45.88% | 5.29% | 11.84% | 3.97% | 18.89% | 9.51% |
| Retail (Distributors) | 62 | 0.95 | 8.18% | 77.98% | 39.29% | 5.07% | 14.59% | 3.80% | 22.02% | 7.22% |
| Retail (General) | 23 | 0.81 | 7.54% | 92.64% | 43.34% | 5.07% | 19.10% | 3.80% | 7.36% | 7.27% |
| Retail (Grocery and Food) | 15 | 1.12 | 8.94% | 65.81% | 49.42% | 5.29% | 12.22% | 3.97% | 34.19% | 7.24% |
| Retail (REITs) | 26 | 0.62 | 6.72% | 63.93% | 18.77% | 4.73% | 1.60% | 3.55% | 36.07% | 5.57% |
| Retail (Special Lines) | 94 | 1.09 | 8.81% | 83.50% | 53.25% | 5.29% | 10.07% | 3.97% | 16.50% | 8.01% |
| Rubber& Tires | 3 | 0.53 | 6.31% | 21.81% | 50.77% | 5.29% | 0.00% | 3.97% | 78.19% | 4.48% |
| Semiconductor | 66 | 1.52 | 10.72% | 97.47% | 55.83% | 5.29% | 5.11% | 3.97% | 2.53% | 10.55% |
| Semiconductor Equip | 31 | 1.40 | 10.18% | 95.36% | 50.08% | 5.29% | 9.96% | 3.97% | 4.64% | 9.89% |
| Shipbuilding & Marine | 8 | 0.75 | 7.31% | 81.60% | 50.09% | 5.29% | 5.26% | 3.97% | 18.40% | 6.69% |
| Shoe | 11 | 1.02 | 8.49% | 89.33% | 50.08% | 5.29% | 11.86% | 3.97% | 10.67% | 8.01% |
| Software (Entertainment) | 77 | 1.03 | 8.54% | 98.00% | 57.06% | 5.29% | 5.29% | 3.97% | 2.00% | 8.44% |
| Software (Internet) | 29 | 1.69 | 11.48% | 89.05% | 52.61% | 5.29% | 3.05% | 3.97% | 10.95% | 10.66% |
| Software (System & Application) | 309 | 1.28 | 9.64% | 94.72% | 56.79% | 5.29% | 5.51% | 3.97% | 5.28% | 9.34% |
| Steel | 19 | 1.06 | 8.69% | 80.96% | 38.51% | 5.07% | 9.28% | 3.80% | 19.04% | 7.76% |
| Telecom (Wireless) | 12 | 0.54 | 6.35% | 65.81% | 40.18% | 5.07% | 4.02% | 3.80% | 34.19% | 5.48% |
| Telecom. Equipment | 57 | 0.92 | 8.07% | 91.56% | 55.26% | 5.29% | 7.06% | 3.97% | 8.44% | 7.72% |
| Telecom. Services | 39 | 0.63 | 6.75% | 51.00% | 60.29% | 5.29% | 3.40% | 3.97% | 49.00% | 5.39% |
| Tobacco | 10 | 0.79 | 7.49% | 81.32% | 65.96% | 6.02% | 14.77% | 4.51% | 18.68% | 6.94% |
| Transportation | 19 | 0.86 | 7.79% | 73.29% | 38.13% | 5.07% | 8.54% | 3.80% | 26.71% | 6.72% |
| Transportation (Railroads) | 4 | 0.98 | 8.30% | 78.25% | 23.90% | 4.73% | 16.98% | 3.55% | 21.75% | 7.27% |
| Trucking | 26 | 1.01 | 8.46% | 79.85% | 35.29% | 5.07% | 12.60% | 3.80% | 20.15% | 7.52% |
| Utility (General) | 14 | 0.24 | 5.02% | 55.10% | 14.96% | 4.73% | 12.77% | 3.55% | 44.90% | 4.36% |
| Utility (Water) | 14 | 0.41 | 5.79% | 61.59% | 29.60% | 4.73% | 11.19% | 3.55% | 38.41% | 4.93% |
| Total Market | 5994 | 0.91 | 8.02% | 73.98% | 48.07% | 5.29% | 8.30% | 3.97% | 26.02% | 6.96% |
| Total Market (without financials) | 4822 | 0.99 | 8.37% | 85.26% | 52.76% | 5.29% | 7.10% | 3.97% | 14.74% | 7.72% |
Last Updated in January 2026
By Aswath Damodaran