Betas by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2022

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

For global datasets: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

YouTube Video explaining data: https://www.youtube.com/watch?v=rxmttgceSjg

can be obtained by clicking here

on which companies are included in each industry


Industry Name Number of firms Beta  D/E Ratio Effective 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) 2018 2019 2020 2021 Average (2017-22)
Advertising 49 1.34 51.47% 5.76% 0.97 11.57% 1.10 0.6674 56.70% 13.52% 0.78 0.87 0.93 0.77 0.89
Aerospace/Defense 73 1.28 29.45% 6.83% 1.05 5.05% 1.11 0.4765 38.23% 19.61% 0.99 1.09 1.08 0.91 1.04
Air Transport 21 1.58 153.33% 5.32% 0.75 18.30% 0.91 0.4020 40.19% 162.40% 0.67 0.63 0.84 0.91 0.80
Apparel 39 1.23 31.60% 12.06% 1.00 9.26% 1.10 0.4896 43.49% 21.42% 0.85 0.76 0.83 0.94 0.90
Auto & Truck 26 1.13 19.86% 3.88% 0.99 3.38% 1.02 0.5955 54.78% 35.30% 0.59 0.34 0.53 1.05 0.71
Auto Parts 38 1.40 31.68% 13.62% 1.14 6.36% 1.21 0.4759 37.14% 26.80% 0.92 0.97 0.95 1.09 1.03
Bank (Money Center) 7 1.12 170.39% 14.69% 0.50 51.78% 1.03 0.2381 22.23% NA 0.32 0.43 0.56 0.59 0.59
Banks (Regional) 563 0.70 34.57% 19.29% 0.56 33.75% 0.84 0.2078 19.68% 119.22% 0.39 0.40 0.43 0.6 0.53
Beverage (Alcoholic) 21 0.82 21.42% 7.93% 0.71 1.66% 0.72 0.5568 37.87% 39.41% 1.12 1.05 0.92 0.67 0.90
Beverage (Soft) 32 1.22 16.65% 4.53% 1.08 2.83% 1.12 0.7179 48.27% 6.09% 0.63 1.04 1.09 0.71 0.92
Broadcasting 28 1.35 116.82% 11.54% 0.73 10.05% 0.81 0.5395 48.77% 31.18% 0.65 0.51 0.73 0.65 0.67
Brokerage & Investment Banking 31 1.17 182.48% 14.76% 0.50 24.81% 0.67 0.4393 31.74% 48.44% 0.54 0.46 0.57 0.57 0.56
Building Materials 44 1.19 18.75% 17.03% 1.04 3.95% 1.09 0.3600 34.54% 52.70% 0.99 0.91 1.02 0.97 1.00
Business & Consumer Services 160 1.09 22.39% 10.17% 0.94 5.06% 0.99 0.5196 41.17% 13.75% 1.01 1.00 0.89 0.83 0.94
Cable TV 11 0.93 60.12% 18.08% 0.65 2.25% 0.66 0.3561 20.07% 27.91% 0.67 0.76 0.78 0.7 0.71
Chemical (Basic) 35 1.16 44.76% 10.02% 0.88 6.51% 0.94 0.5277 45.02% 32.06% 0.96 1.12 0.99 0.76 0.96
Chemical (Diversified) 4 1.50 47.40% 3.90% 1.12 7.57% 1.21 0.3781 37.29% 46.00% 1.79 1.49 1.21 1.03 1.35
Chemical (Specialty) 81 1.10 19.47% 10.12% 0.97 3.23% 1.00 0.4865 40.72% 7.89% 0.95 0.99 0.96 0.82 0.94
Coal & Related Energy 18 0.92 41.65% 0.74% 0.70 14.34% 0.82 0.6620 58.57% NA 1.04 0.97 1.05 0.56 0.89
Computer Services 83 1.20 26.94% 8.19% 1.00 5.28% 1.06 0.6098 48.44% 18.62% 0.94 1.05 0.95 0.94 0.99
Computers/Peripherals 46 1.29 7.58% 4.96% 1.22 2.36% 1.25 0.5470 51.27% 11.66% 0.93 1.50 1.64 1.14 1.29
Construction Supplies 48 1.11 27.94% 13.00% 0.92 6.01% 0.98 0.4090 40.01% 19.93% 0.95 1.15 1.10 0.87 1.01
Diversified 22 0.75 22.62% 7.24% 0.65 7.79% 0.70 0.5904 30.11% 43.13% 1.01 1.14 1.25 0.89 1.00
Drugs (Biotechnology) 581 0.99 15.30% 0.53% 0.89 8.13% 0.97 0.5862 50.80% 35.02% 1.36 1.43 1.39 0.85 1.20
Drugs (Pharmaceutical) 298 1.08 14.69% 2.18% 0.97 3.74% 1.01 0.6577 56.17% 6.53% 1.13 1.38 1.29 0.84 1.13
Education 35 1.13 25.70% 7.64% 0.95 14.06% 1.10 0.5554 41.50% 15.28% 0.96 1.11 1.36 1.07 1.12
Electrical Equipment 104 1.25 13.69% 4.98% 1.13 5.20% 1.19 0.6305 57.66% 11.87% 1.02 1.18 1.31 1 1.14
Electronics (Consumer & Office) 16 0.98 7.62% 4.87% 0.92 12.54% 1.06 0.6272 52.54% 401.93% 1.08 1.22 1.25 1.01 1.12
Electronics (General) 137 1.09 12.75% 6.66% 0.99 5.53% 1.05 0.5047 43.45% 21.64% 0.91 0.96 1.07 0.86 0.97
Engineering/Construction 48 1.06 25.59% 13.53% 0.89 8.46% 0.97 0.4492 36.36% 13.31% 1.13 0.81 1.33 0.95 1.04
Entertainment 108 1.01 15.23% 2.64% 0.91 5.52% 0.96 0.7100 59.63% 32.97% 0.96 1.21 1.20 0.84 1.04
Environmental & Waste Services 58 1.24 20.87% 5.90% 1.08 0.90% 1.09 0.6178 43.01% 10.52% 0.70 0.96 1.05 0.82 0.92
Farming/Agriculture 36 1.03 36.82% 7.65% 0.81 4.22% 0.85 0.5642 46.45% 17.94% 0.56 0.50 0.63 0.68 0.64
Financial Svcs. (Non-bank & Insurance) 223 0.93 726.37% 15.60% 0.15 3.06% 0.15 0.3406 28.52% 42.27% 0.07 0.08 0.10 0.11 0.10
Food Processing 92 0.75 30.52% 10.54% 0.61 2.90% 0.63 0.4668 27.69% 19.23% 0.56 0.61 0.70 0.53 0.61
Food Wholesalers 15 1.40 46.92% 8.60% 1.04 3.65% 1.08 0.4713 54.01% 27.98% 1.41 1.23 0.66 0.8 1.04
Furn/Home Furnishings 32 1.11 28.65% 11.74% 0.92 7.66% 0.99 0.5168 44.77% 22.94% 0.67 0.67 0.82 0.78 0.79
Green & Renewable Energy 20 1.59 66.63% 1.43% 1.07 2.45% 1.10 0.7017 81.76% 101.84% 0.72 0.80 0.59 0.68 0.78
Healthcare Products 244 0.94 8.61% 4.15% 0.88 3.26% 0.91 0.5192 43.81% 22.60% 0.89 1.04 0.98 0.8 0.92
Healthcare Support Services 131 1.06 24.55% 7.72% 0.90 5.56% 0.95 0.5515 46.86% 27.44% 0.82 1.03 0.95 0.74 0.90
Heathcare Information and Technology 142 0.94 9.73% 3.57% 0.88 3.26% 0.91 0.5360 46.28% 30.29% 0.88 1.18 1.15 0.75 0.97
Homebuilding 29 1.69 21.97% 18.63% 1.45 8.41% 1.59 0.3841 39.47% 64.08% 0.89 0.72 0.66 1.33 1.04
Hospitals/Healthcare Facilities 31 1.41 70.98% 8.99% 0.93 3.37% 0.96 0.5140 52.31% 15.38% 0.51 0.55 0.63 0.8 0.69
Hotel/Gaming 66 1.79 46.01% 6.02% 1.34 6.55% 1.44 0.4652 43.87% 81.77% 0.74 0.71 0.91 1.19 1.00
Household Products 118 0.98 12.58% 5.87% 0.90 2.48% 0.92 0.6421 58.57% 6.04% 0.88 1.00 0.94 0.68 0.88
Information Services 79 1.25 10.37% 11.22% 1.16 3.44% 1.20 0.4845 46.44% 28.56% 0.82 1.05 1.03 0.97 1.01
Insurance (General) 23 0.92 26.64% 11.43% 0.77 4.80% 0.81 0.4267 37.15% 33.96% 0.63 0.67 0.59 0.56 0.65
Insurance (Life) 24 1.22 92.60% 14.28% 0.73 17.27% 0.88 0.3053 31.81% 15.34% 0.81 0.70 0.73 0.64 0.75
Insurance (Prop/Cas.) 52 0.86 23.48% 13.37% 0.74 6.29% 0.78 0.2998 29.24% 30.07% 0.73 0.65 0.59 0.58 0.67
Investments & Asset Management 687 1.05 27.93% 1.42% 0.87 9.78% 0.97 0.1469 31.97% 11.86% 0.87 0.87 0.86 0.78 0.87
Machinery 111 1.25 14.11% 10.58% 1.13 4.04% 1.18 0.4395 34.75% 15.20% 1.04 1.01 1.10 0.96 1.06
Metals & Mining 74 1.17 18.17% 2.07% 1.04 8.20% 1.13 0.6912 68.08% 43.46% 0.96 1.11 1.09 0.82 1.02
Office Equipment & Services 18 1.38 48.26% 8.96% 1.02 7.96% 1.11 0.4388 31.01% 12.27% 1.10 1.33 1.24 0.83 1.12
Oil/Gas (Integrated) 4 1.47 26.73% 19.34% 1.23 1.98% 1.25 0.3641 28.71% 99.79% 1.25 1.06 1.12 0.98 1.13
Oil/Gas (Production and Exploration) 183 1.32 31.13% 2.04% 1.08 4.66% 1.13 0.6708 55.48% 221.32% 1.00 1.07 1.08 0.81 1.02
Oil/Gas Distribution 21 1.40 87.16% 9.76% 0.85 1.34% 0.86 0.4074 44.98% 38.51% 0.72 0.62 0.62 0.6 0.68
Oilfield Svcs/Equip. 100 1.50 54.13% 3.89% 1.07 9.08% 1.18 0.5518 49.63% 61.61% 1.06 1.07 1.22 0.83 1.07
Packaging & Container 26 1.01 49.68% 17.09% 0.74 4.80% 0.78 0.3512 26.38% 10.74% 0.55 0.74 0.68 0.68 0.68
Paper/Forest Products 11 1.21 41.32% 12.01% 0.93 6.63% 1.00 0.4605 30.61% 52.83% 0.98 1.17 1.25 0.96 1.07
Power 50 0.83 71.54% 15.61% 0.55 1.83% 0.56 0.2382 19.49% 9.47% 0.32 0.35 0.38 0.43 0.41
Precious Metals 76 0.99 12.01% 3.11% 0.91 7.87% 0.99 0.7490 56.29% 74.29% 0.95 1.15 1.33 0.75 1.03
Publishing & Newspapers 21 1.69 36.81% 11.64% 1.34 8.83% 1.46 0.4536 30.80% 12.74% 0.83 0.90 0.76 1.1 1.01
R.E.I.T. 238 1.35 53.80% 1.94% 0.97 2.00% 0.99 0.2516 32.65% 24.38% 0.42 0.41 0.43 0.79 0.61
Real Estate (Development) 19 1.06 79.94% 2.60% 0.67 9.62% 0.74 0.6845 51.32% 76.66% 0.61 0.87 0.89 0.56 0.74
Real Estate (General/Diversified) 10 0.91 26.41% 9.94% 0.76 8.80% 0.83 0.5515 30.70% 137.17% 0.73 1.33 1.50 0.76 1.03
Real Estate (Operations & Services) 51 1.15 56.36% 6.54% 0.81 6.85% 0.87 0.5358 41.43% 102.81% 0.80 0.95 0.68 0.75 0.81
Recreation 60 1.23 29.58% 7.75% 1.01 5.96% 1.07 0.5375 50.35% 12.46% 0.73 0.81 0.75 0.77 0.83
Reinsurance 2 1.37 38.85% 22.96% 1.07 17.51% 1.30 0.1556 25.95% 31.86% 0.47 0.88 0.77 1.13 0.91
Restaurant/Dining 70 1.56 27.35% 7.11% 1.30 2.55% 1.33 0.4678 42.76% 14.34% 0.70 0.65 0.75 1.11 0.91
Retail (Automotive) 32 1.40 38.60% 14.20% 1.09 2.75% 1.12 0.4984 44.49% 19.29% 0.65 0.76 0.87 0.99 0.88
Retail (Building Supply) 16 1.52 13.44% 15.50% 1.39 2.16% 1.42 0.4447 44.73% 29.76% 0.76 0.97 1.15 1.43 1.15
Retail (Distributors) 68 1.28 32.38% 11.70% 1.04 2.66% 1.06 0.5123 43.10% 20.54% 0.87 0.99 0.89 0.75 0.91
Retail (General) 16 1.12 16.05% 18.45% 1.00 3.83% 1.04 0.3914 33.88% 6.58% 0.87 0.75 0.95 0.81 0.88
Retail (Grocery and Food) 15 0.30 68.24% 13.31% 0.20 5.65% 0.21 0.4080 34.27% 32.25% 0.44 0.28 0.35 0.15 0.29
Retail (Online) 60 1.10 8.16% 4.76% 1.04 2.18% 1.07 0.5582 58.82% 76.49% 1.12 1.34 1.16 1.14 1.17
Retail (Special Lines) 76 1.44 34.75% 14.67% 1.15 6.32% 1.23 0.4797 45.57% 19.80% 0.82 0.80 0.69 1.03 0.91
Rubber& Tires 2 1.16 154.55% 17.42% 0.54 7.77% 0.59 0.5602 47.06% 50.21% 0.64 0.24 0.45 0.54 0.49
Semiconductor 67 1.16 6.78% 6.80% 1.11 2.48% 1.14 0.4588 37.46% 30.70% 1.16 1.26 1.24 0.96 1.15
Semiconductor Equip 34 1.34 5.04% 9.19% 1.29 3.72% 1.34 0.4286 33.22% 55.70% 0.99 1.39 1.25 1.07 1.21
Shipbuilding & Marine 8 0.99 37.96% 3.19% 0.78 3.28% 0.80 0.5240 51.04% 23.82% 1.01 0.78 1.57 0.74 0.98
Shoe 12 1.19 5.78% 9.86% 1.14 4.26% 1.19 0.4507 34.71% 18.31% 0.86 0.74 0.83 0.98 0.92
Software (Entertainment) 88 1.20 2.04% 2.21% 1.19 1.75% 1.21 0.6991 54.61% 58.02% 0.91 1.27 1.29 0.96 1.13
Software (Internet) 36 1.00 7.67% 1.29% 0.95 2.46% 0.98 0.6075 38.09% 26.28% 1.20 1.31 1.50 0.75 1.15
Software (System & Application) 375 1.14 5.68% 3.36% 1.10 2.35% 1.12 0.5566 45.74% 24.52% 1.02 1.16 1.15 0.89 1.07
Steel 28 1.13 32.87% 13.30% 0.91 6.99% 0.98 0.4424 33.13% 46.71% 1.53 1.29 1.29 0.78 1.18
Telecom (Wireless) 17 0.96 78.31% 3.26% 0.61 2.13% 0.63 0.6037 48.16% 67.46% 0.71 0.71 0.60 0.39 0.61
Telecom. Equipment 82 1.08 8.73% 5.29% 1.02 3.65% 1.06 0.5502 40.53% 14.84% 0.96 1.02 0.84 0.83 0.94
Telecom. Services 42 0.85 100.48% 5.86% 0.49 4.15% 0.51 0.5976 38.67% 26.21% 0.72 0.74 0.67 0.42 0.61
Tobacco 16 1.00 25.98% 8.23% 0.84 2.77% 0.86 0.6632 24.88% 5.57% 1.15 1.13 1.43 0.61 1.04
Transportation 17 0.79 22.90% 14.40% 0.68 5.31% 0.72 0.4731 28.34% 23.64% 0.80 0.90 0.96 0.79 0.83
Transportation (Railroads) 4 0.73 19.94% 17.34% 0.64 1.27% 0.65 0.3537 16.39% 11.54% 0.87 2.08 1.89 0.74 1.25
Trucking 34 1.44 26.26% 16.04% 1.21 5.57% 1.28 0.4574 32.99% 148.80% 0.81 0.71 1.04 0.94 0.96
Utility (General) 16 0.89 69.22% 9.75% 0.59 0.63% 0.60 0.1395 18.83% 8.86% 0.20 0.17 0.19 0.48 0.33
Utility (Water) 14 0.77 34.34% 10.01% 0.61 0.37% 0.61 0.3152 41.01% 13.97% 0.27 0.32 0.57 0.57 0.47
Total Market 7229 1.09 40.09% 7.05% 0.85 6.87% 0.91 0.4659 41.01% 10.28% 0.72 0.80 0.83 0.75 0.80
Total Market (without financials) 5619 1.15 19.99% 6.01% 1.00 3.65% 1.04 0.5385 44.99% 10.31% 0.90 1.00 1.01 0.86 0.96

 



Last Updated in January 2022
By Aswath Damodaran