Betas by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2023

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) 2019 2020 2021 2022 Average (2019-23)
Advertising 58 1.63 44.99% 6.39% 1.22 9.35% 1.35 0.6867 52.72% 14.40% 0.87 0.93 0.77 1.10 1.00
Aerospace/Defense 77 1.41 26.06% 8.60% 1.18 3.77% 1.23 0.4721 37.56% 19.19% 1.09 1.08 0.91 1.11 1.08
Air Transport 21 1.42 186.33% 10.47% 0.59 14.90% 0.69 0.4403 37.73% 221.20% 0.63 0.84 0.91 0.91 0.80
Apparel 39 1.32 51.57% 12.04% 0.96 6.02% 1.02 0.5220 38.51% 23.02% 0.76 0.83 0.94 1.10 0.93
Auto & Truck 31 1.54 50.19% 3.00% 1.12 8.67% 1.23 0.6906 52.61% 46.10% 0.34 0.53 1.05 1.02 0.83
Auto Parts 37 1.47 42.66% 9.30% 1.12 7.13% 1.20 0.5099 39.52% 25.42% 0.97 0.95 1.09 1.21 1.08
Bank (Money Center) 7 1.08 216.38% 16.25% 0.41 44.30% 0.74 0.2235 19.59% NA 0.43 0.56 0.59 1.03 0.67
Banks (Regional) 557 0.50 64.62% 18.84% 0.34 17.66% 0.41 0.1757 16.76% 95.49% 0.40 0.43 0.6 0.84 0.54
Beverage (Alcoholic) 23 1.01 22.91% 9.39% 0.86 1.86% 0.88 0.5871 49.87% 33.80% 1.05 0.92 0.67 0.72 0.85
Beverage (Soft) 31 1.30 15.27% 6.42% 1.17 2.66% 1.20 0.6105 41.72% 9.36% 1.04 1.09 0.71 1.12 1.03
Broadcasting 26 1.32 146.83% 15.76% 0.63 10.39% 0.70 0.5584 46.90% 31.66% 0.51 0.73 0.65 0.81 0.68
Brokerage & Investment Banking 30 1.20 201.09% 15.32% 0.48 30.76% 0.69 0.3545 28.00% 37.88% 0.46 0.57 0.57 0.67 0.59
Building Materials 45 1.28 28.93% 16.71% 1.05 4.44% 1.10 0.4208 29.19% 51.37% 0.91 1.02 0.97 1.09 1.02
Business & Consumer Services 164 1.17 27.47% 9.43% 0.97 4.80% 1.02 0.5384 45.78% 18.89% 1.00 0.89 0.83 0.99 0.95
Cable TV 10 1.26 107.27% 21.95% 0.70 1.47% 0.71 0.4068 25.41% 28.73% 0.76 0.78 0.7 0.66 0.72
Chemical (Basic) 38 1.25 48.30% 9.83% 0.92 4.54% 0.96 0.5270 46.58% 43.45% 1.12 0.99 0.76 0.94 0.95
Chemical (Diversified) 4 1.41 58.24% 12.02% 0.98 9.82% 1.09 0.4489 39.49% 41.46% 1.49 1.21 1.03 1.21 1.21
Chemical (Specialty) 76 1.28 27.40% 10.75% 1.06 5.00% 1.12 0.4882 42.32% 11.59% 0.99 0.96 0.82 1.00 0.98
Coal & Related Energy 19 1.45 21.71% 2.28% 1.25 12.60% 1.43 0.5502 61.96% NA 0.97 1.05 0.56 0.82 0.96
Computer Services 80 1.17 32.56% 6.47% 0.94 5.21% 0.99 0.6053 47.78% 26.37% 1.05 0.95 0.94 1.06 1.00
Computers/Peripherals 42 1.29 9.52% 9.13% 1.21 1.79% 1.23 0.4600 48.73% 25.02% 1.50 1.64 1.14 1.25 1.35
Construction Supplies 49 1.26 30.13% 10.52% 1.03 4.15% 1.08 0.4573 35.11% 19.31% 1.15 1.10 0.87 0.98 1.04
Diversified 23 1.04 21.24% 2.98% 0.90 4.67% 0.94 0.5643 57.84% 48.72% 1.14 1.25 0.89 0.70 0.98
Drugs (Biotechnology) 598 1.24 15.32% 0.94% 1.11 7.14% 1.20 0.6540 58.41% 29.81% 1.43 1.39 0.85 0.97 1.17
Drugs (Pharmaceutical) 281 1.27 13.62% 2.37% 1.15 2.56% 1.18 0.6919 64.88% 18.55% 1.38 1.29 0.84 1.01 1.14
Education 33 1.10 30.61% 7.10% 0.90 9.90% 0.99 0.5483 41.81% 17.47% 1.11 1.36 1.07 1.10 1.13
Electrical Equipment 110 1.59 22.52% 4.47% 1.36 5.07% 1.43 0.5944 58.55% 13.95% 1.18 1.31 1 1.19 1.22
Electronics (Consumer & Office) 16 1.54 16.45% 3.98% 1.37 15.08% 1.61 0.5962 39.56% 328.17% 1.22 1.25 1.01 1.06 1.23
Electronics (General) 138 1.20 18.82% 6.29% 1.05 5.69% 1.12 0.5031 44.94% 25.37% 0.96 1.07 0.86 1.05 1.01
Engineering/Construction 43 1.20 31.59% 13.30% 0.97 4.92% 1.02 0.4219 35.17% 15.20% 0.81 1.33 0.95 0.97 1.02
Entertainment 110 1.45 33.28% 3.45% 1.16 6.90% 1.25 0.6883 57.81% 25.73% 1.21 1.20 0.84 0.96 1.09
Environmental & Waste Services 62 1.02 25.54% 5.42% 0.85 0.81% 0.86 0.6157 48.09% 13.31% 0.96 1.05 0.82 1.09 0.95
Farming/Agriculture 39 1.14 33.87% 6.64% 0.91 2.33% 0.93 0.5890 54.43% 26.09% 0.50 0.63 0.68 0.85 0.72
Financial Svcs. (Non-bank & Insurance) 223 0.89 1004.40% 14.61% 0.10 2.24% 0.11 0.3378 27.15% 61.67% 0.08 0.10 0.11 0.15 0.11
Food Processing 92 0.92 28.86% 7.74% 0.75 1.87% 0.77 0.4866 34.23% 16.97% 0.61 0.70 0.53 0.63 0.65
Food Wholesalers 14 1.12 46.16% 11.94% 0.83 1.30% 0.85 0.4793 32.42% 25.63% 1.23 0.66 0.8 1.08 0.92
Furn/Home Furnishings 32 1.27 55.94% 12.67% 0.90 5.95% 0.95 0.5484 41.91% 24.91% 0.67 0.82 0.78 0.99 0.84
Green & Renewable Energy 19 1.60 121.12% 6.73% 0.84 4.38% 0.88 0.6771 67.60% 62.82% 0.80 0.59 0.68 1.10 0.81
Healthcare Products 254 1.16 12.60% 3.70% 1.06 3.20% 1.10 0.5939 50.94% 30.10% 1.04 0.98 0.8 0.91 0.97
Healthcare Support Services 131 1.16 23.61% 6.74% 0.99 8.08% 1.07 0.5636 47.79% 27.59% 1.03 0.95 0.74 0.95 0.95
Heathcare Information and Technology 138 1.47 14.21% 4.30% 1.33 2.99% 1.37 0.6173 53.87% 48.97% 1.18 1.15 0.75 0.91 1.07
Homebuilding 32 1.50 32.34% 17.81% 1.21 9.31% 1.33 0.4127 33.33% 70.58% 0.72 0.66 1.33 1.59 1.13
Hospitals/Healthcare Facilities 34 1.17 87.24% 9.56% 0.71 1.85% 0.72 0.6028 51.19% 18.61% 0.55 0.63 0.8 0.96 0.73
Hotel/Gaming 69 1.46 66.58% 8.14% 0.97 8.22% 1.06 0.4850 38.05% 100.24% 0.71 0.91 1.19 1.44 1.06
Household Products 127 1.16 15.52% 6.73% 1.03 2.21% 1.06 0.6577 56.83% 6.92% 1.00 0.94 0.68 0.92 0.92
Information Services 73 1.40 13.06% 12.45% 1.28 4.05% 1.33 0.4768 45.11% 28.35% 1.05 1.03 0.97 1.20 1.12
Insurance (General) 21 1.23 30.49% 10.26% 1.00 2.69% 1.03 0.4521 43.76% 37.99% 0.67 0.59 0.56 0.81 0.73
Insurance (Life) 27 0.94 92.40% 11.41% 0.55 16.87% 0.67 0.3774 28.89% 19.53% 0.70 0.73 0.64 0.88 0.73
Insurance (Prop/Cas.) 51 0.80 21.47% 10.92% 0.69 5.16% 0.73 0.3527 27.67% 25.43% 0.65 0.59 0.58 0.78 0.67
Investments & Asset Management 600 0.62 38.35% 4.01% 0.48 9.94% 0.54 0.1499 9.91% 26.12% 0.87 0.86 0.78 0.97 0.80
Machinery 116 1.22 20.84% 10.37% 1.06 3.16% 1.09 0.4224 32.36% 16.91% 1.01 1.10 0.96 1.18 1.07
Metals & Mining 68 1.29 21.54% 4.15% 1.11 8.91% 1.22 0.6658 70.06% 52.71% 1.11 1.09 0.82 1.13 1.07
Office Equipment & Services 16 1.18 66.80% 19.53% 0.78 7.18% 0.84 0.4442 35.22% 18.33% 1.33 1.24 0.83 1.11 1.07
Oil/Gas (Integrated) 4 0.98 11.50% 14.22% 0.90 4.91% 0.95 0.3441 30.55% 97.63% 1.06 1.12 0.98 1.25 1.07
Oil/Gas (Production and Exploration) 174 1.26 20.08% 4.60% 1.09 3.81% 1.14 0.5790 56.98% 231.78% 1.07 1.08 0.81 1.13 1.05
Oil/Gas Distribution 23 0.99 71.41% 6.90% 0.65 1.67% 0.66 0.4236 33.55% 33.56% 0.62 0.62 0.6 0.86 0.67
Oilfield Svcs/Equip. 101 1.38 32.60% 7.07% 1.10 6.91% 1.19 0.5323 46.90% 67.57% 1.07 1.22 0.83 1.18 1.10
Packaging & Container 25 0.95 61.97% 14.66% 0.65 3.02% 0.67 0.3689 24.43% 8.17% 0.74 0.68 0.68 0.78 0.71
Paper/Forest Products 7 1.38 43.87% 12.76% 1.04 7.57% 1.13 0.6012 42.84% 92.83% 1.17 1.25 0.96 1.00 1.10
Power 48 0.73 77.16% 12.30% 0.46 1.03% 0.46 0.2556 17.18% 8.06% 0.35 0.38 0.43 0.56 0.44
Precious Metals 74 1.23 16.33% 2.87% 1.10 7.43% 1.19 0.6947 72.54% 70.82% 1.15 1.33 0.75 0.99 1.08
Publishing & Newspapers 20 1.11 42.18% 9.67% 0.85 7.35% 0.91 0.4607 30.92% 12.03% 0.90 0.76 1.1 1.46 1.03
R.E.I.T. 223 1.06 77.33% 3.38% 0.67 1.83% 0.69 0.3083 21.54% 20.59% 0.41 0.43 0.79 0.99 0.66
Real Estate (Development) 18 1.52 112.56% 6.66% 0.82 6.95% 0.88 0.5936 51.25% 69.87% 0.87 0.89 0.56 0.74 0.79
Real Estate (General/Diversified) 12 0.79 39.82% 9.37% 0.61 8.54% 0.66 0.5265 28.66% 111.89% 1.33 1.50 0.76 0.83 1.02
Real Estate (Operations & Services) 60 1.35 109.26% 5.47% 0.74 8.14% 0.81 0.5369 44.43% 121.82% 0.95 0.68 0.75 0.87 0.81
Recreation 57 1.42 52.06% 9.49% 1.02 5.18% 1.08 0.5939 42.13% 18.30% 0.81 0.75 0.77 1.07 0.90
Reinsurance 1 0.83 45.10% 6.48% 0.62 25.49% 0.83 0.2076 19.37% 21.77% 0.88 0.77 1.13 1.30 0.98
Restaurant/Dining 70 1.41 30.78% 8.54% 1.15 1.72% 1.17 0.4749 41.15% 16.31% 0.65 0.75 1.11 1.33 1.00
Retail (Automotive) 30 1.52 57.49% 15.84% 1.06 1.89% 1.08 0.4958 35.71% 31.38% 0.76 0.87 0.99 1.12 0.96
Retail (Building Supply) 15 1.79 21.21% 13.39% 1.54 1.50% 1.57 0.4708 37.55% 33.82% 0.97 1.15 1.43 1.42 1.31
Retail (Distributors) 69 1.28 39.57% 13.59% 0.98 2.25% 1.01 0.4619 37.08% 25.35% 0.99 0.89 0.75 1.06 0.94
Retail (General) 15 1.36 19.97% 21.26% 1.19 2.82% 1.22 0.3460 31.53% 11.08% 0.75 0.95 0.81 1.04 0.95
Retail (Grocery and Food) 13 0.67 65.82% 16.45% 0.45 5.54% 0.47 0.4443 28.26% 28.50% 0.28 0.35 0.15 0.21 0.29
Retail (Online) 63 1.49 19.17% 4.09% 1.30 4.12% 1.36 0.7025 59.41% 77.43% 1.34 1.16 1.14 1.07 1.21
Retail (Special Lines) 78 1.48 39.16% 15.02% 1.14 4.00% 1.19 0.5088 38.59% 22.32% 0.80 0.69 1.03 1.23 0.99
Rubber& Tires 3 0.84 330.33% 0.00% 0.24 9.97% 0.27 0.4503 39.79% 50.67% 0.24 0.45 0.54 0.59 0.42
Semiconductor 68 1.61 11.27% 8.18% 1.48 3.37% 1.53 0.4893 38.40% 38.44% 1.26 1.24 0.96 1.14 1.23
Semiconductor Equip 30 1.76 11.79% 10.94% 1.61 4.43% 1.69 0.4351 41.57% 68.49% 1.39 1.25 1.07 1.34 1.35
Shipbuilding & Marine 8 0.94 39.02% 6.23% 0.73 6.44% 0.78 0.4893 41.16% 83.00% 0.78 1.57 0.74 0.80 0.93
Shoe 13 1.33 9.01% 10.70% 1.24 3.50% 1.29 0.5085 39.37% 28.27% 0.74 0.83 0.98 1.19 1.01
Software (Entertainment) 91 1.36 4.80% 3.82% 1.32 3.07% 1.36 0.6872 58.71% 69.14% 1.27 1.29 0.96 1.21 1.22
Software (Internet) 33 1.55 17.66% 2.37% 1.37 3.29% 1.42 0.6605 55.24% 91.09% 1.31 1.50 0.75 0.98 1.19
Software (System & Application) 390 1.47 9.36% 3.40% 1.37 2.81% 1.41 0.6164 52.11% 32.24% 1.16 1.15 0.89 1.12 1.15
Steel 28 1.34 28.60% 14.95% 1.11 8.84% 1.21 0.3941 38.30% 104.59% 1.29 1.29 0.78 0.98 1.11
Telecom (Wireless) 16 1.03 65.15% 3.83% 0.69 2.64% 0.71 0.5725 51.92% 69.46% 0.71 0.60 0.39 0.63 0.61
Telecom. Equipment 79 1.23 11.68% 4.06% 1.13 3.79% 1.18 0.5273 41.35% 13.61% 1.02 0.84 0.83 1.06 0.98
Telecom. Services 49 0.88 117.72% 6.54% 0.47 1.13% 0.47 0.5554 55.37% 22.22% 0.74 0.67 0.42 0.51 0.56
Tobacco 15 2.00 24.06% 9.83% 1.69 2.84% 1.74 0.6063 44.06% 7.70% 1.13 1.43 0.61 0.86 1.15
Transportation 18 1.06 29.51% 16.39% 0.87 6.28% 0.92 0.4789 28.05% 26.96% 0.90 0.96 0.79 0.72 0.86
Transportation (Railroads) 4 1.11 27.45% 16.57% 0.92 1.47% 0.93 0.2272 16.34% 11.81% 2.08 1.89 0.74 0.65 1.26
Trucking 35 1.55 43.91% 14.79% 1.16 5.72% 1.23 0.4458 41.17% 150.04% 0.71 1.04 0.94 1.28 1.04
Utility (General) 15 0.64 74.18% 13.20% 0.41 0.33% 0.41 0.1561 14.97% 9.36% 0.17 0.19 0.48 0.60 0.37
Utility (Water) 16 1.15 43.40% 8.45% 0.87 0.35% 0.87 0.3655 41.37% 13.75% 0.32 0.57 0.57 0.61 0.59
Total Market 7165 1.16 53.52% 7.52% 0.83 6.66% 0.88 0.4832 41.37% 19.01% 0.80 0.83 0.75 0.91 0.84
Total Market (without financials) 5649 1.29 26.40% 6.38% 1.08 3.75% 1.12 0.5575 47.98% 18.50% 1.00 1.01 0.86 1.04 1.01

 

 


Last Updated in January 2023
By Aswath Damodaran