R&D Statistics 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/roe.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 R&D Capitalized (my estimate in $ millions) Capitalized R&D as % of Invested Capital R&D - LTM (in $ millions) Current R&D as % of Revenue R&D - 1 year ago (in $ millions) R&D - 2 years ago  (in $ millions) R&D - 3 years ago  (in $ millions) R&D - 4 years ago R&D - 5 years ago  (in $ millions) CAGR in R&D - Last 5 years
Advertising 54  $                                    2,708.00 23.58%  $                                           919.16 2.15%  $                                       915.52  $                                                           897.49  $                               875.22  $               839.25  $                      752.48 4.08%
Aerospace/Defense 67  $                                  58,976.40 32.77%  $                                      20,157.16 4.08%  $                                  19,670.45  $                                                      19,433.94  $                          19,081.61  $          18,949.35  $                 18,422.22 1.82%
Air Transport 24  $                                    2,585.03 1.95%  $                                           896.51 0.38%  $                                       879.32  $                                                           852.36  $                               809.82  $               748.59  $                      716.52 4.58%
Apparel 37  $                                       211.15 0.55%  $                                             77.00 0.11%  $                                         65.02  $                                                             66.29  $                                 66.36  $                 79.09  $                        79.14 -0.55%
Auto & Truck 34  $                                  77,589.19 16.70%  $                                      25,870.62 5.32%  $                                  26,119.65  $                                                      25,996.79  $                          25,681.34  $          24,761.19  $                 24,300.46 1.26%
Auto Parts 33  $                                  12,476.15 32.08%  $                                        4,208.60 4.58%  $                                    4,176.95  $                                                        4,154.06  $                            4,120.36  $            3,927.06  $                   3,726.85 2.46%
Bank (Money Center) 15  $                                               -   0.00%  $                                                   -   NA  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Banks (Regional) 591  $                                               -   0.00%  $                                                   -   NA  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Beverage (Alcoholic) 18  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Beverage (Soft) 29  $                                    2,609.20 2.24%  $                                           871.92 0.50%  $                                       872.12  $                                                           872.02  $                               872.12  $               837.64  $                      837.24 0.81%
Broadcasting 22  $                                           8.98 0.01%  $                                               3.00 0.00%  $                                           3.00  $                                                               3.00  $                                   3.00  $                   2.90  $                          2.90 0.68%
Brokerage & Investment Banking 30  $                                    2,650.60 0.20%  $                                           879.72 NA  $                                       886.89  $                                                           884.49  $                               886.83  $               879.72  $                      851.73 0.65%
Building Materials 39  $                                    4,561.08 8.00%  $                                        1,600.28 1.28%  $                                    1,549.56  $                                                        1,510.24  $                            1,409.86  $            1,255.34  $                   1,257.85 4.93%
Business & Consumer Services 152  $                                    7,982.89 7.65%  $                                        2,997.88 1.15%  $                                    2,993.88  $                                                        2,073.42  $                            2,013.39  $            2,702.49  $                   2,633.09 2.63%
Cable TV 9  $                                    1,284.68 0.43%  $                                           415.00 0.19%  $                                       425.00  $                                                           436.00  $                               432.00  $               476.40  $                      456.60 -1.89%
Chemical (Basic) 31  $                                    3,563.18 4.54%  $                                        1,190.07 0.98%  $                                    1,178.37  $                                                        1,185.42  $                            1,197.10  $            1,201.65  $                   1,197.00 -0.12%
Chemical (Diversified) 4  $                                       674.38 6.84%  $                                           218.59 1.78%  $                                       228.17  $                                                           226.75  $                               223.69  $               238.63  $                      236.25 -1.54%
Chemical (Specialty) 60  $                                  17,248.24 8.79%  $                                        5,672.10 2.73%  $                                    5,818.50  $                                                        5,768.60  $                            5,804.81  $            5,691.31  $                   5,771.87 -0.35%
Coal & Related Energy 16  $                                         84.63 1.19%  $                                             26.67 0.34%  $                                         26.71  $                                                             29.28  $                                 29.67  $                 35.76  $                        39.49 -7.55%
Computer Services 63  $                                  22,728.63 34.18%  $                                        7,799.42 2.37%  $                                    7,607.80  $                                                        7,454.24  $                            7,332.76  $            7,186.58  $                   7,116.14 1.85%
Computers/Peripherals 35  $                                128,234.32 71.27%  $                                      43,613.25 7.01%  $                                  43,029.50  $                                                      42,054.64  $                          41,585.61  $          41,652.22  $                 41,106.83 1.19%
Construction Supplies 46  $                                  15,914.72 10.81%  $                                        5,279.43 2.49%  $                                    5,332.23  $                                                        5,357.82  $                            5,319.82  $            5,134.42  $                   5,057.92 0.86%
Diversified 21  $                                    9,740.53 1.42%  $                                        3,276.46 0.71%  $                                    3,266.96  $                                                        3,279.18  $                            3,319.95  $            2,775.09  $                   2,991.52 1.84%
Drugs (Biotechnology) 535  $                                272,106.64 101.34%  $                                      96,873.15 48.21%  $                                  92,676.19  $                                                      86,955.69  $                          81,594.76  $          81,406.10  $                 79,584.61 4.01%
Drugs (Pharmaceutical) 231  $                                285,201.44 81.26%  $                                      98,124.33 27.20%  $                                  93,525.20  $                                                    101,827.76  $                          88,116.34  $          79,568.81  $                 77,232.72 4.90%
Education 29  $                                    2,271.58 17.14%  $                                           772.15 3.35%  $                                       764.95  $                                                           737.84  $                               741.47  $               740.89  $                      722.96 1.33%
Electrical Equipment 101  $                                  14,433.73 19.66%  $                                        4,980.79 3.97%  $                                    4,747.66  $                                                        4,735.13  $                            4,701.73  $            4,665.24  $                   4,431.74 2.36%
Electronics (Consumer & Office) 11  $                                    1,548.69 203.79%  $                                           521.40 15.91%  $                                       513.96  $                                                           515.00  $                               516.91  $               501.82  $                      504.63 0.66%
Electronics (General) 122  $                                  20,983.11 29.12%  $                                        7,062.81 4.60%  $                                    6,988.21  $                                                        6,967.89  $                            6,950.98  $            6,843.03  $                   6,827.10 0.68%
Engineering/Construction 42  $                                       163.20 0.42%  $                                             55.00 0.04%  $                                         55.00  $                                                             55.00  $                                 55.00  $                 46.00  $                        46.00 3.64%
Entertainment 96  $                                  25,853.03 12.66%  $                                        8,743.51 3.48%  $                                    8,657.12  $                                                        8,550.15  $                            8,457.56  $            8,353.58  $                   8,171.76 1.36%
Environmental & Waste Services 50  $                                       956.93 2.70%  $                                           332.02 0.45%  $                                       319.01  $                                                           312.01  $                               306.70  $               299.11  $                      292.10 2.60%
Farming/Agriculture 35  $                                  10,319.47 6.89%  $                                        3,464.64 1.51%  $                                    3,465.27  $                                                        3,430.04  $                            3,408.78  $            3,305.41  $                   3,222.91 1.46%
Financial Svcs. (Non-bank & Insurance) 166  $                                  34,087.88 0.41%  $                                      11,489.43 2.07%  $                                  11,339.34  $                                                      11,285.44  $                          11,198.70  $          11,381.17  $                 11,441.49 0.08%
Food Processing 77  $                                    5,772.64 3.37%  $                                        1,944.51 0.68%  $                                    1,940.69  $                                                        1,941.97  $                            1,923.65  $            1,704.73  $                   1,695.91 2.77%
Food Wholesalers 14  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Furn/Home Furnishings 28  $                                    3,260.88 11.64%  $                                        1,105.95 2.01%  $                                    1,090.38  $                                                        1,076.41  $                            1,064.80  $            1,054.29  $                   1,052.25 1.00%
Green & Renewable Energy 18  $                                         26.51 0.05%  $                                               8.77 0.11%  $                                           7.61  $                                                               8.18  $                                   8.02  $                 17.65  $                        17.70 -13.10%
Healthcare Products 218  $                                  58,643.17 30.09%  $                                      19,707.66 8.02%  $                                  19,643.18  $                                                      19,453.72  $                          19,272.71  $          19,198.27  $                 19,000.20 0.73%
Healthcare Support Services 113  $                                    4,456.04 1.77%  $                                        1,463.66 0.06%  $                                    1,462.03  $                                                        1,472.56  $                            1,553.66  $            1,588.78  $                   1,534.87 -0.95%
Heathcare Information and Technology 116  $                                  30,111.38 24.32%  $                                      10,072.00 6.70%  $                                  10,099.12  $                                                      10,002.98  $                          10,012.68  $            9,766.16  $                   9,795.17 0.56%
Homebuilding 30  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Hospitals/Healthcare Facilities 33  $                                       244.54 0.26%  $                                             81.39 0.05%  $                                         81.21  $                                                             80.92  $                                 80.94  $                 86.30  $                        86.35 -1.18%
Hotel/Gaming 65  $                                  15,229.94 6.59%  $                                        5,135.47 2.37%  $                                    5,065.81  $                                                        5,062.31  $                            5,021.74  $            4,978.67  $                   4,914.62 0.88%
Household Products 101  $                                  12,563.75 12.84%  $                                        4,222.65 1.95%  $                                    4,196.90  $                                                        4,159.25  $                            4,161.37  $            4,117.40  $                   4,148.20 0.36%
Information Services 16  $                                    2,224.78 13.57%  $                                           760.80 1.94%  $                                       741.10  $                                                           729.73  $                               725.88  $               714.56  $                      704.48 1.55%
Insurance (General) 22  $                                       323.98 0.42%  $                                           107.29 0.11%  $                                       108.54  $                                                           110.31  $                               107.32  $               103.72  $                      101.83 1.05%
Insurance (Life) 19  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Insurance (Prop/Cas.) 53  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Investments & Asset Management 231  $                                    2,382.43 0.55%  $                                           830.27 0.49%  $                                       797.78  $                                                           779.46  $                               751.76  $               727.81  $                      726.33 2.71%
Machinery 109  $                                  12,479.73 12.22%  $                                        4,133.08 2.16%  $                                    4,199.45  $                                                        4,191.46  $                            4,165.34  $            4,030.44  $                   4,007.11 0.62%
Metals & Mining 64  $                                       325.63 0.52%  $                                           115.43 0.20%  $                                       108.85  $                                                           104.50  $                               103.43  $                 95.26  $                        91.12 4.84%
Office Equipment & Services 14  $                                    1,082.06 12.59%  $                                           360.67 1.99%  $                                       362.03  $                                                           358.05  $                               366.64  $               351.42  $                      351.53 0.51%
Oil/Gas (Integrated) 4  $                                    3,575.60 0.67%  $                                        1,199.00 0.21%  $                                    1,199.00  $                                                        1,199.00  $                            1,199.00  $            1,092.00  $                   1,092.00 1.89%
Oil/Gas (Production and Exploration) 147  $                                       353.78 0.08%  $                                           121.99 0.06%  $                                       120.39  $                                                           117.00  $                               112.70  $               101.00  $                      100.90 3.87%
Oil/Gas Distribution 24  $                                         26.36 0.01%  $                                             11.02 0.01%  $                                           9.75  $                                                               7.76  $                                   5.71  $                   3.02  $                          3.07 29.13%
Oilfield Svcs/Equip. 97  $                                    6,436.91 2.57%  $                                        2,172.74 0.30%  $                                    2,170.06  $                                                        2,143.57  $                            2,127.98  $            1,954.02  $                   1,922.35 2.48%
Packaging & Container 22  $                                    2,072.06 2.94%  $                                           681.26 0.55%  $                                       696.26  $                                                           697.26  $                               695.26  $               686.67  $                      674.67 0.19%
Paper/Forest Products 6  $                                         22.80 0.45%  $                                               8.00 0.07%  $                                           8.00  $                                                               8.00  $                                   8.00  $                   2.00  $                          2.00 31.95%
Power 48  $                                    1,108.54 0.10%  $                                           366.38 0.10%  $                                       379.02  $                                                           363.10  $                               368.31  $               368.81  $                      351.81 0.81%
Precious Metals 60  $                                       668.36 1.31%  $                                           225.91 0.85%  $                                       231.19  $                                                           225.47  $                               206.63  $               197.82  $                      223.26 0.24%
Publishing & Newspapers 19  $                                       995.07 8.08%  $                                           337.81 1.30%  $                                       333.25  $                                                           328.42  $                               322.75  $               322.54  $                      315.83 1.35%
R.E.I.T. 192  $                                         57.93 0.00%  $                                             21.05 0.01%  $                                         20.62  $                                                             17.76  $                                 17.28  $                 14.10  $                        13.70 8.97%
Real Estate (Development) 15  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Real Estate (General/Diversified) 11  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Real Estate (Operations & Services) 60  $                                    4,945.57 11.22%  $                                        1,689.93 1.85%  $                                    1,676.97  $                                                        1,652.52  $                            1,525.46  $            1,561.83  $                   1,556.46 1.66%
Recreation 50  $                                    5,036.61 10.57%  $                                        1,660.92 2.93%  $                                    1,670.01  $                                                        1,683.72  $                            1,714.34  $            1,718.58  $                   1,744.05 -0.97%
Reinsurance 1  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Restaurant/Dining 62  $                                    3,408.66 3.13%  $                                        1,198.70 0.71%  $                                    1,145.70  $                                                        1,091.00  $                            1,016.45  $            1,161.10  $                   1,044.50 2.79%
Retail (Automotive) 29  $                                       (90.77) -0.07%  $                                           (40.28) -0.01%  $                                       (36.59)  $                                                            (32.32)  $                               (28.26)  $                 47.40  $                        37.77 -201.30%
Retail (Building Supply) 13  $                                    1,349.52 1.64%  $                                           448.80 0.17%  $                                       452.30  $                                                           456.60  $                               459.60  $               405.40  $                      408.50 1.90%
Retail (Distributors) 66  $                                       134.91 0.10%  $                                             49.11 0.02%  $                                         46.07  $                                                             42.26  $                                 39.81  $                 38.33  $                        36.86 5.91%
Retail (General) 24  $                                262,654.22 45.92%  $                                      87,968.60 4.68%  $                                  87,413.40  $                                                      87,507.30  $                          88,004.30  $          85,244.00  $                 84,018.00 0.92%
Retail (Grocery and Food) 17  $                                    5,297.30 9.11%  $                                           657.50 0.24%  $                                    2,355.00  $                                                        2,300.00  $                            2,312.00  $            2,255.00  $                      532.00 4.33%
Retail (REITs) 28  $                                         13.30 0.01%  $                                               4.50 0.02%  $                                           4.50  $                                                               4.50  $                                   4.50  $                   3.50  $                          3.50 5.15%
Retail (Special Lines) 98  $                                    1,873.98 1.39%  $                                           653.38 0.14%  $                                       610.55  $                                                           612.55  $                               608.21  $               606.75  $                      544.58 3.71%
Rubber& Tires 3  $                                    1,391.00 10.45%  $                                           461.00 2.42%  $                                       461.00  $                                                           461.00  $                               461.00  $               501.00  $                      501.00 -1.65%
Semiconductor 63  $                                202,657.63 47.70%  $                                      70,855.90 18.21%  $                                  68,289.88  $                                                      65,744.29  $                          63,293.58  $          62,029.16  $                 61,569.04 2.85%
Semiconductor Equip 30  $                                  26,598.60 52.39%  $                                        9,121.06 11.42%  $                                    8,874.27  $                                                        8,726.04  $                            8,640.08  $            8,432.29  $                   8,334.72 1.82%
Shipbuilding & Marine 8  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Shoe 12  $                                       225.04 0.79%  $                                             77.10 0.11%  $                                         77.10  $                                                             77.10  $                                 66.60  $                 66.80  $                        66.80 2.91%
Software (Entertainment) 81  $                                281,052.44 61.31%  $                                      97,237.21 18.10%  $                                  94,049.15  $                                                      91,610.40  $                          90,179.87  $          87,688.59  $                 86,640.59 2.33%
Software (Internet) 29  $                                  18,503.42 84.32%  $                                        6,434.22 21.46%  $                                    6,239.58  $                                                        6,069.27  $                            5,869.62  $            5,440.65  $                   5,280.86 4.03%
Software (System & Application) 333  $                                275,140.32 66.59%  $                                      95,068.71 16.86%  $                                  92,692.55  $                                                      89,732.77  $                          87,665.64  $          85,058.33  $                 84,003.29 2.51%
Steel 27  $                                       142.84 0.17%  $                                             48.36 0.03%  $                                         48.36  $                                                             47.16  $                                 47.16  $                 43.12  $                        43.12 2.32%
Telecom (Wireless) 11  $                                       153.01 0.09%  $                                             52.49 0.06%  $                                         51.84  $                                                             50.46  $                                 48.89  $                 46.08  $                        44.36 3.42%
Telecom. Equipment 61  $                                  46,396.44 101.91%  $                                      15,815.58 14.85%  $                                  15,418.57  $                                                      15,229.29  $                          15,276.71  $          14,988.72  $                 14,872.73 1.24%
Telecom. Services 32  $                                    3,846.77 0.78%  $                                        1,273.14 0.45%  $                                    1,256.97  $                                                        1,247.03  $                            1,271.51  $            1,556.16  $                   1,536.99 -3.70%
Tobacco 12  $                                    2,825.84 7.50%  $                                           938.50 1.49%  $                                       944.01  $                                                           938.36  $                               935.46  $               974.63  $                      909.29 0.63%
Transportation 21  $                                  10,937.04 6.94%  $                                        3,564.60 1.21%  $                                    3,590.08  $                                                        3,692.63  $                            3,772.10  $            3,879.76  $                   3,960.13 -2.08%
Transportation (Railroads) 4  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Trucking 24  $                                       833.80 1.40%  $                                           201.24 0.23%  $                                       274.74  $                                                           323.64  $                               356.74  $               379.53  $                      357.73 -10.87%
Utility (General) 14  $                                               -   0.00%  $                                                   -   0.00%  $                                              -    $                                                                   -    $                                       -    $                       -    $                              -   NA
Utility (Water) 15  $                                         11.02 0.03%  $                                               5.35 0.06%  $                                           4.17  $                                                               2.99  $                                   0.72  $                   1.24  $                          2.60 15.53%
Total Market 6062  $                             2,359,541.04 8.35%  $                                    809,032.39 3.72%  $                                790,779.86  $                                                    781,817.63  $                        755,039.85  $        733,891.20  $               721,008.84 2.33%
Total Market (without financials) 4935  $                             2,320,096.14 16.07%  $                                    795,725.68 3.92%  $                                777,647.31  $                                                    768,757.94  $                        742,095.24  $        720,798.78  $               707,887.47 2.37%

 


Last updated January 2025
By Aswath Damodaran