R&D Statistics 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/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 49  $                            838.27 12.03%  $                               303.07 0.86%  $                            284.08  $                                            263.29  $                      254.70  $           240.45  $                184.05 10.49%
Aerospace/Defense 73  $                        46,255.76 32.42%  $                           15,476.82 4.35%  $                        15,469.97  $                                        15,602.72  $                  15,176.00  $       14,854.70  $            14,310.96 1.58%
Air Transport 21  $                          1,061.05 0.88%  $                               408.81 0.39%  $                            336.33  $                                            332.73  $                      330.62  $           256.46  $                249.95 10.34%
Apparel 39  $                            273.61 0.75%  $                                 92.12 0.14%  $                              90.78  $                                             89.42  $                        88.56  $            98.97  $                 99.04 -1.44%
Auto & Truck 26  $                        53,532.09 14.71%  $                           18,803.99 5.61%  $                        18,045.75  $                                        17,295.86  $                  16,571.88  $       16,426.16  $            15,857.62 3.47%
Auto Parts 38  $                          8,965.17 22.96%  $                             3,219.22 3.30%  $                          3,022.67  $                                         2,805.72  $                    2,742.52  $        2,736.87  $             2,772.23 3.03%
Bank (Money Center) 7   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Banks (Regional) 563   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Beverage (Alcoholic) 21   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Beverage (Soft) 32  $                          2,366.91 2.43%  $                               788.91 0.56%  $                            788.71  $                                            788.59  $                      788.51  $           792.40  $                792.41 -0.09%
Broadcasting 28  $                              19.95 0.02%  $                                  6.94 0.01%  $                               6.94  $                                               6.94  $                         6.94  $              2.60  $                   2.60 21.70%
Brokerage & Investment Banking 31  $                          1,858.04 0.20%  $                             1,106.30 0.48%  $                            481.60  $                                            370.30  $                      285.90  $           149.60  $                 54.50 82.60%
Building Materials 44  $                          3,534.27 7.76%  $                             1,207.51 0.98%  $                          1,194.24  $                                         1,154.18  $                    1,140.36  $        1,113.62  $             1,075.81 2.34%
Business & Consumer Services 160  $                          4,331.71 5.36%  $                             1,642.32 0.77%  $                          1,502.45  $                                         1,400.49  $                    1,128.31  $           979.05  $                676.51 19.41%
Cable TV 11  $                            864.40 0.30%  $                               292.00 0.14%  $                            288.00  $                                            281.00  $                      287.00  $           293.00  $                305.00 -0.87%
Chemical (Basic) 35  $                          3,815.97 5.20%  $                             1,344.81 1.01%  $                          1,305.13  $                                         1,220.58  $                    1,184.90  $        1,103.71  $             1,044.02 5.19%
Chemical (Diversified) 4  $                            719.88 7.46%  $                               252.30 1.75%  $                            243.10  $                                            230.89  $                      228.68  $           215.46  $                214.42 3.31%
Chemical (Specialty) 81  $                        14,982.67 8.89%  $                             5,172.47 2.50%  $                          5,024.79  $                                         4,861.06  $                    4,812.86  $        4,742.95  $             4,883.00 1.16%
Coal & Related Energy 18  $                              38.05 0.88%  $                                 17.29 0.27%  $                              12.06  $                                               9.89  $                         8.46  $              8.97  $                 10.19 11.16%
Computer Services 83  $                        21,086.96 38.18%  $                             7,151.87 2.69%  $                          7,035.92  $                                         6,940.91  $                    6,914.40  $        6,880.26  $             6,890.10 0.75%
Computers/Peripherals 46  $                       105,572.11 55.33%  $                           36,682.75 5.99%  $                        35,672.42  $                                        34,266.35  $                  33,262.97  $       32,432.12  $            31,457.14 3.12%
Construction Supplies 48  $                        11,812.08 10.47%  $                             4,194.01 2.72%  $                          3,981.72  $                                         3,723.42  $                    3,642.37  $        3,708.51  $             3,814.21 1.92%
Diversified 22  $                        22,727.96 3.94%  $                             7,442.10 1.70%  $                          7,388.10  $                                         7,306.10  $                    7,481.10  $        9,996.40  $             9,384.40 -4.53%
Drugs (Biotechnology) 581  $                       217,482.97 101.51%  $                           75,091.63 39.62%  $                        73,401.93  $                                        72,442.67  $                  68,603.86  $       63,813.26  $            63,031.74 3.56%
Drugs (Pharmaceutical) 298  $                       225,607.07 71.74%  $                           80,658.49 23.08%  $                        77,535.84  $                                        73,161.28  $                  71,353.13  $       52,409.44  $            50,882.28 9.65%
Education 35  $                          2,106.63 18.33%  $                               772.92 4.44%  $                            722.17  $                                            661.80  $                      622.05  $           550.35  $                351.38 17.08%
Electrical Equipment 104  $                          7,146.54 15.81%  $                             2,557.74 3.24%  $                          2,370.04  $                                         2,271.88  $                    2,232.52  $        2,183.16  $             2,163.58 3.40%
Electronics (Consumer & Office) 16  $                          1,466.08 100.91%  $                               506.46 6.87%  $                            488.52  $                                            482.12  $                      468.96  $           459.74  $                406.35 4.50%
Electronics (General) 137  $                        18,544.14 32.67%  $                             6,320.84 5.18%  $                          6,145.48  $                                         6,139.50  $                    6,055.82  $        6,004.46  $             5,926.25 1.30%
Engineering/Construction 48  $                              63.56 0.21%  $                                 21.67 0.02%  $                              21.67  $                                             21.70  $                        21.72  $            14.23  $                 14.25 8.75%
Entertainment 108  $                        21,012.68 16.37%  $                             7,523.84 5.07%  $                          7,009.83  $                                         6,759.67  $                    6,470.39  $        6,185.07  $             5,952.19 4.80%
Environmental & Waste Services 58  $                              26.85 0.09%  $                                  8.86 0.02%  $                               8.45  $                                               9.23  $                         9.55  $              9.36  $                 10.42 -3.20%
Farming/Agriculture 36  $                          7,161.21 6.14%  $                             2,431.43 1.16%  $                          2,391.54  $                                         2,333.26  $                    2,351.81  $        2,379.32  $             2,397.30 0.28%
Financial Svcs. (Non-bank & Insurance) 223  $                          6,032.81 0.08%  $                             2,434.72 0.73%  $                          2,097.53  $                                         1,711.35  $                    1,553.51  $        1,359.25  $             1,302.65 13.32%
Food Processing 92  $                          4,667.70 2.84%  $                             1,577.78 0.61%  $                          1,548.52  $                                         1,548.28  $                    1,526.71  $        1,557.22  $             1,550.08 0.35%
Food Wholesalers 15  $                               0.88 0.00%  $                                  0.29 0.00%  $                               0.29  $                                               0.29  $                         0.30  $              0.30  $                   0.32 -2.03%
Furn/Home Furnishings 32  $                          2,400.94 10.08%  $                               825.35 1.41%  $                            803.66  $                                            775.79  $                      753.00  $           829.97  $                810.81 0.36%
Green & Renewable Energy 20  $                              14.19 0.05%  $                                  4.29 0.10%  $                               4.62  $                                               4.66  $                         5.43  $              6.19  $                   5.70 -5.52%
Healthcare Products 244  $                        42,258.48 28.82%  $                           14,934.42 8.01%  $                        14,317.44  $                                        13,407.32  $                  13,050.63  $       13,027.32  $            13,377.56 2.23%
Healthcare Support Services 131  $                          1,919.12 0.86%  $                               713.53 0.04%  $                            643.95  $                                            588.57  $                      571.79  $           542.87  $                516.36 6.68%
Heathcare Information and Technology 142  $                        30,095.92 25.09%  $                           10,969.05 6.99%  $                        10,215.78  $                                         9,533.67  $                    9,097.66  $        7,974.92  $             7,318.02 8.43%
Homebuilding 29   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Hospitals/Healthcare Facilities 31  $                               9.72 0.01%  $                                  2.30 0.00%  $                               3.00  $                                               4.22  $                         4.27  $              3.89  $                   2.90 -4.53%
Hotel/Gaming 66  $                        11,427.44 5.05%  $                             4,160.79 4.77%  $                          3,960.58  $                                         3,757.91  $                    3,683.19  $        1,850.83  $             1,873.53 17.30%
Household Products 118  $                        10,442.15 12.29%  $                             3,530.00 1.80%  $                          3,537.68  $                                         3,402.92  $                    3,401.67  $        3,397.89  $             3,395.10 0.78%
Information Services 79  $                        17,772.82 12.81%  $                             6,332.34 3.18%  $                          6,074.18  $                                         5,667.79  $                    5,376.21  $        5,149.96  $             5,514.35 2.80%
Insurance (General) 23  $                            285.44 0.19%  $                                 85.70 0.07%  $                            108.70  $                                             99.30  $                        91.11  $            83.81  $                 74.31 2.89%
Insurance (Life) 24   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Insurance (Prop/Cas.) 52   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Investments & Asset Management 687  $                          2,145.46 0.62%  $                               771.58 0.44%  $                            721.73  $                                            682.43  $                      666.93  $           601.34  $                585.78 5.66%
Machinery 111  $                        10,202.70 13.09%  $                             3,473.12 2.02%  $                          3,409.13  $                                         3,356.26  $                    3,339.67  $        3,263.28  $             3,278.16 1.16%
Metals & Mining 74  $                            314.04 0.60%  $                               107.10 0.19%  $                            104.26  $                                            100.14  $                      104.73  $           107.77  $                109.88 -0.51%
Office Equipment & Services 18  $                            979.06 13.40%  $                               336.55 1.97%  $                            326.75  $                                            314.45  $                      316.85  $           328.50  $                334.30 0.13%
Oil/Gas (Integrated) 4  $                          4,405.60 0.99%  $                             1,451.00 0.36%  $                          1,451.00  $                                         1,451.00  $                    1,451.00  $        1,714.00  $             1,714.00 -3.28%
Oil/Gas (Production and Exploration) 183  $                            291.72 0.10%  $                                 97.22 0.05%  $                              97.05  $                                             95.38  $                        96.39  $           105.36  $                106.71 -1.85%
Oil/Gas Distribution 21   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Oilfield Svcs/Equip. 100  $                          5,701.36 2.64%  $                             1,874.41 0.40%  $                          1,869.31  $                                         1,880.53  $                    1,932.64  $        2,150.63  $             2,261.75 -3.69%
Packaging & Container 26  $                          1,966.40 2.45%  $                               672.41 0.47%  $                            657.11  $                                            650.71  $                      649.01  $           591.38  $                563.18 3.61%
Paper/Forest Products 11  $                              76.80 1.11%  $                                 27.90 0.20%  $                              25.80  $                                             24.00  $                        22.40  $            24.50  $                 24.00 3.06%
Power 50  $                            706.20 0.08%  $                               251.00 0.08%  $                            231.00  $                                            231.00  $                      231.00  $           197.00  $                197.00 4.96%
Precious Metals 76  $                            413.14 1.37%  $                               146.23 0.92%  $                            143.16  $                                            126.00  $                      122.00  $           139.89  $                144.45 0.24%
Publishing & Newspapers 21  $                            766.93 5.24%  $                               272.22 0.87%  $                            257.32  $                                            242.07  $                      239.00  $           240.09  $                202.09 6.14%
R.E.I.T. 238  $                              49.93 0.00%  $                                 16.95 0.01%  $                              16.32  $                                             16.83  $                        16.56  $            16.05  $                 15.54 1.75%
Real Estate (Development) 19  $                                  -   0.00%   $              -    0.00%   $              -     $                                                 -     $              -      $              -      $              -    NA
Real Estate (General/Diversified) 10   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Real Estate (Operations & Services) 51  $                          3,036.04 4.54%  $                             1,164.06 1.54%  $                          1,050.18  $                                            934.16  $                      819.38  $           717.92  $                660.03 12.02%
Recreation 60  $                          4,238.21 12.28%  $                             1,555.65 2.85%  $                          1,449.70  $                                         1,307.18  $                    1,243.83  $        1,204.77  $             1,175.92 5.76%
Reinsurance 2   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Restaurant/Dining 70  $                               8.82 0.01%  $                                  2.87 0.00%  $                               2.87  $                                               2.87  $                         2.87  $              3.89  $                   7.39 -17.22%
Retail (Automotive) 32  $                              24.59 0.03%  $                                 11.27 0.00%  $                               9.00  $                                               6.57  $                         3.60  $              3.70  $                   4.58 19.75%
Retail (Building Supply) 16  $                            177.98 0.26%  $                                 66.20 0.02%  $                              61.60  $                                             53.90  $                        51.10  $            48.60  $                 47.90 6.69%
Retail (Distributors) 68  $                              20.30 0.02%  $                                  7.82 0.00%  $                               6.43  $                                               6.13  $                         6.07  $              6.18  $                   6.18 4.81%
Retail (General) 16  $                               4.20 0.00%   $              -    0.00%   $              -      $              -      $              -     $            21.00  $                 21.00 -100.00%
Retail (Grocery and Food) 15  $                              18.72 0.04%  $                                  6.09 0.00%  $                               6.09  $                                               6.09  $                         6.09  $              8.36  $                   5.60 1.70%
Retail (Online) 60  $                       150,559.59 66.50%  $                           54,214.00 10.09%  $                        51,234.20  $                                        48,163.32  $                  45,360.93  $       41,579.33  $            40,102.54 6.22%
Retail (Special Lines) 76  $                          1,308.21 0.84%  $                               418.25 0.09%  $                            446.85  $                                            446.35  $                      446.94  $           429.54  $                402.64 0.76%
Rubber& Tires 2  $                          1,178.31 10.18%  $                               390.10 2.43%  $                            390.10  $                                            390.11  $                      390.11  $           430.11  $                430.12 -1.93%
Semiconductor 67  $                       143,861.37 51.43%  $                           50,321.60 17.40%  $                        48,300.35  $                                        46,692.61  $                  45,211.29  $       43,997.05  $            43,646.31 2.89%
Semiconductor Equip 34  $                        19,355.11 55.81%  $                             6,707.74 9.38%  $                          6,550.55  $                                         6,325.80  $                    6,092.40  $        5,872.46  $             5,750.61 3.13%
Shipbuilding & Marine 8   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Shoe 12  $                            169.60 0.70%  $                                 56.70 0.09%  $                              56.70  $                                             56.70  $                        55.70  $            56.20  $                 56.20 0.18%
Software (Entertainment) 88  $                       164,139.83 45.34%  $                           58,245.69 15.15%  $                        55,420.41  $                                        52,602.58  $                  50,473.94  $       49,033.48  $            47,194.73 4.30%
Software (Internet) 36  $                        11,194.06 40.35%  $                             4,177.58 18.98%  $                          3,843.86  $                                         3,487.03  $                    3,202.01  $        2,841.84  $             2,582.67 10.10%
Software (System & Application) 375  $                       205,424.52 76.65%  $                           72,267.59 16.70%  $                        69,299.92  $                                        66,548.77  $                  63,832.38  $       61,273.92  $            58,779.12 4.22%
Steel 28  $                            147.00 0.24%  $                                 43.85 0.03%  $                              44.77  $                                             55.30  $                        54.67  $            61.43  $                 60.67 -6.29%
Telecom (Wireless) 17  $                            691.33 0.38%  $                               247.01 0.27%  $                            243.68  $                                            239.85  $                      241.46  $            44.43  $                 51.64 36.76%
Telecom. Equipment 82  $                        39,894.70 115.17%  $                           13,613.55 13.27%  $                        13,400.91  $                                        13,105.17  $                  12,843.14  $       12,800.35  $            12,832.71 1.19%
Telecom. Services 42  $                          4,509.97 0.88%  $                             1,520.12 0.44%  $                          1,507.17  $                                         1,493.51  $                    1,483.82  $        1,472.37  $             1,492.10 0.37%
Tobacco 16  $                          1,906.46 5.80%  $                               633.69 1.09%  $                            634.47  $                                            635.09  $                      637.57  $           645.57  $                645.94 -0.38%
Transportation 17  $                              60.32 0.07%  $                                 21.15 0.01%  $                              18.65  $                                             19.55  $                        18.65  $            25.31  $                 13.21 9.87%
Transportation (Railroads) 4   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Trucking 34  $                          9,832.49 11.20%  $                             3,264.28 2.70%  $                          3,240.43  $                                         3,234.52  $                    3,362.65  $        3,450.47  $             3,694.32 -2.44%
Utility (General) 16  $                              88.00 0.02%  $                                 24.00 0.02%  $                              44.00  $                                             24.00  $                        24.00  $            24.00  $                 24.00 0.00%
Utility (Water) 14   $               -    0.00%   $              -    0.00%   $              -      $              -      $              -      $              -      $              -    NA
Total Market 7229  $                    1,722,471.34 7.30%  $                          605,548.59 3.33%  $                       582,158.94  $                                      558,743.57  $                 538,695.09  $     502,357.13  $          490,180.53 4.32%
Total Market (without financials) 5619  $                    1,712,149.60 13.96%  $                          601,150.29 3.71%  $                       578,749.38  $                                      555,880.19  $                 536,097.65  $     500,163.13  $          488,163.30 4.25%

Last updated January 2022
By Aswath Damodaran