| 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 |
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