Cash Flow Drivers by Sector (US)
Data Used: Multiple data services
Date of Analysis: Data used is as of January 2026
Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/capex.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 | Pre-tax Operating Margin (adjusted for leases) | Pre-tax Operating Margin (unadjusted) | Effective tax rate | Non-Cash Working Capital as % of Revenues | Net Cap Ex/ Revenues | Sales/ Invested Capital (LTM) |
| Advertising | 52 | 10.05% | 10.07% | 5.02% | 11.26% | -1.52% | 3.85 |
| Aerospace/Defense | 79 | 8.70% | 8.65% | 11.58% | 45.62% | 0.82% | 2.74 |
| Air Transport | 23 | 4.88% | 5.32% | 8.29% | 0.89% | 3.61% | 1.80 |
| Apparel | 35 | 9.89% | 9.11% | 9.61% | 26.12% | 2.08% | 1.77 |
| Auto & Truck | 33 | 2.38% | 2.32% | 3.74% | 4.35% | 2.10% | 1.08 |
| Auto Parts | 35 | 5.80% | 5.67% | 15.00% | 18.57% | 2.01% | 2.39 |
| Bank (Money Center) | 15 | 0.08% | 0.00% | 18.43% | NA | 1.79% | 0.19 |
| Banks (Regional) | 568 | -0.12% | 0.00% | 17.61% | NA | -1.30% | 0.33 |
| Beverage (Alcoholic) | 14 | 22.79% | 22.76% | 12.35% | 15.32% | 3.74% | 0.79 |
| Beverage (Soft) | 27 | 20.63% | 20.53% | 6.85% | -5.43% | 4.69% | 1.54 |
| Broadcasting | 24 | 12.35% | 12.33% | 7.73% | 20.57% | -2.26% | 1.28 |
| Brokerage & Investment Banking | 32 | -0.12% | 0.00% | 15.27% | 17.68% | 1.64% | 0.27 |
| Building Materials | 41 | 12.80% | 12.64% | 18.02% | 20.37% | 2.77% | 2.06 |
| Business & Consumer Services | 155 | 12.32% | 12.27% | 10.38% | 33.34% | 3.36% | 2.80 |
| Cable TV | 9 | 18.24% | 18.49% | 10.64% | 4.89% | -0.78% | 0.74 |
| Chemical (Basic) | 29 | 2.86% | 2.67% | 7.68% | 17.25% | 3.94% | 1.49 |
| Chemical (Diversified) | 4 | 3.41% | 3.29% | 0.00% | 19.48% | -1.18% | 1.27 |
| Chemical (Specialty) | 59 | 12.41% | 12.17% | 13.68% | 27.23% | 4.05% | 1.11 |
| Coal & Related Energy | 16 | -3.82% | -4.02% | 3.13% | 17.80% | -3.12% | 1.29 |
| Computer Services | 64 | 7.63% | 7.41% | 10.53% | 14.18% | 1.91% | 5.19 |
| Computers/Peripherals | 36 | 22.49% | 22.48% | 5.91% | 2.12% | 2.90% | 3.62 |
| Construction Supplies | 40 | 15.27% | 15.23% | 16.04% | 25.77% | 6.62% | 1.45 |
| Diversified | 20 | 22.82% | 22.73% | 2.76% | 7.77% | 2.32% | 0.68 |
| Drugs (Biotechnology) | 496 | 8.76% | 8.97% | 1.08% | 17.36% | -3.57% | 0.82 |
| Drugs (Pharmaceutical) | 228 | 29.54% | 29.54% | 2.99% | 38.27% | 1.12% | 1.11 |
| Education | 32 | 13.54% | 14.01% | 15.54% | 11.90% | 0.65% | 1.63 |
| Electrical Equipment | 112 | 9.75% | 9.53% | 4.82% | 36.49% | 3.08% | 2.03 |
| Electronics (Consumer & Office) | 8 | -4.25% | -4.49% | 0.00% | 13.26% | -3.84% | 5.57 |
| Electronics (General) | 114 | 10.52% | 10.42% | 8.04% | 23.51% | 5.68% | 2.38 |
| Engineering/Construction | 48 | 6.75% | 6.49% | 13.64% | 20.30% | 4.85% | 4.36 |
| Entertainment | 92 | 10.38% | 10.60% | 3.30% | 6.30% | -1.25% | 1.39 |
| Environmental & Waste Services | 53 | 14.85% | 14.61% | 4.27% | 11.60% | 13.44% | 2.30 |
| Farming/Agriculture | 35 | 5.61% | 5.45% | 6.29% | 24.54% | 3.66% | 1.48 |
| Financial Svcs. (Non-bank & Insurance | 176 | 18.54% | 18.48% | 12.06% | NA | 2.38% | 0.07 |
| Food Processing | 78 | 10.77% | 10.63% | 10.37% | 10.43% | 2.29% | 1.71 |
| Food Wholesalers | 13 | 2.55% | 2.61% | 9.15% | 5.67% | 1.50% | 7.71 |
| Furn/Home Furnishings | 27 | 6.88% | 6.59% | 11.38% | 18.27% | 5.88% | 1.96 |
| Green & Renewable Energy | 15 | 18.39% | 19.87% | 0.00% | 61.48% | 9.01% | 0.20 |
| Healthcare Products | 204 | 15.47% | 15.34% | 4.85% | 28.51% | 4.53% | 1.48 |
| Healthcare Support Services | 104 | 2.99% | 3.00% | 9.80% | -2.72% | 0.87% | 11.75 |
| Heathcare Information and Technology | 115 | 14.75% | 14.71% | 6.38% | 25.56% | 0.92% | 1.25 |
| Homebuilding | 30 | 12.63% | 12.57% | 16.99% | 63.51% | 0.68% | 1.42 |
| Hospitals/Healthcare Facilities | 31 | 12.86% | 13.36% | 11.35% | 11.97% | 2.96% | 1.95 |
| Hotel/Gaming | 63 | 16.44% | 19.39% | 8.31% | 10.86% | 2.52% | 1.04 |
| Household Products | 110 | 18.79% | 18.62% | 6.50% | 7.76% | 1.13% | 2.21 |
| Information Services | 15 | 12.45% | 11.89% | 18.16% | 28.30% | -2.87% | 2.51 |
| Insurance (General) | 21 | 21.46% | 21.31% | 12.77% | NA | 55.04% | 2.41 |
| Insurance (Life) | 20 | 10.65% | 10.61% | 15.19% | NA | 0.32% | 1.19 |
| Insurance (Prop/Cas.) | 57 | 15.30% | 15.25% | 18.37% | NA | -1.05% | 1.48 |
| Investments & Asset Management | 283 | 25.18% | 25.50% | 3.53% | NA | 21.02% | 0.59 |
| Machinery | 105 | 16.06% | 15.86% | 13.37% | 27.16% | 4.14% | 1.95 |
| Metals & Mining | 73 | 23.76% | 23.85% | 2.52% | 17.57% | 4.61% | 1.18 |
| Office Equipment & Services | 14 | 10.88% | 10.73% | 12.30% | 14.49% | 1.87% | 2.21 |
| Oil/Gas (Integrated) | 4 | 11.57% | 11.25% | 28.24% | 3.94% | 0.39% | 1.02 |
| Oil/Gas (Production and Exploration) | 142 | 25.82% | 25.42% | 6.66% | 6.95% | 19.05% | 0.57 |
| Oil/Gas Distribution | 23 | 26.06% | 25.78% | 9.17% | 6.21% | 19.59% | 0.52 |
| Oilfield Svcs/Equip. | 97 | 4.85% | 4.65% | 8.75% | 10.47% | 0.91% | 2.79 |
| Packaging & Container | 19 | 9.79% | 9.58% | 15.57% | 17.45% | 5.14% | 1.84 |
| Paper/Forest Products | 6 | 6.58% | 6.34% | 8.60% | 16.20% | 1.80% | 1.73 |
| Power | 46 | 21.36% | 21.47% | 12.75% | 16.67% | 24.35% | 0.37 |
| Precious Metals | 56 | 40.43% | 40.39% | 5.97% | 14.93% | 6.12% | 0.68 |
| Publishing & Newspapers | 19 | 9.84% | 9.98% | 10.21% | 16.32% | -0.59% | 2.16 |
| R.E.I.T. | 190 | 22.21% | 24.64% | 1.58% | NA | -12.71% | 0.15 |
| Real Estate (Development) | 14 | 21.19% | 21.53% | 4.91% | 31.37% | -4.27% | 0.35 |
| Real Estate (General/Diversified) | 12 | 22.09% | 21.45% | 4.65% | NA | 0.44% | 0.25 |
| Real Estate (Operations & Services) | 54 | 2.76% | 2.85% | 8.70% | 13.34% | 2.46% | 2.52 |
| Recreation | 49 | 8.06% | 9.69% | 11.45% | 17.28% | 1.34% | 1.24 |
| Reinsurance | 1 | 7.23% | 7.21% | 30.36% | 28.94% | -0.22% | 2.01 |
| Restaurant/Dining | 64 | 13.79% | 15.79% | 9.92% | 6.37% | 3.69% | 1.51 |
| Retail (Automotive) | 34 | 5.84% | 6.24% | 10.77% | 11.75% | 2.25% | 2.34 |
| Retail (Building Supply) | 14 | 11.82% | 11.94% | 11.84% | 11.23% | 5.75% | 3.41 |
| Retail (Distributors) | 62 | 10.32% | 10.10% | 14.59% | 19.87% | 11.58% | 1.83 |
| Retail (General) | 23 | 6.50% | 6.80% | 19.10% | 0.56% | 4.87% | 3.51 |
| Retail (Grocery and Food) | 15 | 1.85% | 2.29% | 12.22% | 1.94% | -1.90% | 4.65 |
| Retail (REITs) | 26 | 38.64% | 40.25% | 1.60% | 11.22% | -22.85% | 0.14 |
| Retail (Special Lines) | 94 | 8.08% | 7.73% | 10.07% | 10.59% | 1.59% | 2.99 |
| Rubber& Tires | 3 | 2.57% | 2.24% | 0.00% | 21.08% | -0.03% | 1.39 |
| Semiconductor | 66 | 35.31% | 35.33% | 5.11% | 27.98% | 4.41% | 1.21 |
| Semiconductor Equip | 31 | 26.29% | 26.17% | 9.96% | 34.06% | 4.14% | 1.85 |
| Shipbuilding & Marine | 8 | 13.52% | 12.60% | 5.26% | 11.11% | 4.89% | 0.94 |
| Shoe | 11 | 9.14% | 9.03% | 11.86% | 20.77% | 0.40% | 2.62 |
| Software (Entertainment) | 77 | 33.67% | 33.85% | 5.29% | 13.77% | 19.52% | 1.34 |
| Software (Internet) | 29 | 3.74% | 3.69% | 3.05% | 17.49% | 26.01% | 1.35 |
| Software (System & Application) | 309 | 33.21% | 32.98% | 5.51% | 26.79% | 17.82% | 1.54 |
| Steel | 19 | 4.11% | 4.10% | 9.28% | 22.68% | 5.69% | 1.80 |
| Telecom (Wireless) | 12 | 19.74% | 20.98% | 4.02% | 15.26% | 0.38% | 0.55 |
| Telecom. Equipment | 57 | 20.92% | 20.70% | 7.06% | 27.43% | 7.07% | 2.57 |
| Telecom. Services | 39 | 20.82% | 20.47% | 3.40% | -0.87% | 0.91% | 0.60 |
| Tobacco | 10 | 43.68% | 43.54% | 14.77% | 27.43% | -0.91% | 1.82 |
| Transportation | 19 | 7.64% | 7.57% | 8.54% | 8.58% | 2.20% | 1.98 |
| Transportation (Railroads) | 4 | 37.43% | 37.41% | 16.98% | 5.10% | 6.47% | 0.46 |
| Trucking | 26 | 7.31% | 6.89% | 12.60% | 8.84% | 5.03% | 1.47 |
| Utility (General) | 14 | 23.21% | 23.49% | 12.77% | 40.65% | 33.58% | 0.30 |
| Utility (Water) | 14 | 33.65% | 33.72% | 11.19% | 15.25% | 43.72% | 0.24 |
| Total Market | 5994 | 12.75% | 12.82% | 8.30% | -9.94% | 4.23% | 0.82 |
| Total Market (without financials) | 4822 | 13.06% | 13.14% | 7.10% | 13.77% | 4.29% | 1.43 |