Industry Name Number of firms Lease Expense/ Sales Total Debt without leases Total Debt with Leases Lease Debt as % of Total Debt Market Debt to Capital without  leases Market Debt to Capital with leases Book Debt to Capital without leases Book Debt to Capital with leases Operating income (before lease adj) Operating income (after lease adj) ROIC (without leases) ROIC (with leases) Pre-tax Operating Margin (before lease adj) Pre-tax Operating Margin (after lease adj) Lease Debt (My Estimate) Lease Debt (Accounting)
Advertising 57 3.35% $20,882.80 $25,999.68 19.68% 25.00% 25.24% 65.76% 66.06% $4,064.54 $4,212.30 70.85% 37.78% 9.61% 9.96%  $      5,116.89  $        4,781.70
Aerospace/Defense 70 0.74% $189,749.42 $200,683.67 5.45% 20.03% 20.29% 55.98% 56.38% $33,087.93 $33,151.49 22.47% 20.84% 8.54% 8.56%  $     10,934.25  $        7,703.31
Air Transport 25 6.32% $113,233.72 $143,705.28 21.20% 61.83% 61.85% 78.37% 78.38% $15,793.11 $15,323.56 14.99% 11.05% 6.90% 6.69%  $     30,471.56  $      30,335.74
Apparel 38 5.38% $20,132.32 $29,965.85 32.82% 32.87% 32.78% 55.61% 55.50% $6,271.35 $6,876.51 18.60% 15.40% 8.76% 9.60%  $      9,833.53  $        9,964.23
Auto & Truck 34 0.40% $284,559.32 $290,658.16 2.10% 23.60% 23.68% 58.69% 58.79% $22,484.21 $22,799.06 5.97% 5.96% 4.82% 4.89%  $      6,098.84  $        4,900.11
Auto Parts 39 0.76% $20,838.13 $23,423.35 11.04% 27.83% 27.77% 43.52% 43.43% $5,103.09 $5,172.38 12.92% 12.16% 5.31% 5.38%  $      2,585.22  $        2,664.82
Bank (Money Center) 15 1.89% $2,628,631.30 $2,658,637.05 1.13% 68.35% 68.37% 69.38% 69.40% $0.00 $377.01 0.00% 0.02% 0.00% 0.08%  $     30,005.75  $      27,080.90
Banks (Regional) 625 2.08% $538,673.94 $553,781.42 2.73% 50.18% 50.48% 50.65% 50.95% $0.01 -$339.49 0.00% -0.05% 0.00% -0.18%  $     15,107.49  $        8,511.89
Beverage (Alcoholic) 19 1.45% $21,915.40 $22,733.86 3.60% 19.32% 19.66% 42.60% 43.13% $6,042.26 $6,078.72 17.00% 16.67% 20.63% 20.75%  $         818.45  $          334.66
Beverage (Soft) 29 1.12% $102,493.33 $107,446.76 4.61% 14.19% 14.62% 55.11% 55.96% $32,878.72 $33,030.90 32.95% 31.43% 19.30% 19.39%  $      4,953.44  $        1,327.12
Broadcasting 22 1.02% $58,764.43 $63,950.58 8.11% 63.59% 63.82% 58.32% 58.56% $8,605.78 $8,571.21 13.16% 12.07% 11.78% 11.73%  $      5,186.15  $        4,550.69
Brokerage & Investment Banking 27 2.44% $1,163,538.01 $1,175,572.13 1.02% 69.24% 69.33% 78.85% 78.92% $1,757.67 $1,510.79 0.18% 0.15% 0.77% 0.66%  $     12,034.12  $        6,813.93
Building Materials 44 0.96% $40,165.06 $43,858.53 8.42% 15.29% 15.36% 46.09% 46.22% $17,581.95 $17,775.87 28.86% 27.13% 13.55% 13.70%  $      3,693.47  $        3,461.00
Business & Consumer Services 162 1.48% $94,353.48 $105,382.27 10.47% 15.30% 15.21% 50.00% 49.83% $27,783.98 $28,214.90 32.91% 29.15% 11.10% 11.27%  $     11,028.79  $      11,741.30
Cable TV 10 0.97% $276,310.90 $289,070.51 4.41% 49.68% 50.43% 67.07% 67.73% $43,140.50 $42,280.32 12.12% 11.34% 19.47% 19.08%  $     12,759.61  $        4,299.60
Chemical (Basic) 32 1.76% $45,276.31 $49,913.41 9.29% 31.22% 31.35% 47.28% 47.44% $10,184.04 $10,365.69 12.95% 12.38% 7.88% 8.02%  $      4,637.10  $        4,322.53
Chemical (Diversified) 4 0.99% $6,160.39 $6,785.92 9.22% 41.14% 41.01% 57.99% 57.86% $199.00 $205.66 1.91% 1.84% 1.52% 1.57%  $         625.53  $          661.60
Chemical (Specialty) 68 1.38% $120,064.11 $128,923.33 6.87% 21.07% 21.15% 41.63% 41.75% $28,742.07 $29,103.67 15.82% 15.19% 13.09% 13.26%  $      8,859.22  $        8,222.45
Coal & Related Energy 18 1.08% $2,737.00 $2,906.02 5.82% 18.41% 18.40% 28.77% 28.75% $2,131.81 $2,144.10 30.71% 30.13% 20.51% 20.63%  $         169.03  $          172.09
Computer Services 72 1.12% $87,646.89 $95,760.26 8.47% 22.44% 22.57% 55.86% 56.04% $20,538.17 $21,385.67 36.07% 32.53% 6.98% 7.27%  $      8,113.37  $        7,396.81
Computers/Peripherals 36 2.88% $177,649.72 $193,293.13 8.09% 5.76% 5.74% 65.44% 65.37% $126,674.59 $126,596.02 66.23% 60.75% 21.06% 21.05%  $     15,643.42  $      16,315.14
Construction Supplies 45 0.60% $87,851.97 $91,231.19 3.70% 19.65% 19.81% 48.94% 49.18% $31,349.11 $31,447.55 22.80% 22.23% 15.17% 15.21%  $      3,379.22  $        2,490.44
Diversified 23 0.73% $206,049.25 $215,723.26 4.48% 15.76% 16.07% 25.95% 26.40% $121,205.52 $121,951.61 21.34% 21.09% 22.93% 23.07%  $      9,674.01  $        4,655.20
Drugs (Biotechnology) 572 1.52% $186,718.11 $199,648.11 6.48% 13.93% 14.08% 49.82% 50.14% $2,036.56 $1,742.36 0.96% 0.77% 1.08% 0.92%  $     12,930.01  $      10,369.33
Drugs (Pharmaceutical) 245 0.88% $254,877.38 $265,101.64 3.86% 13.57% 13.83% 44.92% 45.47% $66,555.05 $66,532.19 19.17% 18.60% 18.16% 18.15%  $     10,224.27  $        4,404.21
Education 31 3.23% $4,907.42 $7,979.02 38.50% 16.03% 16.38% 34.14% 34.73% $1,145.13 $998.57 10.82% 7.11% 5.82% 5.07%  $      3,071.60  $        2,864.91
Electrical Equipment 103 1.05% $49,547.30 $52,674.30 5.94% 17.57% 17.62% 38.39% 38.47% $8,440.32 $8,644.81 15.90% 15.32% 9.00% 9.22%  $      3,127.00  $        2,936.94
Electronics (Consumer & Office) 13 0.87% $762.26 $969.05 21.34% 15.39% 15.49% 25.71% 25.86% -$4.94 -$2.72 -0.25% -0.12% -0.08% -0.04%  $         206.79  $          199.53
Electronics (General) 129 0.86% $42,486.77 $46,346.72 8.33% 14.58% 14.67% 35.88% 36.06% $12,972.90 $13,116.49 20.79% 19.69% 9.48% 9.59%  $      3,859.95  $        3,500.95
Engineering/Construction 43 2.50% $29,766.92 $33,284.22 10.57% 20.92% 20.76% 46.86% 46.62% $6,109.39 $6,472.22 13.30% 12.94% 4.48% 4.74%  $      3,517.30  $        3,839.62
Entertainment 98 3.90% $150,530.51 $173,257.64 13.12% 21.91% 22.33% 42.12% 42.71% $16,751.99 $16,091.14 9.57% 8.11% 7.01% 6.73%  $     22,727.13  $      18,606.57
Environmental & Waste Services 57 1.95% $41,895.07 $44,591.08 6.05% 17.87% 18.00% 57.61% 57.83% $9,837.98 $10,021.18 33.08% 30.75% 13.55% 13.81%  $      2,696.01  $        2,307.40
Farming/Agriculture 42 1.06% $90,192.60 $93,255.12 3.28% 31.15% 31.18% 55.28% 55.32% $26,497.63 $26,986.54 19.08% 18.99% 10.18% 10.37%  $      3,062.52  $        2,922.23
Financial Svcs. (Non-bank & Insurance) 172 0.79% $8,095,444.74 $8,111,276.29 0.20% 77.96% 77.98% 92.39% 92.40% $79,969.34 $80,206.33 0.88% 0.88% 15.18% 15.23%  $     15,831.56  $      10,076.24
Food Processing 82 1.90% $130,401.47 $136,926.25 4.77% 24.96% 25.21% 43.32% 43.65% $31,000.79 $31,373.11 18.30% 17.78% 10.79% 10.92%  $      6,524.79  $        4,742.96
Food Wholesalers 14 0.46% $24,867.38 $28,610.25 13.08% 30.60% 30.86% 64.40% 64.68% $5,085.07 $5,054.51 17.34% 14.96% 2.23% 2.22%  $      3,742.87  $        3,393.21
Furn/Home Furnishings 31 1.70% $18,200.25 $21,541.60 15.51% 32.32% 32.23% 51.82% 51.72% $3,544.14 $3,689.62 12.54% 11.48% 5.86% 6.10%  $      3,341.36  $        3,434.88
Green & Renewable Energy 17 0.94% $32,137.32 $32,964.35 2.51% 58.57% 58.58% 54.71% 54.71% $1,705.10 $1,583.10 4.57% 4.15% 23.44% 21.76%  $         827.03  $          815.18
Healthcare Products 230 0.98% $125,599.23 $133,007.32 5.57% 11.12% 11.24% 36.67% 36.96% $29,408.63 $29,635.99 17.46% 16.81% 13.29% 13.40%  $      7,408.09  $        5,778.65
Healthcare Support Services 119 0.41% $273,518.00 $314,918.32 13.15% 20.66% 21.18% 46.50% 47.27% $87,392.84 $86,204.73 63.45% 47.16% 3.92% 3.87%  $     41,400.32  $      31,784.50
Heathcare Information and Technology 128 1.22% $111,597.02 $118,661.63 5.95% 13.65% 13.85% 39.26% 39.65% $21,746.46 $21,790.96 18.93% 17.84% 14.01% 14.04%  $      7,064.62  $        5,147.97
Homebuilding 32 0.27% $34,243.88 $35,408.74 3.29% 14.09% 14.10% 24.72% 24.75% $27,772.57 $27,875.56 21.05% 20.91% 16.24% 16.30%  $      1,164.86  $        1,109.49
Hospitals/Healthcare Facilities 32 2.03% $87,878.82 $97,662.14 10.02% 43.88% 44.37% 80.01% 80.32% $16,048.19 $16,018.71 23.27% 20.16% 11.57% 11.55%  $      9,783.31  $        7,892.16
Hotel/Gaming 68 2.64% $227,952.41 $285,558.89 20.17% 31.65% 32.74% 83.66% 84.33% $33,223.09 $25,946.40 18.07% 10.51% 17.14% 13.39%  $     57,606.48  $      43,762.81
Household Products 93 1.23% $100,849.99 $107,660.49 6.33% 14.02% 14.20% 54.44% 54.81% $36,328.39 $36,587.74 37.40% 34.99% 16.86% 16.98%  $      6,810.50  $        5,175.46
Information Services 18 2.19% $21,299.94 $23,187.12 8.14% 26.21% 26.29% 59.04% 59.14% $4,181.09 $4,398.62 28.29% 25.84% 11.63% 12.24%  $      1,887.18  $        1,796.90
Insurance (General) 21 1.00% $55,883.00 $59,985.37 6.84% 20.33% 20.59% 42.15% 42.54% $16,143.97 $16,187.54 16.43% 15.71% 15.23% 15.27%  $      4,102.37  $        3,138.55
Insurance (Life) 23 0.34% $191,456.95 $193,756.19 1.19% 47.72% 47.98% 59.62% 59.87% $141.92 $277.99 0.06% 0.11% 0.07% 0.13%  $      2,299.24  $          303.10
Insurance (Prop/Cas.) 50 0.38% $69,844.81 $73,619.93 5.13% 15.81% 16.24% 30.16% 30.82% $23,646.67 $23,900.69 11.23% 11.12% 7.41% 7.49%  $      3,775.12  $        1,489.71
Investments & Asset Management 334 1.61% $227,967.50 $237,233.69 3.91% 28.51% 28.74% 44.42% 44.70% $20,498.22 $20,092.55 6.57% 6.23% 15.00% 14.70%  $      9,266.19  $        6,608.25
Machinery 103 0.85% $80,834.60 $85,294.34 5.23% 14.25% 14.43% 41.92% 42.28% $27,642.17 $27,953.44 29.12% 27.96% 14.78% 14.95%  $      4,459.74  $        3,191.24
Metals & Mining 68 0.78% $21,587.84 $23,029.95 6.26% 13.41% 13.66% 33.29% 33.77% $10,621.57 $10,583.19 25.11% 24.18% 19.62% 19.55%  $      1,442.11  $          958.97
Office Equipment & Services 17 2.06% $6,715.03 $8,025.24 16.33% 34.58% 34.46% 57.27% 57.14% $1,352.28 $1,390.17 17.13% 14.67% 7.29% 7.50%  $      1,310.21  $        1,352.38
Oil/Gas (Integrated) 4 0.60% $81,633.00 $91,662.58 10.94% 10.12% 11.11% 16.98% 18.51% $90,884.80 $91,961.88 17.39% 17.17% 15.60% 15.78%  $     10,029.58  $          896.89
Oil/Gas (Production and Exploration) 166 2.08% $125,501.06 $135,348.10 7.28% 18.67% 18.88% 30.84% 31.15% $97,139.36 $98,229.22 28.99% 28.43% 37.27% 37.68%  $      9,847.05  $        7,937.84
Oil/Gas Distribution 24 0.88% $151,697.93 $155,813.88 2.64% 41.21% 41.25% 61.89% 61.93% $39,229.45 $39,497.30 20.96% 20.60% 37.95% 38.21%  $      4,115.96  $        3,862.50
Oilfield Svcs/Equip. 100 0.88% $113,467.18 $124,018.25 8.51% 23.77% 24.32% 38.22% 38.94% $65,501.29 $66,323.39 29.89% 28.71% 8.72% 8.83%  $     10,551.07  $        6,843.23
Packaging & Container 22 1.11% $76,734.40 $81,247.64 5.55% 37.82% 37.99% 61.03% 61.20% $14,345.94 $14,660.64 15.06% 14.55% 9.76% 9.97%  $      4,513.24  $        3,943.74
Paper/Forest Products 7 0.90% $2,778.58 $2,928.06 5.11% 27.08% 27.20% 47.34% 47.50% $981.52 $992.76 19.26% 18.85% 9.96% 10.08%  $         149.48  $          131.49
Power 50 1.67% $686,122.42 $699,330.97 1.89% 48.03% 48.17% 61.26% 61.39% $62,836.04 $62,815.75 5.88% 5.79% 16.29% 16.29%  $     13,208.55  $        9,299.57
Precious Metals 61 5.97% $10,984.19 $11,157.72 1.56% 13.06% 13.20% 23.42% 23.64% $1,903.92 $1,919.54 4.79% 4.81% 9.48% 9.56%  $         173.53  $            34.16
Publishing & Newspapers 21 1.62% $7,794.27 $10,029.71 22.29% 23.98% 24.51% 39.32% 40.02% $2,078.48 $2,021.85 18.51% 14.74% 7.80% 7.59%  $      2,235.44  $        1,945.86
R.E.I.T. 193 3.06% $911,833.90 $956,962.33 4.72% 43.87% 44.15% 61.14% 61.40% $45,038.34 $40,277.68 3.45% 2.98% 24.34% 21.77%  $     45,128.43  $      34,470.58
Real Estate (Development) 17 0.51% $6,092.79 $6,336.26 3.84% 47.82% 48.48% 55.32% 55.98% $341.63 $302.33 3.39% 2.93% 12.61% 11.16%  $         243.48  $            77.63
Real Estate (General/Diversified) 11 4.11% $1,405.40 $1,577.84 10.93% 24.32% 24.17% 28.61% 28.44% $195.55 $199.23 5.51% 5.31% 16.13% 16.44%  $         172.44  $          184.87
Real Estate (Operations & Services) 60 3.99% $32,589.30 $48,111.74 32.26% 32.04% 30.83% 57.52% 56.14% -$269.21 $48.90 -0.57% 0.08% -0.28% 0.05%  $     15,522.44  $      18,316.47
Recreation 55 2.65% $33,094.00 $43,836.62 24.51% 36.12% 36.94% 66.18% 66.96% $5,965.45 $4,999.64 17.04% 10.70% 9.66% 8.10%  $     10,742.62  $        9,227.26
Reinsurance 1 0.00% $4,450.00 $4,535.31 1.88% 29.45% 29.84% 35.31% 35.74% $1,733.00 $1,732.94 30.71% 30.12% 9.66% 9.66%  $          85.31  $               -  
Restaurant/Dining 64 5.32% $96,438.40 $143,932.35 33.00% 20.23% 20.46% 102.09% 102.06% $25,902.82 $22,110.65 45.14% 19.92% 15.80% 13.49%  $     47,493.95  $      45,480.06
Retail (Automotive) 30 1.22% $84,155.82 $102,357.35 17.78% 36.21% 36.51% 79.83% 80.03% $16,267.72 $15,039.97 17.51% 13.20% 6.18% 5.71%  $     18,201.53  $      16,886.15
Retail (Building Supply) 16 1.48% $85,489.40 $102,627.83 16.70% 16.71% 16.61% 112.03% 112.13% $35,250.53 $34,874.04 52.24% 40.04% 12.51% 12.38%  $     17,138.43  $      17,844.04
Retail (Distributors) 62 1.32% $79,434.81 $87,757.04 9.48% 24.50% 24.41% 56.67% 56.55% $23,209.70 $23,646.06 19.85% 18.65% 11.95% 12.18%  $      8,322.23  $        8,764.43
Retail (General) 26 1.23% $216,305.95 $337,438.73 35.90% 12.03% 11.84% 49.76% 49.30% $77,575.05 $71,667.99 18.25% 12.64% 4.41% 4.08%  $   121,132.78  $     127,447.08
Retail (Grocery and Food) 14 0.91% $24,108.20 $41,664.10 42.14% 35.39% 35.83% 61.39% 61.85% $6,512.90 $5,366.17 15.18% 8.38% 2.42% 2.00%  $     17,555.90  $      16,753.62
Retail (REITs) 28 0.73% $104,733.10 $107,636.62 2.70% 36.82% 37.04% 53.00% 53.25% $8,686.10 $8,275.72 4.76% 4.46% 36.75% 35.01%  $      2,903.52  $        1,863.06
Retail (Special Lines) 105 4.82% $47,310.42 $131,173.22 63.93% 26.78% 26.55% 63.61% 63.34% $22,150.93 $22,950.71 29.17% 13.61% 4.62% 4.78%  $     83,862.80  $      85,410.63
Rubber& Tires 3 1.55% $8,667.04 $9,680.80 10.47% 70.15% 70.17% 64.98% 65.00% $375.48 $427.88 3.25% 3.41% 1.84% 2.10%  $      1,013.76  $        1,004.00
Semiconductor 63 0.70% $177,512.37 $183,728.74 3.38% 5.68% 5.70% 30.77% 30.86% $58,725.51 $58,762.28 17.33% 17.02% 19.71% 19.72%  $      6,216.37  $        5,459.82
Semiconductor Equip 30 0.91% $30,673.47 $32,250.20 4.89% 7.19% 7.22% 38.56% 38.65% $19,735.88 $19,859.33 39.62% 38.48% 24.19% 24.34%  $      1,576.73  $        1,455.02
Shipbuilding & Marine 8 4.17% $2,418.39 $3,024.45 20.04% 22.35% 22.94% 28.20% 28.89% $795.12 $891.37 8.83% 9.24% 10.65% 11.94%  $         606.06  $          506.20
Shoe 13 2.24% $12,536.40 $17,602.02 28.78% 8.22% 8.01% 43.84% 43.14% $8,843.40 $8,825.41 28.72% 24.17% 12.20% 12.17%  $      5,065.62  $        5,576.08
Software (Entertainment) 84 1.40% $54,292.24 $87,421.22 37.90% 3.11% 3.06% 16.69% 16.44% $123,724.92 $122,324.22 35.30% 31.74% 26.80% 26.50%  $     33,128.98  $      34,666.73
Software (Internet) 35 2.96% $23,608.57 $26,367.78 10.46% 10.70% 10.70% 51.88% 51.89% -$968.81 -$835.16 -3.77% -2.93% -3.36% -2.90%  $      2,759.22  $        2,755.19
Software (System & Application) 351 1.48% $294,172.46 $327,430.65 10.16% 5.79% 5.84% 40.38% 40.62% $128,521.16 $128,741.80 46.85% 41.66% 25.30% 25.34%  $     33,258.19  $      29,909.32
Steel 29 0.49% $25,351.19 $26,963.71 5.98% 16.56% 16.79% 25.93% 26.26% $18,744.28 $18,806.21 22.66% 22.22% 12.10% 12.14%  $      1,612.52  $        1,161.22
Telecom (Wireless) 13 8.43% $89,482.64 $123,738.90 27.68% 39.10% 39.08% 61.92% 61.90% $14,859.11 $13,225.20 9.06% 6.55% 16.79% 14.95%  $     34,256.26  $      34,342.50
Telecom. Equipment 66 1.33% $41,329.08 $44,521.66 7.17% 10.27% 10.25% 37.06% 37.00% $22,453.31 $22,748.50 68.08% 62.52% 19.58% 19.84%  $      3,192.57  $        3,301.89
Telecom. Services 42 4.03% $334,459.42 $381,935.55 12.43% 55.53% 55.54% 61.85% 61.86% $59,521.96 $59,869.93 13.19% 11.92% 20.86% 20.98%  $     47,476.13  $      47,271.67
Tobacco 16 0.63% $76,773.90 $77,495.67 0.93% 25.72% 25.87% 115.05% 114.91% $25,041.66 $25,137.38 90.08% 87.89% 40.82% 40.97%  $         721.78  $          112.88
Transportation 36 4.26% $97,250.96 $128,063.67 24.06% 25.38% 25.14% 64.68% 64.38% $23,172.97 $23,105.71 22.01% 16.71% 7.95% 7.93%  $     30,812.71  $      32,470.01
Transportation (Railroads) 4 1.64% $69,934.50 $72,923.10 4.10% 20.95% 21.14% 64.69% 64.95% $18,075.50 $17,993.79 14.75% 14.26% 35.11% 34.95%  $      2,988.60  $        2,161.20
Trucking 22 1.21% $24,851.16 $27,949.40 11.09% 16.92% 16.63% 42.19% 41.70% $7,672.60 $7,919.07 13.63% 13.16% 8.49% 8.77%  $      3,098.24  $        3,675.36
Utility (General) 14 0.45% $229,218.10 $231,513.37 0.99% 45.76% 45.90% 58.15% 58.29% $26,484.80 $26,286.08 6.57% 6.47% 21.81% 21.64%  $      2,295.27  $          981.61
Utility (Water) 13 0.21% $23,685.95 $23,855.00 0.71% 33.69% 33.73% 53.92% 53.96% $2,728.87 $2,719.07 9.42% 8.92% 30.79% 30.68%  $         169.05  $          129.82
Total Market 6481 1.51% $21,698,014.02 $22,818,790.80 4.91% 31.58% 31.70% 63.56% 63.70% $2,395,382.93 $2,376,311.69 9.42% 8.92% 11.45% 11.36%  $ 1,120,776.78  $     991,173.18
Total Market (without financials) 5214 1.53% $8,726,573.77 $9,754,928.71 10.54% 18.28% 18.43% 50.01% 50.27% $2,253,225.14 $2,234,098.27 18.36% 16.70% 12.03% 11.93%  $ 1,028,354.94  $     927,150.62