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 58 3.53% $22,276.58 $27,592.96 19.27% 30.98% 31.03% 67.31% 67.35% $4,361.46 $4,564.97 93.73% 44.18% 10.62% 11.11%  $      5,316.38  $        5,258.37
Aerospace/Defense 77 0.81% $184,831.57 $195,836.32 5.62% 20.27% 20.67% 55.64% 56.25% $30,933.99 $31,086.19 21.59% 20.01% 8.64% 8.68%  $     11,004.75  $        6,216.53
Air Transport 21 7.85% $120,988.26 $148,831.64 18.71% 65.46% 65.08% 83.83% 83.60% $4,050.03 $3,995.67 4.03% 3.03% 2.11% 2.08%  $     27,843.38  $      30,395.94
Apparel 39 5.07% $20,729.05 $30,261.43 31.50% 34.18% 34.02% 55.70% 55.52% $7,326.63 $8,007.96 26.33% 20.71% 10.16% 11.11%  $      9,532.38  $        9,746.42
Auto & Truck 31 0.39% $260,977.72 $265,913.01 1.86% 33.40% 33.42% 59.40% 59.42% $25,805.53 $26,044.46 7.11% 7.08% 6.43% 6.49%  $      4,935.29  $        4,765.35
Auto Parts 37 0.76% $20,818.45 $22,935.30 9.23% 30.19% 29.90% 44.97% 44.64% $4,384.80 $4,491.88 12.71% 12.19% 5.06% 5.19%  $      2,116.85  $        2,431.60
Bank (Money Center) 7 2.53% $2,075,375.20 $2,100,876.53 1.21% 68.40% 68.39% 68.13% 68.12% $0.00 $378.50 0.00% 0.03% 0.00% 0.10%  $     25,501.33  $      26,085.00
Banks (Regional) 557 2.47% $444,277.28 $461,402.24 3.71% 38.91% 39.25% 44.06% 44.42% $0.01 -$215.49 0.00% -0.04% 0.00% -0.10%  $     17,124.96  $      10,474.69
Beverage (Alcoholic) 23 1.57% $20,758.07 $21,584.99 3.83% 18.25% 18.64% 41.62% 42.24% $5,600.67 $5,631.11 14.93% 14.66% 20.06% 20.17%  $         826.92  $          279.73
Beverage (Soft) 31 1.13% $95,123.12 $99,423.81 4.33% 12.89% 13.25% 54.91% 55.68% $29,804.23 $29,959.94 30.68% 29.45% 19.04% 19.14%  $      4,300.70  $        1,260.11
Broadcasting 26 1.00% $60,487.98 $65,292.97 7.36% 59.34% 59.49% 56.27% 56.42% $10,799.70 $10,928.21 14.38% 13.52% 14.58% 14.75%  $      4,804.99  $        4,376.76
Brokerage & Investment Banking 30 2.18% $1,020,465.33 $1,032,403.15 1.16% 66.67% 66.79% 76.44% 76.54% $981.79 $753.36 0.09% 0.07% 0.41% 0.31%  $     11,937.82  $        6,434.35
Building Materials 45 0.86% $41,117.83 $44,568.95 7.74% 22.47% 22.44% 48.03% 47.99% $19,272.42 $19,461.68 40.37% 37.51% 13.81% 13.94%  $      3,451.12  $        3,525.57
Business & Consumer Services 164 1.74% $92,214.34 $104,371.57 11.65% 21.48% 21.55% 51.62% 51.73% $20,255.12 $20,688.41 29.93% 25.51% 9.03% 9.22%  $     12,157.24  $      11,721.00
Cable TV 10 0.81% $272,389.30 $284,334.08 4.20% 51.01% 51.75% 68.01% 68.66% $44,376.10 $43,534.22 12.95% 12.16% 19.90% 19.52%  $     11,944.78  $        3,604.00
Chemical (Basic) 38 1.41% $44,438.85 $49,398.32 10.04% 32.35% 32.57% 48.13% 48.38% $21,283.71 $21,432.59 28.43% 26.67% 13.05% 13.14%  $      4,959.48  $        4,457.35
Chemical (Diversified) 4 1.04% $5,741.35 $6,378.34 9.99% 36.82% 36.81% 52.40% 52.39% $2,320.15 $2,328.44 23.46% 21.94% 13.52% 13.56%  $         636.99  $          640.90
Chemical (Specialty) 76 1.24% $121,630.25 $129,834.43 6.32% 21.41% 21.51% 43.52% 43.68% $33,828.64 $34,253.17 20.14% 19.34% 14.62% 14.80%  $      8,204.19  $        7,409.48
Coal & Related Energy 19 0.81% $3,365.39 $3,596.08 6.42% 17.61% 17.84% 34.45% 34.79% $2,726.58 $2,728.57 43.75% 42.18% 22.15% 22.17%  $         230.69  $          176.61
Computer Services 80 1.16% $82,765.46 $91,877.19 9.92% 24.27% 24.56% 56.37% 56.77% $19,906.73 $20,864.34 47.64% 40.49% 6.57% 6.89%  $      9,111.73  $        7,634.21
Computers/Peripherals 42 2.85% $193,479.11 $208,224.22 7.08% 8.74% 8.69% 70.99% 70.88% $137,292.61 $137,394.63 70.06% 64.75% 21.41% 21.43%  $     14,745.11  $      15,853.81
Construction Supplies 49 0.60% $85,860.45 $89,075.84 3.61% 22.99% 23.15% 52.18% 52.41% $19,101.56 $19,157.04 16.37% 15.93% 11.13% 11.16%  $      3,215.39  $        2,402.12
Diversified 23 0.83% $204,057.96 $214,098.18 4.69% 17.18% 17.52% 27.69% 28.16% $16,059.61 $16,754.39 2.84% 2.91% 3.44% 3.59%  $     10,040.22  $        5,048.18
Drugs (Biotechnology) 598 1.62% $170,663.92 $182,396.55 6.43% 13.15% 13.29% 46.76% 47.06% $24,773.74 $24,463.03 12.17% 11.36% 12.02% 11.87%  $     11,732.63  $        9,599.09
Drugs (Pharmaceutical) 281 0.72% $225,798.34 $235,372.26 4.07% 11.73% 11.98% 41.24% 41.83% $108,046.65 $107,978.70 35.02% 33.92% 27.39% 27.37%  $      9,573.92  $        3,898.97
Education 33 3.53% $5,684.06 $8,503.93 33.16% 23.62% 23.44% 35.93% 35.70% $932.41 $911.84 9.53% 7.11% 5.28% 5.16%  $      2,819.87  $        2,905.55
Electrical Equipment 110 0.98% $48,500.65 $51,246.70 5.36% 18.41% 18.38% 41.40% 41.35% $9,534.34 $9,802.64 21.97% 21.19% 9.97% 10.25%  $      2,746.05  $        2,841.89
Electronics (Consumer & Office) 16 0.73% $778.59 $938.75 17.06% 14.39% 14.13% 23.87% 23.48% $134.70 $153.41 8.88% 9.11% 1.85% 2.11%  $         160.16  $          180.40
Electronics (General) 138 0.82% $40,919.96 $44,484.94 8.01% 15.81% 15.84% 36.50% 36.55% $13,312.71 $13,440.53 24.51% 23.13% 9.74% 9.83%  $      3,564.98  $        3,468.98
Engineering/Construction 43 2.54% $29,262.79 $32,398.23 9.68% 24.10% 24.01% 47.23% 47.10% $5,238.74 $5,554.08 14.37% 13.86% 4.42% 4.69%  $      3,135.44  $        3,306.96
Entertainment 110 1.96% $155,958.36 $174,013.29 10.38% 25.37% 24.97% 43.07% 42.54% $15,928.88 $15,784.39 14.98% 12.63% 7.51% 7.44%  $     18,054.93  $      21,818.45
Environmental & Waste Services 62 1.78% $37,107.95 $39,642.18 6.39% 20.21% 20.34% 57.27% 57.47% $8,022.32 $8,183.60 30.63% 28.35% 12.59% 12.85%  $      2,534.23  $        2,210.48
Farming/Agriculture 39 1.01% $77,651.24 $80,453.37 3.48% 25.35% 25.30% 54.08% 54.02% $19,327.02 $19,738.00 16.00% 15.95% 7.62% 7.78%  $      2,802.13  $        3,003.38
Financial Svcs. (Non-bank & Insurance) 223 0.83% $7,903,830.04 $7,915,951.52 0.15% 90.94% 90.95% 94.43% 94.43% $57,564.16 $57,550.41 0.64% 0.64% 15.89% 15.88%  $     12,121.48  $        8,447.85
Food Processing 92 1.80% $126,923.66 $132,780.40 4.41% 22.23% 22.40% 42.70% 42.93% $32,612.21 $33,079.48 19.62% 19.17% 11.77% 11.94%  $      5,856.74  $        4,599.50
Food Wholesalers 14 0.28% $25,028.59 $28,440.55 12.00% 31.32% 31.58% 67.41% 67.68% $4,507.40 $4,496.40 17.98% 15.54% 2.10% 2.10%  $      3,411.96  $        3,066.20
Furn/Home Furnishings 32 1.60% $16,194.78 $19,380.56 16.44% 35.89% 35.87% 50.50% 50.48% $4,426.08 $4,557.59 18.84% 16.79% 7.66% 7.89%  $      3,185.78  $        3,201.01
Green & Renewable Energy 19 0.86% $28,275.19 $28,997.66 2.49% 54.66% 54.77% 56.53% 56.65% $1,696.79 $1,591.72 5.12% 4.69% 26.10% 24.48%  $         722.47  $          583.07
Healthcare Products 254 0.92% $114,404.00 $121,197.79 5.61% 11.07% 11.19% 36.92% 37.21% $30,544.95 $30,778.53 20.89% 20.08% 15.02% 15.13%  $      6,793.80  $        5,320.26
Healthcare Support Services 131 0.44% $250,050.92 $292,476.72 14.51% 18.72% 19.10% 45.33% 45.94% $83,217.08 $81,793.19 43.30% 34.42% 4.07% 4.00%  $     42,425.80  $      35,290.70
Heathcare Information and Technology 138 1.10% $103,531.47 $110,411.99 6.23% 12.29% 12.44% 37.74% 38.07% $27,338.40 $27,450.60 24.86% 23.43% 16.93% 17.00%  $      6,880.52  $        5,368.43
Homebuilding 32 0.23% $39,756.30 $41,068.27 3.19% 24.57% 24.43% 29.53% 29.38% $33,533.07 $33,589.38 28.51% 28.17% 18.76% 18.79%  $      1,311.97  $        1,608.96
Hospitals/Healthcare Facilities 34 2.48% $87,289.53 $98,234.16 11.14% 45.75% 46.59% 81.79% 82.29% $15,318.53 $15,326.40 24.38% 20.46% 11.62% 11.62%  $     10,944.63  $        7,678.38
Hotel/Gaming 69 2.55% $229,028.04 $267,354.38 14.34% 39.89% 39.97% 81.80% 81.85% $10,584.10 $6,180.61 5.50% 2.64% 7.25% 4.23%  $     38,326.35  $      37,504.32
Household Products 127 1.31% $94,040.52 $100,939.75 6.83% 13.24% 13.44% 58.32% 58.73% $34,229.15 $34,492.38 42.62% 39.32% 16.99% 17.12%  $      6,899.23  $        5,196.47
Information Services 73 1.10% $161,634.06 $169,116.83 4.42% 11.38% 11.55% 43.40% 43.82% $53,941.36 $54,362.86 40.41% 38.28% 24.02% 24.21%  $      7,482.77  $        4,633.66
Insurance (General) 21 0.85% $64,470.14 $68,878.32 6.40% 23.01% 23.37% 43.66% 44.15% $28,977.71 $29,024.50 19.97% 19.35% 21.82% 21.86%  $      4,408.18  $        3,048.24
Insurance (Life) 27 0.32% $190,586.59 $193,100.90 1.30% 47.74% 48.03% 61.24% 61.51% $21,036.24 $21,163.44 4.83% 4.83% 8.34% 8.39%  $      2,514.31  $          287.99
Insurance (Prop/Cas.) 51 0.45% $65,237.41 $69,127.23 5.63% 17.18% 17.67% 31.33% 32.07% $17,084.05 $17,304.80 7.11% 7.08% 6.41% 6.49%  $      3,889.82  $        1,562.96
Investments & Asset Management 600 1.25% $216,498.85 $225,518.74 4.00% 27.50% 27.72% 44.68% 44.94% $26,052.38 $25,747.07 9.66% 9.22% 18.36% 18.15%  $      9,019.90  $        6,629.85
Machinery 116 0.88% $81,057.48 $85,409.11 5.10% 17.01% 17.25% 45.40% 45.82% $24,794.86 $25,166.85 32.83% 31.31% 13.80% 14.00%  $      4,351.63  $        2,922.37
Metals & Mining 68 0.66% $25,042.90 $26,633.02 5.97% 17.54% 17.73% 36.94% 37.23% $15,207.05 $15,175.56 36.47% 35.00% 22.89% 22.84%  $      1,590.12  $        1,255.90
Office Equipment & Services 16 1.92% $6,833.61 $8,054.61 15.16% 40.40% 40.05% 57.82% 57.47% $1,189.45 $1,251.97 15.80% 13.84% 5.94% 6.26%  $      1,221.00  $        1,337.99
Oil/Gas (Integrated) 4 0.54% $89,872.00 $98,810.19 9.05% 9.56% 10.32% 19.21% 20.56% $113,196.60 $114,106.34 22.87% 22.58% 17.32% 17.46%  $      8,938.19  $          871.03
Oil/Gas (Production and Exploration) 174 1.37% $114,269.87 $123,161.72 7.22% 16.64% 16.72% 32.67% 32.81% $118,811.06 $119,260.79 40.99% 39.86% 35.55% 35.68%  $      8,891.85  $        8,117.90
Oil/Gas Distribution 23 0.80% $138,892.70 $142,245.48 2.36% 41.70% 41.66% 66.02% 65.98% $13,632.81 $13,976.80 7.13% 7.17% 10.55% 10.82%  $      3,352.78  $        3,565.71
Oilfield Svcs/Equip. 101 0.77% $110,212.17 $120,864.81 8.81% 24.07% 24.59% 39.59% 40.26% $57,655.21 $58,543.53 30.08% 28.82% 7.26% 7.37%  $     10,652.64  $        7,322.47
Packaging & Container 25 0.96% $73,008.41 $77,092.63 5.30% 38.16% 38.26% 60.64% 60.74% $14,770.22 $15,081.30 17.00% 16.45% 9.43% 9.63%  $      4,084.22  $        3,768.90
Paper/Forest Products 7 0.60% $2,967.98 $3,135.82 5.35% 30.25% 30.49% 55.28% 55.55% $2,267.64 $2,281.36 44.23% 42.89% 18.47% 18.59%  $         167.84  $          132.89
Power 48 1.64% $618,556.40 $632,106.31 2.14% 43.40% 43.55% 60.32% 60.47% $59,606.80 $59,972.47 6.10% 6.04% 15.57% 15.67%  $     13,549.91  $        9,749.83
Precious Metals 74 2.85% $8,911.98 $9,088.42 1.94% 13.86% 14.03% 21.24% 21.48% $1,691.62 $1,703.40 5.16% 5.16% 10.03% 10.10%  $         176.44  $            46.21
Publishing & Newspapers 20 1.55% $8,306.20 $10,252.60 18.98% 29.44% 29.66% 39.72% 39.98% $2,136.26 $2,141.17 19.15% 16.09% 7.73% 7.75%  $      1,946.40  $        1,777.34
R.E.I.T. 223 2.77% $945,661.78 $989,746.69 4.45% 43.41% 43.61% 59.66% 59.85% $51,286.97 $46,733.38 3.73% 3.29% 25.46% 23.20%  $     44,084.91  $      36,214.10
Real Estate (Development) 18 0.39% $5,468.61 $5,724.23 4.47% 52.16% 52.95% 50.67% 51.47% $667.99 $626.41 6.71% 6.12% 18.64% 17.48%  $         255.62  $            75.98
Real Estate (General/Diversified) 12 3.03% $1,281.64 $1,429.40 10.34% 28.79% 28.48% 28.09% 27.78% $212.34 $212.68 6.84% 6.51% 18.57% 18.60%  $         147.76  $          169.75
Real Estate (Operations & Services) 60 3.66% $40,823.31 $61,936.79 34.09% 52.44% 52.21% 64.48% 64.27% $1,276.85 $542.41 2.70% 0.78% 1.17% 0.50%  $     21,113.48  $      21,675.74
Recreation 57 2.08% $30,834.03 $38,364.62 19.63% 33.86% 34.24% 62.41% 62.81% $5,526.88 $4,997.03 19.70% 13.74% 9.19% 8.31%  $      7,530.59  $        6,885.15
Reinsurance 1 0.00% $4,207.00 $4,282.89 1.77% 30.70% 31.08% 52.92% 53.36% $755.00 $753.82 5.29% 5.25% 4.65% 4.64%  $          75.89   $               -   
Restaurant/Dining 70 5.87% $94,256.88 $143,045.94 34.11% 23.19% 23.53% 111.44% 111.20% $22,651.69 $18,806.84 46.28% 18.38% 15.42% 12.80%  $     48,789.06  $      46,058.83
Retail (Automotive) 30 1.18% $72,543.00 $91,330.32 20.57% 36.26% 36.50% 77.53% 77.71% $16,785.39 $15,541.27 21.72% 15.60% 6.19% 5.73%  $     18,787.31  $      17,843.42
Retail (Building Supply) 15 1.48% $82,802.18 $99,186.40 16.52% 17.81% 17.50% 106.86% 107.01% $39,521.15 $39,407.25 66.74% 50.44% 13.85% 13.81%  $     16,384.22  $      18,491.00
Retail (Distributors) 69 1.24% $75,417.56 $83,217.63 9.37% 28.40% 28.35% 57.09% 57.03% $23,090.71 $23,560.54 22.80% 21.36% 11.66% 11.90%  $      7,800.07  $        8,000.34
Retail (General) 15 0.91% $102,204.75 $154,051.63 33.66% 16.46% 16.65% 51.77% 52.10% $48,100.80 $45,584.72 25.45% 17.89% 4.35% 4.12%  $     51,846.88  $      49,790.10
Retail (Grocery and Food) 13 0.92% $24,281.86 $40,993.24 40.77% 39.44% 39.69% 64.14% 64.38% $8,650.63 $7,600.10 21.89% 12.77% 3.32% 2.92%  $     16,711.38  $      16,286.42
Retail (Online) 63 1.67% $124,561.69 $181,269.39 31.28% 16.97% 16.09% 55.75% 54.16% $13,330.05 $10,641.86 7.03% 4.28% 2.30% 1.84%  $     56,707.69  $      68,719.11
Retail (Special Lines) 78 5.03% $49,705.42 $128,890.17 61.44% 28.79% 28.14% 64.11% 63.37% $24,665.02 $26,071.51 34.48% 15.83% 5.43% 5.74%  $     79,184.75  $      83,382.63
Rubber& Tires 3 1.50% $8,652.13 $9,631.22 10.17% 76.83% 76.76% 64.57% 64.47% $1,139.53 $1,198.86 10.89% 10.48% 5.55% 5.84%  $         979.09  $        1,018.30
Semiconductor 68 0.67% $161,128.88 $166,958.27 3.49% 10.08% 10.12% 29.84% 29.94% $81,457.86 $81,467.52 27.62% 27.05% 25.44% 25.44%  $      5,829.39  $        5,077.57
Semiconductor Equip 30 0.87% $31,646.68 $33,024.07 4.17% 10.53% 10.54% 42.96% 42.99% $22,301.55 $22,415.57 63.50% 61.14% 27.30% 27.44%  $      1,377.39  $        1,332.22
Shipbuilding & Marine 8 2.34% $2,464.80 $3,093.00 20.31% 25.30% 28.07% 26.44% 29.28% $2,451.44 $2,530.86 30.19% 28.79% 25.50% 26.33%  $         628.20  $          220.34
Shoe 13 2.23% $14,200.20 $19,010.88 25.30% 8.38% 8.27% 45.27% 44.91% $8,858.70 $8,842.61 42.47% 33.69% 12.86% 12.83%  $      4,810.68  $        5,087.89
Software (Entertainment) 91 1.30% $45,904.31 $74,420.97 38.32% 4.81% 4.58% 16.10% 15.42% $113,557.15 $112,378.41 33.61% 30.58% 25.91% 25.65%  $     28,516.66  $      32,430.79
Software (Internet) 33 2.94% $24,016.41 $26,683.70 10.00% 14.98% 15.01% 47.85% 47.91% -$1,589.49 -$1,488.41 -6.49% -5.47% -5.85% -5.48%  $      2,667.30  $        2,603.44
Software (System & Application) 390 1.52% $294,275.12 $326,159.13 9.78% 8.51% 8.56% 43.84% 43.99% $106,398.68 $106,855.15 43.82% 38.74% 21.81% 21.90%  $     31,884.01  $      29,822.70
Steel 28 0.35% $27,158.40 $28,729.50 5.47% 21.98% 22.24% 29.81% 30.13% $34,547.12 $34,638.11 49.91% 48.74% 19.84% 19.89%  $      1,571.10  $        1,144.72
Telecom (Wireless) 16 7.48% $88,527.06 $117,540.42 24.68% 40.81% 39.45% 60.14% 58.77% $12,824.41 $11,289.94 8.45% 6.21% 14.05% 12.37%  $     29,013.36  $      35,876.83
Telecom. Equipment 79 1.35% $37,783.67 $40,983.65 7.81% 10.46% 10.46% 37.79% 37.79% $19,417.90 $19,726.57 62.41% 57.26% 18.34% 18.63%  $      3,199.98  $        3,210.16
Telecom. Services 49 3.66% $335,008.03 $385,351.58 13.06% 54.00% 54.07% 60.17% 60.24% $64,738.25 $64,618.88 13.95% 12.48% 19.98% 19.95%  $     50,343.55  $      49,209.26
Tobacco 15 0.68% $57,706.87 $58,370.95 1.14% 19.24% 19.39% 122.58% 122.31% $25,363.99 $25,480.41 77.41% 76.05% 43.76% 43.97%  $         664.08  $          103.27
Transportation 18 3.44% $48,772.58 $69,942.48 30.27% 23.72% 22.79% 56.94% 55.65% $24,851.17 $24,915.80 32.03% 24.21% 9.35% 9.38%  $     21,169.90  $      24,942.76
Transportation (Railroads) 4 1.46% $68,265.90 $71,294.68 4.25% 21.22% 21.54% 64.53% 64.96% $20,663.00 $20,557.30 17.55% 16.94% 40.06% 39.86%  $      3,028.78  $        1,698.60
Trucking 35 6.31% $65,203.50 $74,468.29 12.44% 30.49% 30.51% 60.74% 60.76% $14,155.18 $14,546.37 16.02% 14.66% 8.93% 9.18%  $      9,264.78  $        9,186.56
Utility (General) 15 0.29% $233,905.00 $236,453.74 1.08% 42.45% 42.59% 58.59% 58.72% $23,502.30 $23,288.67 5.92% 5.83% 18.19% 18.03%  $      2,548.74  $        1,258.40
Utility (Water) 16 0.23% $22,729.50 $22,925.38 0.85% 30.21% 30.26% 57.20% 57.26% $2,425.84 $2,414.78 10.12% 9.61% 29.51% 29.38%  $         195.88  $          137.49
Total Market 7165 1.49% $20,502,605.26 $21,555,903.49 4.89% 34.78% 34.86% 63.76% 63.85% $2,406,932.82 $2,394,142.59 10.12% 9.61% 11.66% 11.60%  $ 1,053,298.24  $     976,282.44
Total Market (without financials) 5649 1.50% $8,521,864.42 $9,488,644.86 10.19% 20.79% 20.89% 50.55% 50.69% $2,255,236.50 $2,242,436.01 19.51% 17.81% 12.10% 12.03%  $   966,780.44  $     913,311.51