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 54 3.00% $21,242.82 $26,158.00 18.79% 20.65% 20.76% 64.48% 64.64% $4,662.07 $4,810.74 81.52% 43.57% 10.90% 11.25%  $      4,915.18  $        4,736.85
Aerospace/Defense 67 0.79% $235,337.67 $248,428.65 5.27% 18.29% 18.56% 60.44% 60.87% $37,481.15 $37,834.84 19.01% 17.86% 7.59% 7.66%  $     13,090.98  $        8,655.67
Air Transport 24 7.28% $110,197.46 $138,604.88 20.50% 52.16% 51.65% 76.23% 75.86% $13,038.99 $12,869.81 11.00% 8.57% 5.54% 5.46%  $     28,407.42  $      31,257.40
Apparel 37 6.00% $24,263.64 $33,833.80 28.29% 31.63% 31.45% 59.21% 59.01% $5,918.42 $6,518.41 18.42% 15.32% 8.73% 9.61%  $      9,570.16  $        9,853.23
Auto & Truck 34 0.51% $311,847.03 $319,962.71 2.54% 18.31% 18.30% 60.57% 60.55% $15,227.98 $15,604.10 3.60% 3.61% 3.13% 3.21%  $      8,115.68  $        8,282.60
Auto Parts 33 0.83% $21,605.85 $24,247.24 10.89% 32.47% 32.36% 44.17% 44.04% $4,679.79 $4,780.90 11.59% 11.02% 5.10% 5.21%  $      2,641.39  $        2,767.71
Bank (Money Center) 15 NA $2,922,867.50 $2,956,740.96 1.15% 64.63% 64.69% 70.72% 70.78% $0.00 -$391.74 NA NA NA NA  $     33,873.46  $      26,326.70
Banks (Regional) 591 NA $364,648.57 $379,714.86 3.97% 37.19% 37.62% 40.07% 40.51% $18.11 -$233.89 NA NA NA NA  $     15,066.28  $        8,077.96
Beverage (Alcoholic) 18 1.53% $21,606.63 $22,642.37 4.57% 23.20% 23.35% 44.89% 45.10% $6,588.31 $6,597.64 18.40% 17.86% 22.85% 22.88%  $      1,035.75  $          848.57
Beverage (Soft) 29 1.26% $114,447.07 $120,215.14 4.80% 16.00% 16.48% 58.77% 59.62% $35,177.31 $35,389.61 32.98% 31.36% 20.01% 20.13%  $      5,768.07  $        1,619.51
Broadcasting 22 0.86% $54,554.74 $59,182.85 7.82% 59.65% 59.93% 60.03% 60.31% $8,690.81 $8,691.20 13.72% 12.68% 12.51% 12.51%  $      4,628.11  $        3,952.73
Brokerage & Investment Banking 30 NA $1,322,368.63 $1,335,864.86 1.01% 65.01% 65.11% 79.66% 79.73% $1,688.59 $1,340.08 NA NA NA NA  $     13,496.23  $        7,712.24
Building Materials 39 0.96% $44,846.90 $48,304.12 7.16% 16.05% 15.95% 44.93% 44.74% $16,700.28 $16,896.84 30.93% 29.00% 13.34% 13.50%  $      3,457.22  $        3,829.24
Business & Consumer Services 152 1.43% $100,834.81 $113,219.76 10.94% 14.30% 14.37% 49.77% 49.92% $31,461.83 $31,798.43 32.29% 28.50% 12.11% 12.24%  $     12,384.95  $      11,702.28
Cable TV 9 1.27% $265,994.90 $279,075.93 4.69% 55.00% 55.82% 64.87% 65.63% $39,695.10 $39,072.07 14.82% 13.83% 18.46% 18.17%  $     13,081.03  $        3,943.74
Chemical (Basic) 31 2.14% $45,292.18 $49,979.29 9.38% 36.71% 36.81% 48.30% 48.42% $7,381.44 $7,624.76 9.40% 9.12% 6.05% 6.25%  $      4,687.11  $        4,464.57
Chemical (Diversified) 4 1.35% $6,389.47 $7,012.77 8.89% 53.32% 53.08% 61.11% 60.88% $534.74 $549.48 6.12% 5.87% 4.36% 4.48%  $         623.30  $          692.40
Chemical (Specialty) 60 1.60% $118,566.44 $127,326.51 6.88% 21.27% 21.34% 40.96% 41.06% $24,785.95 $25,276.18 12.80% 12.43% 11.93% 12.17%  $      8,760.07  $        8,220.98
Coal & Related Energy 16 1.22% $1,107.83 $1,207.50 8.25% 8.77% 8.65% 13.70% 13.53% $851.40 $861.73 13.46% 13.40% 10.97% 11.11%  $          99.67  $          117.48
Computer Services 63 1.04% $92,241.66 $100,587.00 8.30% 20.72% 20.84% 54.31% 54.50% $19,935.03 $20,766.25 28.92% 26.53% 6.06% 6.31%  $      8,345.34  $        7,571.86
Computers/Peripherals 35 2.77% $178,374.24 $193,784.46 7.95% 4.62% 4.60% 65.37% 65.24% $140,964.07 $141,104.58 75.18% 69.02% 22.65% 22.67%  $     15,410.22  $      16,523.71
Construction Supplies 46 0.63% $92,597.62 $95,993.35 3.54% 17.57% 17.74% 48.33% 48.62% $32,143.11 $32,261.39 20.99% 20.54% 15.13% 15.19%  $      3,395.73  $        2,267.83
Diversified 21 0.58% $186,018.15 $193,782.79 4.01% 13.54% 13.86% 22.05% 22.52% $151,527.18 $152,081.95 25.29% 25.04% 32.85% 32.97%  $      7,764.64  $        2,637.49
Drugs (Biotechnology) 535 1.51% $196,600.52 $209,849.51 6.31% 14.46% 14.60% 50.43% 50.70% $2,857.40 $2,616.06 1.40% 1.20% 1.42% 1.30%  $     13,248.99  $      10,954.74
Drugs (Pharmaceutical) 231 0.91% $284,534.01 $294,964.34 3.54% 14.21% 14.45% 48.56% 49.05% $82,283.85 $82,257.82 23.23% 22.54% 22.81% 22.80%  $     10,430.34  $        4,668.89
Education 29 4.40% $5,586.02 $10,038.18 44.35% 15.96% 16.28% 38.92% 39.49% $2,129.09 $1,938.66 23.62% 13.78% 9.24% 8.41%  $      4,452.16  $        4,215.97
Electrical Equipment 101 1.13% $52,131.56 $56,354.49 7.49% 12.86% 12.93% 37.52% 37.66% $8,969.53 $9,260.91 15.23% 14.62% 7.15% 7.38%  $      4,222.93  $        3,903.01
Electronics (Consumer & Office) 11 1.15% $192.29 $318.23 39.58% 11.42% 11.75% 22.25% 22.80% -$173.65 -$170.53 -16.20% -14.24% -5.30% -5.20%  $         125.94  $          116.21
Electronics (General) 122 0.91% $45,774.62 $50,364.19 9.11% 12.49% 12.60% 34.88% 35.11% $12,531.30 $12,714.37 17.70% 16.79% 8.15% 8.27%  $      4,589.57  $        4,079.61
Engineering/Construction 42 2.68% $29,242.46 $33,301.92 12.19% 15.27% 15.20% 46.44% 46.31% $8,218.92 $8,616.49 20.52% 19.23% 5.57% 5.84%  $      4,059.46  $        4,234.55
Entertainment 96 2.10% $149,711.86 $172,128.84 13.02% 16.58% 16.90% 44.70% 45.27% $20,957.39 $20,441.91 13.14% 11.21% 8.34% 8.13%  $     22,416.98  $      18,465.74
Environmental & Waste Services 50 1.68% $42,526.42 $44,619.74 4.69% 16.11% 16.19% 56.10% 56.25% $10,984.32 $11,125.54 34.45% 32.60% 14.89% 15.08%  $      2,093.32  $        1,815.69
Farming/Agriculture 35 1.06% $95,540.55 $98,628.97 3.13% 34.81% 34.78% 57.21% 57.17% $16,683.95 $17,077.19 10.58% 10.60% 7.25% 7.42%  $      3,088.42  $        3,222.15
Financial Svcs. (Non-bank & Insurance) 166 0.70% $8,175,610.92 $8,190,187.10 0.18% 74.13% 74.14% 91.58% 91.59% $90,847.99 $91,274.77 NA NA 16.33% 16.41%  $     14,576.18  $      10,064.11
Food Processing 77 1.80% $133,620.46 $140,559.46 4.94% 26.55% 26.75% 44.02% 44.27% $34,084.29 $34,445.52 19.05% 18.46% 11.97% 12.10%  $      6,938.99  $        5,472.53
Food Wholesalers 14 0.51% $26,988.64 $31,409.47 14.07% 29.95% 30.21% 65.87% 66.14% $6,159.56 $6,080.48 20.60% 17.30% 2.67% 2.63%  $      4,420.83  $        4,044.32
Furn/Home Furnishings 28 2.62% $16,663.70 $20,113.55 17.15% 29.70% 29.54% 50.02% 49.84% $3,572.43 $3,727.44 12.85% 11.76% 6.51% 6.79%  $      3,449.85  $        3,597.57
Green & Renewable Energy 18 1.00% $33,656.11 $34,715.22 3.05% 63.63% 63.79% 57.09% 57.26% $1,791.38 $1,640.22 4.12% 3.68% 21.60% 19.78%  $      1,059.11  $          822.63
Healthcare Products 218 0.97% $141,339.90 $150,036.62 5.80% 11.18% 11.34% 37.46% 37.83% $36,406.14 $36,834.95 19.90% 19.18% 14.81% 14.99%  $      8,696.73  $        6,349.89
Healthcare Support Services 113 0.37% $301,161.64 $337,505.37 10.77% 23.92% 24.36% 47.65% 48.24% $84,184.14 $84,013.03 58.67% 45.83% 3.44% 3.43%  $     36,343.73  $      28,392.61
Heathcare Information and Technology 116 1.30% $107,781.10 $114,711.31 6.04% 13.78% 13.94% 38.58% 38.89% $20,081.07 $20,159.58 16.62% 15.75% 13.35% 13.40%  $      6,930.21  $        5,452.85
Homebuilding 30 0.28% $33,898.32 $35,086.43 3.39% 14.86% 14.89% 23.38% 23.43% $26,974.00 $27,082.96 21.20% 21.05% 15.52% 15.59%  $      1,188.11  $        1,104.48
Hospitals/Healthcare Facilities 33 2.27% $91,418.51 $106,147.60 13.88% 42.89% 43.55% 76.28% 76.76% $19,637.21 $19,157.75 26.56% 21.26% 12.45% 12.14%  $     14,729.09  $      11,919.87
Hotel/Gaming 65 2.82% $235,256.13 $295,179.88 20.30% 29.01% 30.17% 85.64% 86.31% $39,307.59 $32,158.11 21.69% 12.95% 18.15% 14.85%  $     59,923.75  $      43,866.07
Household Products 101 1.22% $97,224.72 $104,152.10 6.65% 13.05% 13.21% 52.40% 52.74% $39,816.97 $40,142.81 40.36% 37.81% 18.38% 18.53%  $      6,927.38  $        5,493.13
Information Services 16 1.97% $21,913.00 $24,021.97 8.78% 26.07% 26.13% 56.79% 56.86% $4,529.17 $4,768.59 31.27% 28.09% 11.54% 12.15%  $      2,108.97  $        2,040.70
Insurance (General) 22 1.06% $41,388.34 $45,249.33 8.53% 14.57% 14.79% 34.53% 34.93% $15,747.49 $15,807.10 18.31% 17.51% 16.43% 16.49%  $      3,860.99  $        3,070.60
Insurance (Life) 19 0.29% $142,245.60 $144,515.11 1.57% 38.21% 38.55% 48.56% 48.91% $19,933.20 $20,042.00 6.99% 6.96% 8.21% 8.25%  $      2,269.51  $          235.40
Insurance (Prop/Cas.) 53 0.32% $75,672.16 $79,534.52 4.86% 13.05% 13.39% 25.92% 26.50% $51,166.16 $51,430.49 22.31% 21.99% 13.63% 13.70%  $      3,862.36  $        1,504.03
Investments & Asset Management 231 1.57% $285,018.87 $296,759.07 3.96% 25.79% 25.95% 46.77% 46.97% $24,784.35 $24,091.46 7.28% 6.82% 14.49% 14.08%  $     11,740.20  $        9,294.91
Machinery 109 0.89% $81,294.07 $86,181.67 5.67% 13.36% 13.57% 39.71% 40.15% $30,162.77 $30,530.17 29.05% 27.93% 15.79% 15.98%  $      4,887.60  $        3,330.51
Metals & Mining 64 0.81% $23,246.31 $24,766.79 6.14% 14.04% 14.35% 33.73% 34.30% $12,769.02 $12,767.88 28.23% 27.29% 22.62% 22.62%  $      1,520.48  $          893.38
Office Equipment & Services 14 2.13% $6,158.47 $7,482.23 17.69% 31.22% 31.74% 56.45% 57.05% $1,481.19 $1,534.60 19.83% 17.05% 8.17% 8.46%  $      1,323.76  $        1,143.14
Oil/Gas (Integrated) 4 0.78% $95,026.00 $106,918.82 11.12% 10.97% 12.06% 17.01% 18.58% $75,619.70 $77,176.43 13.09% 13.00% 13.43% 13.71%  $     11,892.82  $        1,014.00
Oil/Gas (Production and Exploration) 147 2.82% $137,632.54 $146,380.29 5.98% 20.85% 21.04% 31.43% 31.68% $64,617.68 $65,751.06 18.82% 18.64% 29.54% 30.06%  $      8,747.75  $        7,053.96
Oil/Gas Distribution 24 1.14% $157,369.86 $161,647.88 2.65% 33.97% 34.01% 62.30% 62.34% $26,462.01 $26,828.35 12.28% 12.18% 28.06% 28.45%  $      4,278.01  $        4,015.84
Oilfield Svcs/Equip. 97 1.15% $118,097.88 $130,401.25 9.44% 27.15% 27.81% 39.42% 40.22% $36,054.19 $37,333.90 15.02% 14.72% 4.99% 5.17%  $     12,303.36  $        8,057.01
Packaging & Container 22 1.25% $65,543.90 $69,510.24 5.71% 34.32% 34.60% 59.82% 60.12% $12,082.04 $12,323.03 15.50% 14.92% 9.79% 9.99%  $      3,966.34  $        3,109.80
Paper/Forest Products 6 0.98% $2,434.70 $2,628.96 7.39% 17.88% 18.41% 43.71% 44.58% $1,121.90 $1,141.55 20.00% 19.46% 10.13% 10.31%  $         194.26  $          102.70
Power 48 1.58% $724,986.08 $737,159.10 1.65% 44.45% 44.55% 62.39% 62.49% $74,624.68 $74,329.75 6.68% 6.57% 19.75% 19.67%  $     12,173.02  $        9,282.11
Precious Metals 60 4.54% $13,619.27 $13,807.36 1.36% 15.73% 15.89% 23.11% 23.34% $5,018.28 $5,034.68 13.16% 13.13% 18.83% 18.89%  $         188.09  $            16.20
Publishing & Newspapers 19 1.59% $7,777.75 $9,815.61 20.76% 21.97% 22.30% 38.86% 39.31% $2,159.30 $2,141.16 20.52% 16.75% 8.30% 8.23%  $      2,037.86  $        1,853.14
R.E.I.T. 192 3.11% $936,304.40 $980,444.22 4.50% 45.23% 45.50% 62.35% 62.61% $47,734.97 $43,333.18 3.52% 3.09% 24.48% 22.23%  $     44,139.82  $      33,404.59
Real Estate (Development) 15 0.50% $6,426.66 $6,669.07 3.63% 51.30% 52.09% 54.59% 55.37% $438.31 $400.91 4.18% 3.73% 14.74% 13.48%  $         242.41  $            34.67
Real Estate (General/Diversified) 11 4.42% $1,440.90 $1,621.57 11.14% 29.58% 29.55% 28.48% 28.45% $132.25 $134.37 4.14% 3.97% 11.07% 11.24%  $         180.67  $          183.33
Real Estate (Operations & Services) 60 1.33% $28,230.24 $33,612.76 16.01% 22.05% 22.35% 44.62% 45.06% $1,271.96 $1,238.20 3.56% 2.99% 1.39% 1.36%  $      5,382.52  $        4,793.61
Recreation 50 3.06% $35,683.01 $46,503.09 23.27% 38.64% 39.43% 66.11% 66.86% $5,119.57 $4,236.06 14.39% 8.96% 9.04% 7.48%  $     10,820.08  $        9,292.40
Reinsurance 1 0.00% $5,067.00 $5,146.38 1.54% 26.48% 26.78% 31.12% 31.45% $1,206.00 $1,210.12 9.94% 9.89% 5.51% 5.53%  $          79.38  $               -  
Restaurant/Dining 62 5.43% $96,521.50 $143,715.49 32.84% 18.89% 18.79% 100.59% 100.59% $26,842.56 $23,370.28 44.99% 20.97% 15.96% 13.90%  $     47,193.98  $      48,127.87
Retail (Automotive) 29 1.33% $93,356.41 $111,680.43 16.41% 33.30% 33.51% 79.52% 79.67% $16,236.33 $15,122.39 15.65% 12.14% 6.01% 5.60%  $     18,324.02  $      17,290.01
Retail (Building Supply) 13 1.52% $98,182.60 $116,049.10 15.40% 16.91% 16.80% 105.33% 105.37% $32,910.31 $32,498.60 48.86% 36.91% 12.12% 11.97%  $     17,866.50  $      18,798.36
Retail (Distributors) 66 1.47% $94,734.31 $106,088.57 10.70% 23.95% 23.82% 57.53% 57.37% $25,348.04 $25,896.07 18.85% 17.55% 10.56% 10.79%  $     11,354.26  $      12,085.51
Retail (General) 24 1.29% $190,565.40 $318,617.82 40.19% 8.19% 8.03% 42.90% 42.39% $116,615.99 $111,254.81 24.58% 17.71% 6.20% 5.92%  $   128,052.42  $     134,883.65
Retail (Grocery and Food) 17 0.94% $34,357.29 $52,082.18 34.03% 34.06% 34.32% 64.38% 64.64% $9,120.10 $8,020.67 20.70% 12.44% 3.33% 2.93%  $     17,724.89  $      17,134.38
Retail (REITs) 28 0.75% $109,475.30 $112,338.34 2.55% 35.20% 35.39% 52.26% 52.47% $9,891.10 $9,483.57 5.30% 5.00% 38.88% 37.28%  $      2,863.04  $        1,922.35
Retail (Special Lines) 98 4.82% $41,270.97 $117,178.24 64.78% 23.08% 22.44% 63.80% 62.95% $23,624.52 $24,578.69 43.25% 17.90% 5.10% 5.30%  $     75,907.28  $      78,975.12
Rubber& Tires 3 1.63% $9,030.93 $10,049.08 10.13% 79.49% 79.47% 67.10% 67.07% $771.00 $827.52 6.60% 6.51% 4.04% 4.34%  $      1,018.15  $        1,031.00
Semiconductor 63 0.52% $208,335.95 $216,003.83 3.55% 3.75% 3.75% 30.23% 30.22% $115,607.26 $115,664.28 32.08% 31.39% 29.71% 29.73%  $      7,667.88  $        7,742.47
Semiconductor Equip 30 0.78% $30,648.45 $32,241.62 4.94% 7.53% 7.56% 36.22% 36.30% $19,215.31 $19,317.23 37.74% 36.67% 24.06% 24.19%  $      1,593.17  $        1,485.65
Shipbuilding & Marine 8 3.22% $1,741.68 $2,204.17 20.98% 15.96% 16.05% 23.36% 23.48% $1,040.13 $1,134.02 12.87% 13.23% 13.74% 14.98%  $         462.49  $          447.66
Shoe 12 2.53% $11,926.00 $16,929.41 29.55% 9.54% 9.29% 41.56% 40.85% $9,129.30 $9,261.95 35.18% 29.33% 12.82% 13.01%  $      5,003.41  $        5,505.60
Software (Entertainment) 81 1.45% $62,795.12 $97,710.46 35.73% 2.48% 2.43% 16.40% 16.11% $173,871.80 $172,781.52 46.39% 41.91% 32.37% 32.16%  $     34,915.34  $      37,031.47
Software (Internet) 29 2.71% $21,885.58 $24,246.59 9.74% 10.44% 10.35% 50.40% 50.16% $393.27 $615.30 1.75% 2.47% 1.31% 2.05%  $      2,361.01  $        2,591.61
Software (System & Application) 333 1.53% $270,735.93 $309,104.01 12.41% 4.75% 4.67% 34.88% 34.45% $161,405.66 $162,163.04 53.10% 47.12% 28.63% 28.77%  $     38,368.08  $      44,372.67
Steel 27 0.55% $26,185.66 $27,929.55 6.24% 20.27% 20.57% 26.56% 26.93% $10,713.85 $10,769.97 12.74% 12.51% 7.61% 7.65%  $      1,743.89  $        1,230.58
Telecom (Wireless) 11 6.35% $95,235.42 $127,060.26 25.05% 32.32% 32.25% 62.62% 62.55% $18,595.16 $17,440.51 10.78% 8.31% 20.15% 18.90%  $     31,824.84  $      32,214.02
Telecom. Equipment 61 1.39% $65,516.47 $68,886.72 4.89% 11.38% 11.35% 47.01% 46.95% $18,627.90 $18,953.41 48.77% 45.44% 17.49% 17.80%  $      3,370.25  $        3,552.57
Telecom. Services 32 4.19% $321,558.15 $367,023.75 12.39% 49.80% 50.04% 61.67% 61.90% $57,180.32 $58,123.53 12.84% 11.80% 20.35% 20.68%  $     45,465.59  $      41,882.52
Tobacco 12 0.64% $77,133.34 $77,878.79 0.96% 21.70% 21.85% 113.73% 113.59% $25,941.21 $26,050.27 63.41% 62.38% 41.05% 41.22%  $         745.45  $            77.13
Transportation 21 4.34% $103,758.51 $135,623.49 23.50% 28.03% 27.91% 65.55% 65.41% $20,152.18 $20,355.17 14.82% 11.82% 6.83% 6.90%  $     31,864.98  $      32,726.52
Transportation (Railroads) 4 1.83% $69,321.70 $72,231.96 4.03% 21.86% 22.11% 61.84% 62.18% $19,721.20 $19,693.44 15.50% 15.06% 38.31% 38.26%  $      2,910.26  $        1,845.90
Trucking 24 1.61% $27,025.74 $30,853.67 12.41% 18.69% 18.64% 42.58% 42.51% $6,081.22 $6,387.13 9.95% 9.70% 6.97% 7.32%  $      3,827.93  $        3,918.87
Utility (General) 14 0.49% $248,230.90 $250,838.26 1.04% 43.68% 43.84% 58.58% 58.73% $25,219.40 $24,993.98 6.15% 6.05% 23.28% 23.07%  $      2,607.36  $        1,006.02
Utility (Water) 15 0.31% $25,798.12 $25,957.08 0.61% 36.93% 36.96% 54.61% 54.65% $3,083.38 $3,076.40 9.80% 9.32% 33.11% 33.03%  $         158.96  $          125.06
Total Market 6062 1.50% $22,401,616.71 $23,537,542.41 4.83% 28.04% 28.15% 62.68% 62.80% $2,629,031.17 $2,616,120.16 9.80% 9.32% 12.08% 12.02%  $ 1,135,925.70  $  1,010,049.95
Total Market (without financials) 4935 1.47% $9,071,796.12 $10,108,976.61 10.26% 16.05% 16.17% 49.35% 49.58% $2,424,845.28 $2,412,759.89 18.87% 17.28% 11.93% 11.87%  $ 1,037,180.50  $     943,764.00