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 49 4.08% $21,718.47 $27,547.86 21.16% 33.52% 33.98% 67.39% 67.84% $3,740.42 $3,844.02 530.78% 55.79% 10.62% 10.91%  $          5,829.38  $            5,265.59
Aerospace/Defense 73 0.80% $186,454.66 $198,241.04 5.95% 22.38% 22.75% 57.03% 57.55% $27,785.84 $27,965.81 21.37% 19.60% 7.81% 7.86%  $        11,786.38  $            7,580.05
Air Transport 21 12.69% $132,498.45 $163,846.42 19.13% 60.25% 60.53% 84.92% 85.06% -$23,960.11 -$24,630.82 -26.76% -20.08% -23.14% -23.78%  $        31,347.97  $          29,500.02
Apparel 39 5.48% $20,676.42 $32,767.24 36.90% 23.27% 24.01% 53.72% 54.74% $8,154.05 $8,658.65 28.64% 20.51% 11.96% 12.70%  $        12,090.82  $          10,768.40
Auto & Truck 26 0.41% $276,215.41 $280,785.01 1.63% 16.58% 16.57% 66.27% 66.24% $17,625.84 $17,781.79 4.93% 4.91% 5.26% 5.30%  $          4,569.60  $            4,824.25
Auto Parts 38 0.75% $24,179.21 $26,589.43 9.06% 23.90% 24.06% 48.06% 48.28% $6,239.10 $6,363.02 18.87% 17.74% 6.40% 6.53%  $          2,410.21  $            2,183.76
Bank (Money Center) 7 2.45% $2,061,368.60 $2,090,185.85 1.38% 62.99% 63.02% 67.41% 67.43% $0.00 -$154.69 0.00% -0.01% 0.00% -0.04%  $        28,817.25  $          26,607.00
Banks (Regional) 563 2.30% $283,603.85 $303,206.23 6.47% 25.16% 25.69% 31.86% 32.47% $0.01 -$588.94 0.00% -0.08% 0.00% -0.27%  $        19,602.38  $          11,158.09
Beverage (Alcoholic) 21 1.77% $21,142.58 $22,071.19 4.21% 17.17% 17.64% 40.72% 41.52% $5,934.84 $5,930.92 15.70% 15.28% 23.03% 23.01%  $             928.61  $               216.38
Beverage (Soft) 32 0.87% $98,807.56 $103,366.90 4.41% 13.85% 14.27% 57.53% 58.37% $29,293.69 $29,397.72 29.17% 27.95% 20.67% 20.74%  $          4,559.34  $            1,055.35
Broadcasting 28 1.03% $85,067.68 $91,348.88 6.88% 53.39% 53.88% 60.38% 60.85% $15,120.14 $14,964.08 18.95% 17.22% 18.32% 18.13%  $          6,281.20  $            4,492.47
Brokerage & Investment Banking 31 2.04% $1,023,540.32 $1,037,482.33 1.34% 64.44% 64.60% 75.90% 76.03% $3,037.05 $2,336.27 0.34% 0.26% 1.31% 1.01%  $        13,942.01  $            6,582.02
Building Materials 44 1.00% $39,271.08 $43,066.40 8.81% 15.62% 15.79% 48.67% 48.99% $14,276.51 $14,430.18 36.74% 33.23% 11.63% 11.76%  $          3,795.32  $            3,254.69
Business & Consumer Services 160 1.56% $94,358.40 $108,734.35 13.22% 18.06% 18.29% 51.74% 52.14% $19,385.61 $19,499.68 29.64% 23.95% 9.12% 9.17%  $        14,375.95  $          12,665.67
Cable TV 11 0.96% $266,000.50 $273,266.62 2.66% 37.18% 37.54% 63.25% 63.62% $41,065.60 $41,021.74 13.19% 12.81% 19.23% 19.21%  $          7,266.12  $            3,027.30
Chemical (Basic) 35 1.51% $47,108.99 $52,819.95 10.81% 30.63% 30.92% 52.56% 52.90% $19,812.13 $19,919.30 31.42% 28.70% 14.93% 15.01%  $          5,710.96  $            5,002.96
Chemical (Diversified) 4 1.33% $5,911.46 $6,679.33 11.50% 31.90% 32.16% 55.10% 55.39% $1,397.86 $1,389.88 15.96% 14.54% 9.72% 9.66%  $             767.87  $               690.40
Chemical (Specialty) 81 1.42% $107,257.57 $115,764.02 7.35% 16.19% 16.30% 40.25% 40.44% $27,544.15 $27,934.96 16.99% 16.28% 13.33% 13.52%  $          8,506.45  $            7,579.69
Coal & Related Energy 18 1.77% $2,852.33 $3,010.44 5.25% 29.06% 29.40% 51.64% 52.05% -$206.90 -$180.45 -5.07% -4.26% -3.21% -2.80%  $             158.11  $               108.77
Computer Services 83 1.75% $79,266.14 $91,390.80 13.27% 20.83% 21.22% 55.99% 56.57% $17,254.97 $18,201.71 34.53% 28.81% 6.48% 6.84%  $        12,124.66  $            9,990.53
Computers/Peripherals 46 2.67% $218,254.21 $235,226.54 7.22% 7.04% 7.04% 66.56% 66.58% $127,263.05 $126,957.03 78.91% 70.87% 20.78% 20.73%  $        16,972.33  $          16,784.01
Construction Supplies 48 0.74% $81,820.68 $85,520.06 4.33% 21.65% 21.84% 51.00% 51.29% $17,003.98 $17,015.27 14.41% 13.92% 11.03% 11.04%  $          3,699.38  $            2,738.67
Diversified 22 0.89% $234,665.09 $246,528.67 4.81% 18.07% 18.45% 29.34% 29.87% $131,929.54 $132,427.52 22.91% 22.50% 30.12% 30.23%  $        11,863.58  $            5,677.93
Drugs (Biotechnology) 581 1.27% $181,666.56 $193,327.81 6.03% 13.04% 13.27% 47.31% 47.82% $23,435.64 $22,974.78 13.12% 12.07% 12.37% 12.12%  $        11,661.25  $            7,740.41
Drugs (Pharmaceutical) 298 0.73% $235,939.46 $244,023.89 3.31% 12.61% 12.81% 43.92% 44.36% $86,342.12 $86,303.04 30.72% 29.83% 24.71% 24.70%  $          8,084.43  $            3,712.53
Education 35 3.69% $7,830.27 $11,285.69 30.62% 19.78% 20.45% 36.72% 37.69% $1,031.39 $941.15 10.17% 6.78% 5.92% 5.41%  $          3,455.42  $            2,999.18
Electrical Equipment 104 1.09% $37,310.98 $39,958.94 6.63% 12.04% 12.04% 41.43% 41.45% $9,001.81 $9,163.95 28.70% 26.83% 11.40% 11.60%  $          2,647.96  $            2,628.22
Electronics (Consumer & Office) 16 0.72% $736.86 $924.58 20.30% 6.68% 7.08% 22.12% 23.20% $354.11 $367.04 67.47% 50.83% 4.80% 4.98%  $             187.72  $               132.57
Electronics (General) 137 0.87% $37,967.54 $42,041.63 9.69% 11.14% 11.31% 36.29% 36.69% $12,658.86 $12,696.80 25.54% 23.54% 10.37% 10.40%  $          4,074.09  $            3,366.74
Engineering/Construction 48 2.77% $20,582.33 $23,877.59 13.80% 20.16% 20.38% 42.79% 43.12% $4,756.93 $5,013.41 17.30% 16.01% 4.70% 4.95%  $          3,295.27  $            2,978.87
Entertainment 108 2.46% $111,455.78 $132,312.81 15.76% 13.01% 13.22% 43.43% 43.89% $12,866.61 $11,931.71 14.91% 11.08% 8.67% 8.04%  $        20,857.03  $          18,443.60
Environmental & Waste Services 58 2.00% $32,343.63 $35,182.45 8.07% 16.99% 17.26% 54.19% 54.66% $7,199.28 $7,295.68 28.24% 25.59% 12.94% 13.11%  $          2,838.82  $            2,176.04
Farming/Agriculture 36 0.83% $71,236.57 $74,196.97 3.99% 26.89% 26.91% 54.33% 54.36% $15,666.47 $15,904.02 14.57% 14.36% 7.50% 7.62%  $          2,960.39  $            2,870.02
Financial Svcs. (Non-bank & Insurance) 223 0.92% $7,593,511.98 $7,607,085.89 0.18% 87.89% 87.90% 94.54% 94.55% $47,126.90 $46,751.17 0.58% 0.57% 14.06% 13.95%  $        13,573.91  $            6,963.52
Food Processing 92 2.15% $132,453.84 $138,587.76 4.43% 23.19% 23.38% 43.88% 44.14% $34,688.68 $35,018.57 20.73% 20.10% 13.47% 13.60%  $          6,133.92  $            4,665.61
Food Wholesalers 15 0.45% $25,455.27 $29,110.88 12.56% 31.49% 31.94% 68.05% 68.50% $3,254.71 $3,125.56 15.19% 12.29% 1.93% 1.86%  $          3,655.61  $            3,055.98
Furn/Home Furnishings 32 1.51% $14,413.63 $17,663.73 18.40% 22.06% 22.27% 44.75% 45.06% $6,417.81 $6,475.69 32.26% 27.46% 10.95% 11.04%  $          3,250.11  $            3,031.13
Green & Renewable Energy 20 0.26% $18,537.69 $18,631.64 0.50% 39.91% 39.99% 55.86% 55.94% $1,036.00 $1,025.90 5.82% 5.74% 23.66% 23.43%  $               93.95  $                 30.80
Healthcare Products 244 0.94% $100,022.24 $107,105.88 6.61% 7.78% 7.93% 34.73% 35.20% $32,984.80 $33,394.58 24.25% 23.28% 17.69% 17.90%  $          7,083.63  $            4,906.06
Healthcare Support Services 131 0.48% $256,872.04 $300,701.85 14.58% 19.37% 19.71% 46.30% 46.85% $78,826.98 $76,920.12 41.29% 32.26% 4.27% 4.16%  $        43,829.81  $          37,314.80
Heathcare Information and Technology 142 1.12% $104,893.26 $111,754.55 6.14% 8.74% 8.86% 35.67% 36.01% $28,369.72 $28,445.95 29.98% 27.96% 18.09% 18.14%  $          6,861.29  $            5,214.00
Homebuilding 29 0.24% $38,491.99 $39,709.69 3.07% 17.92% 18.01% 32.42% 32.56% $24,061.83 $24,073.24 23.24% 22.92% 16.28% 16.29%  $          1,217.70  $               962.77
Hospitals/Healthcare Facilities 31 2.53% $81,714.82 $95,306.17 14.26% 40.48% 41.51% 80.11% 80.78% $16,976.40 $16,451.17 30.28% 23.17% 12.85% 12.45%  $        13,591.35  $            9,606.91
Hotel/Gaming 66 3.55% $226,598.51 $260,945.32 13.16% 30.73% 31.51% 77.03% 77.67% -$7,946.90 -$12,237.31 -4.26% -5.49% -9.11% -14.03%  $        34,346.80  $          23,588.71
Household Products 118 1.33% $90,714.11 $98,408.26 7.82% 10.92% 11.18% 56.01% 56.65% $36,105.26 $36,241.13 50.07% 45.14% 18.41% 18.48%  $          7,694.15  $            5,188.09
Information Services 79 1.26% $160,793.88 $169,480.40 5.13% 9.21% 9.40% 43.66% 44.20% $47,343.79 $47,621.94 34.51% 32.40% 23.78% 23.92%  $          8,686.51  $            5,060.84
Insurance (General) 23 0.93% $63,144.17 $68,162.10 7.36% 20.60% 21.04% 33.55% 34.14% $22,012.20 $22,034.13 13.44% 13.00% 16.96% 16.98%  $          5,017.93  $            3,226.45
Insurance (Life) 24 0.34% $190,108.28 $193,218.67 1.61% 47.70% 48.08% 40.71% 41.07% $29,763.86 $29,841.73 6.53% 6.49% 12.06% 12.09%  $          3,110.39  $               227.60
Insurance (Prop/Cas.) 52 0.46% $65,169.35 $69,616.95 6.39% 18.34% 19.01% 25.93% 26.79% $41,123.25 $41,280.92 17.70% 17.38% 15.70% 15.76%  $          4,447.60  $            1,420.06
Investments & Asset Management 687 1.03% $218,594.58 $227,381.18 3.86% 21.66% 21.83% 43.50% 43.75% $28,149.35 $27,911.13 10.15% 9.75% 16.23% 16.09%  $          8,786.59  $            6,518.34
Machinery 111 0.96% $67,037.57 $72,116.93 7.04% 12.08% 12.37% 39.13% 39.77% $25,259.97 $25,563.63 32.62% 30.76% 14.67% 14.85%  $          5,079.36  $            3,182.59
Metals & Mining 74 0.75% $24,093.10 $25,944.10 7.13% 15.10% 15.38% 38.11% 38.63% $15,189.16 $15,133.02 38.27% 36.40% 26.47% 26.37%  $          1,851.01  $            1,294.76
Office Equipment & Services 18 1.87% $6,789.03 $7,942.54 14.52% 33.07% 32.55% 57.15% 56.57% $1,001.44 $1,026.24 18.61% 15.44% 5.86% 6.01%  $          1,153.51  $            1,342.23
Oil/Gas (Integrated) 4 0.96% $126,374.10 $137,040.06 7.78% 19.88% 21.09% 28.23% 29.76% $28,745.90 $29,738.94 5.14% 5.19% 7.19% 7.44%  $        10,665.96  $               871.80
Oil/Gas (Production and Exploration) 183 2.74% $127,037.45 $137,093.07 7.33% 23.31% 23.74% 40.11% 40.68% -$4,564.62 -$4,341.33 -1.68% -1.54% -2.57% -2.45%  $        10,055.62  $            6,855.48
Oil/Gas Distribution 21 0.68% $130,532.64 $132,551.36 1.52% 46.66% 46.57% 63.01% 62.93% $12,899.98 $12,972.36 6.85% 6.81% 16.48% 16.57%  $          2,018.72  $            2,503.53
Oilfield Svcs/Equip. 100 1.39% $120,253.17 $133,592.62 9.99% 34.18% 35.12% 45.03% 46.06% $5,553.75 $6,354.93 2.78% 2.97% 1.18% 1.35%  $        13,339.45  $            7,890.54
Packaging & Container 26 1.03% $77,237.42 $81,787.93 5.56% 32.94% 33.19% 62.08% 62.35% $13,963.12 $14,195.27 16.49% 15.74% 9.73% 9.89%  $          4,550.51  $            3,614.99
Paper/Forest Products 11 0.71% $4,796.31 $5,024.80 4.55% 28.96% 29.24% 53.69% 54.03% $2,621.04 $2,640.99 47.26% 45.49% 18.64% 18.78%  $             228.49  $               161.60
Power 50 1.62% $570,004.70 $585,753.81 2.69% 41.49% 41.70% 59.64% 59.84% $58,637.84 $58,383.10 6.21% 6.06% 18.77% 18.69%  $        15,749.11  $          10,743.56
Precious Metals 76 2.56% $7,702.25 $7,885.20 2.32% 10.68% 10.72% 20.34% 20.40% $4,400.96 $4,401.46 15.02% 14.92% 27.58% 27.58%  $             182.95  $               152.80
Publishing & Newspapers 21 2.01% $9,333.99 $12,115.36 22.96% 26.10% 26.90% 41.91% 42.93% $2,436.50 $2,403.30 21.21% 16.42% 7.79% 7.68%  $          2,781.37  $            2,289.67
R.E.I.T. 238 2.84% $897,360.72 $950,439.33 5.58% 34.58% 34.98% 59.72% 60.15% $44,696.99 $38,168.09 3.35% 2.75% 23.88% 20.40%  $        53,078.61  $          36,519.98
Real Estate (Development) 19 0.57% $5,761.39 $6,077.07 5.19% 43.49% 44.43% 52.34% 53.29% $175.87 $122.15 1.92% 1.29% 7.44% 5.16%  $             315.68  $                 89.46
Real Estate (General/Diversified) 10 3.44% $1,196.45 $1,278.30 6.40% 21.78% 20.89% 27.09% 26.06% $142.31 $141.15 5.22% 5.01% 15.46% 15.33%  $               81.85  $               151.43
Real Estate (Operations & Services) 51 5.41% $35,588.67 $63,879.73 44.29% 34.33% 36.05% 65.65% 67.32% $219.92 -$2,030.62 0.83% -3.58% 0.29% -2.69%  $        28,291.06  $          23,670.54
Recreation 60 1.91% $29,049.44 $36,238.56 19.84% 22.26% 22.83% 60.51% 61.29% $6,193.71 $5,589.39 31.67% 20.43% 11.34% 10.23%  $          7,189.12  $            6,024.26
Reinsurance 2 0.16% $6,039.20 $6,428.44 6.05% 26.74% 27.98% 21.53% 22.61% $2,023.20 $2,007.85 6.86% 6.69% 7.34% 7.29%  $             389.24  $                      -  
Restaurant/Dining 70 5.95% $90,519.55 $146,715.31 38.30% 20.39% 21.47% 106.82% 106.36% $21,358.88 $15,974.04 44.52% 14.73% 16.43% 12.29%  $        56,195.76  $          46,806.04
Retail (Automotive) 32 1.38% $55,830.77 $76,258.39 26.79% 26.87% 27.85% 72.18% 73.16% $16,008.26 $14,296.73 23.33% 15.47% 7.03% 6.28%  $        20,427.62  $          16,754.12
Retail (Building Supply) 16 1.42% $70,104.15 $87,825.98 20.18% 11.80% 11.85% 93.96% 93.98% $39,665.63 $39,136.27 78.54% 54.76% 14.40% 14.21%  $        17,721.82  $          17,321.14
Retail (Distributors) 68 1.54% $69,436.38 $78,049.02 11.03% 24.18% 24.46% 57.42% 57.79% $16,179.35 $16,517.12 17.64% 16.28% 9.62% 9.82%  $          8,612.65  $            7,413.89
Retail (General) 16 0.93% $84,647.98 $143,061.12 40.83% 13.09% 13.83% 47.00% 48.59% $57,196.00 $53,008.27 31.39% 20.88% 5.54% 5.13%  $        58,413.14  $          49,587.40
Retail (Grocery and Food) 15 0.99% $25,407.77 $45,380.63 44.01% 38.50% 40.56% 67.70% 69.55% $5,987.41 $4,324.03 15.49% 7.01% 2.53% 1.83%  $        19,972.85  $          16,229.62
Retail (Online) 60 1.32% $109,409.67 $154,754.30 29.30% 8.06% 7.54% 53.09% 51.29% $32,213.76 $29,490.96 28.42% 18.32% 5.99% 5.49%  $        45,344.63  $          56,973.34
Retail (Special Lines) 76 4.86% $44,529.56 $139,631.40 68.11% 24.36% 25.79% 63.70% 65.44% $31,317.70 $30,914.93 47.56% 17.44% 6.86% 6.77%  $        95,101.85  $          84,870.79
Rubber& Tires 2 1.77% $8,301.39 $9,274.45 10.49% 60.88% 60.72% 67.45% 67.29% $869.11 $919.64 8.91% 8.41% 5.40% 5.72%  $             973.06  $            1,038.41
Semiconductor 67 0.57% $157,822.27 $163,558.87 3.51% 6.31% 6.35% 33.39% 33.54% $79,302.97 $79,346.93 34.70% 33.81% 27.42% 27.43%  $          5,736.60  $            4,643.42
Semiconductor Equip 34 0.89% $20,341.36 $21,661.12 6.09% 4.78% 4.80% 34.07% 34.15% $19,287.05 $19,372.95 62.23% 59.71% 26.98% 27.10%  $          1,319.76  $            1,242.71
Shipbuilding & Marine 8 2.70% $2,872.95 $3,381.46 15.04% 27.42% 27.52% 36.08% 36.19% $1,216.97 $1,246.11 15.65% 15.01% 17.26% 17.67%  $             508.51  $               491.12
Shoe 12 2.35% $11,702.00 $17,155.22 31.79% 5.39% 5.46% 43.77% 44.10% $9,647.90 $9,531.05 56.62% 41.28% 15.56% 15.37%  $          5,453.22  $            5,227.48
Software (Entertainment) 88 1.36% $34,486.32 $63,484.94 45.68% 2.01% 2.00% 13.35% 13.29% $119,674.18 $118,024.82 40.52% 36.31% 31.12% 30.69%  $        28,998.62  $          29,313.31
Software (Internet) 36 3.64% $24,255.82 $27,450.26 11.64% 6.91% 7.13% 43.82% 44.62% -$502.82 -$515.31 -3.39% -2.85% -2.28% -2.34%  $          3,194.45  $            2,313.41
Software (System & Application) 375 1.71% $271,948.87 $305,715.57 11.05% 5.30% 5.37% 44.84% 45.18% $103,949.73 $103,931.07 51.44% 43.85% 24.02% 24.02%  $        33,766.70  $          29,595.31
Steel 28 0.39% $27,987.31 $29,611.26 5.48% 24.41% 24.74% 37.29% 37.70% $20,347.54 $20,417.35 38.59% 37.39% 16.13% 16.18%  $          1,623.95  $            1,105.17
Telecom (Wireless) 17 5.75% $85,793.72 $120,615.77 28.87% 43.29% 43.92% 59.49% 60.09% $10,625.13 $8,937.53 7.73% 5.15% 11.70% 9.84%  $        34,822.05  $          31,804.69
Telecom. Equipment 82 1.43% $36,635.58 $40,484.59 9.51% 7.98% 8.03% 34.77% 34.92% $20,060.91 $20,306.80 62.90% 56.48% 19.56% 19.80%  $          3,849.01  $            3,580.30
Telecom. Services 42 3.43% $389,400.23 $441,971.22 11.89% 50.18% 50.12% 60.66% 60.60% $72,590.69 $71,919.95 17.76% 15.48% 20.94% 20.75%  $        52,570.98  $          53,584.05
Tobacco 16 0.71% $60,926.96 $62,216.23 2.07% 20.35% 20.62% 116.34% 116.02% $25,663.82 $25,737.48 70.42% 68.00% 44.25% 44.38%  $          1,289.27  $               259.40
Transportation 17 3.44% $49,724.77 $71,785.85 30.73% 18.82% 18.63% 58.98% 58.68% $19,789.22 $19,457.99 29.71% 21.06% 8.25% 8.11%  $        22,061.08  $          22,950.09
Transportation (Railroads) 4 1.52% $60,154.00 $63,361.85 5.06% 16.37% 16.62% 60.29% 60.73% $18,455.00 $18,286.43 15.97% 15.31% 41.95% 41.56%  $          3,207.85  $            2,050.00
Trucking 34 7.33% $56,795.55 $68,926.32 17.60% 19.84% 20.80% 54.81% 56.26% $6,256.26 $6,477.78 7.49% 6.61% 5.17% 5.36%  $        12,130.77  $            8,189.73
Utility (General) 16 0.66% $224,389.80 $227,872.63 1.53% 40.68% 40.90% 58.88% 59.10% $22,116.10 $21,812.77 6.06% 5.91% 19.23% 18.96%  $          3,482.83  $            1,340.50
Utility (Water) 14 1.29% $20,981.67 $21,221.35 1.13% 25.49% 25.56% 57.44% 57.53% $2,399.58 $2,382.15 9.61% 8.96% 30.15% 29.94%  $             239.68  $               160.81
Total Market 7229 1.60% $19,871,193.29 $21,024,063.14 5.48% 28.42% 28.62% 63.00% 63.22% $2,144,578.54 $2,111,177.58 9.61% 8.96% 11.79% 11.61%  $   1,152,869.85  $        947,989.30
Total Market (without financials) 5619 1.62% $8,372,152.16 $9,427,723.93 11.20% 16.41% 16.66% 50.90% 51.35% $1,973,365.93 $1,941,765.85 18.34% 16.34% 12.19% 12.00%  $   1,055,571.78  $        885,286.22