Lease Effect on Debt and Profitability by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2025

Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/leaseeffect.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 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

Last Updated in January 2025
By Aswath Damodaran