Lease Effect on Debt and Profitability by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2022

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 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

Last Updated in January 2022
By Aswath Damodaran