Gross Income Based Net Income Based    
Industry Name Number of firms Gross Margin Net Margin Pre-tax, Pre-stock compensation Operating Margin Pre-tax Unadjusted Operating Margin After-tax Unadjusted Operating Margin Pre-tax Lease adjusted Margin After-tax Lease Adjusted Margin Pre-tax Lease & R&D adj Margin After-tax Lease & R&D adj Margin EBITDA/Sales EBITDASG&A/Sales EBITDAR&D/Sales COGS/Sales R&D/Sales SG&A/ Sales Stock-Based Compensation/Sales Lease Expense/Sales
Advertising 52 36.24% -0.30% 13.30% 10.07% 9.56% 10.05% 9.54% 10.19% 9.69% 14.06% 33.04% 17.12% 63.76% 3.07% 18.98% 3.23% 2.39%
Aerospace/Defense 79 17.48% 4.99% 9.80% 8.65% 7.65% 8.70% 7.69% 8.77% 7.76% 10.69% 17.19% 14.70% 82.52% 4.02% 6.50% 1.15% 0.74%
Air Transport 23 24.79% 2.51% 5.68% 5.32% 4.88% 4.88% 4.48% 4.90% 4.49% 10.27% 13.87% 10.65% 75.21% 0.38% 3.60% 0.36% 7.76%
Apparel 35 56.88% 3.85% 10.18% 9.11% 8.23% 9.89% 8.94% 9.87% 8.92% 11.47% 59.09% 11.49% 43.12% 0.01% 47.62% 1.07% 6.20%
Auto & Truck 33 10.41% 1.29% 3.16% 2.32% 2.23% 2.38% 2.29% 2.53% 2.44% 7.49% 13.75% 12.79% 89.59% 5.30% 6.26% 0.84% 0.61%
Auto Parts 35 15.84% 0.72% 6.37% 5.67% 4.82% 5.80% 4.93% 5.96% 5.09% 9.04% 17.34% 13.99% 84.16% 4.95% 8.31% 0.70% 0.89%
Bank (Money Center) 15 100.00% 28.89% 2.30% 0.00% 0.00% 0.08% 0.06% 0.08% 0.06% 0.00% 57.14% 0.00% 0.00% 0.00% 57.14% 2.30% 2.34%
Banks (Regional) 568 99.62% 27.49% 1.60% 0.00% 0.00% -0.12% -0.10% -0.12% -0.10% 0.00% 52.37% 0.00% 0.38% 0.00% 52.37% 1.60% 1.95%
Beverage (Alcoholic) 14 46.96% 0.56% 23.37% 22.76% 19.95% 22.79% 19.97% 22.79% 19.97% 29.52% 53.19% 29.52% 53.04% 0.00% 23.67% 0.61% 1.49%
Beverage (Soft) 27 54.74% 13.40% 21.01% 20.53% 19.12% 20.63% 19.22% 20.63% 19.22% 22.78% 56.24% 23.27% 45.26% 0.49% 33.46% 0.48% 1.27%
Broadcasting 24 38.13% 2.06% 13.28% 12.33% 11.38% 12.35% 11.39% 12.35% 11.40% 18.21% 39.56% 18.22% 61.87% 0.01% 21.34% 0.95% 0.87%
Brokerage & Investment Banking 32 53.27% 14.45% 2.51% 0.00% 0.00% -0.12% -0.10% -0.10% -0.08% 0.00% 29.54% 0.27% 46.73% 0.27% 29.54% 2.51% 1.68%
Building Materials 41 30.94% 7.42% 13.28% 12.64% 10.36% 12.80% 10.49% 12.85% 10.54% 17.32% 33.97% 18.58% 69.06% 1.26% 16.65% 0.64% 1.09%
Business & Consumer Services 155 33.38% 7.03% 13.66% 12.27% 11.00% 12.32% 11.04% 12.38% 11.10% 15.65% 33.50% 16.83% 66.62% 1.18% 17.86% 1.39% 1.42%
Cable TV 9 62.91% 7.08% 19.55% 18.49% 16.52% 18.24% 16.30% 18.22% 16.28% 32.37% 61.83% 32.50% 37.09% 0.13% 29.46% 1.07% 1.30%
Chemical (Basic) 29 9.31% -3.73% 3.06% 2.67% 2.47% 2.86% 2.64% 2.83% 2.61% 12.34% 17.63% 13.34% 90.69% 1.00% 5.29% 0.39% 2.05%
Chemical (Diversified) 4 15.32% -5.35% 3.76% 3.29% 3.29% 3.41% 3.41% 3.44% 3.44% 9.68% 20.11% 11.58% 84.68% 1.90% 10.44% 0.47% 1.56%
Chemical (Specialty) 59 35.12% 2.91% 12.85% 12.17% 10.51% 12.41% 10.71% 12.45% 10.76% 18.01% 35.44% 20.62% 64.88% 2.61% 17.43% 0.68% 1.58%
Coal & Related Energy 16 14.86% -2.13% -2.89% -4.02% -3.89% -3.82% -3.70% -3.84% -3.73% 13.04% 20.30% 13.30% 85.14% 0.26% 7.25% 1.13% 1.11%
Computer Services 64 24.26% 4.45% 8.27% 7.41% 6.63% 7.63% 6.82% 7.81% 7.01% 8.98% 22.90% 11.50% 75.74% 2.53% 13.92% 0.86% 0.96%
Computers/Peripherals 36 38.36% 17.78% 24.96% 22.48% 21.16% 22.49% 21.16% 22.92% 21.59% 25.32% 34.03% 32.40% 61.64% 7.08% 8.71% 2.47% 2.92%
Construction Supplies 40 25.52% 10.78% 15.67% 15.23% 12.79% 15.27% 12.82% 15.22% 12.77% 19.46% 27.35% 21.89% 74.48% 2.43% 7.88% 0.44% 0.64%
Diversified 20 25.81% 16.37% 22.83% 22.73% 22.10% 22.82% 22.19% 22.83% 22.20% 31.27% 33.66% 31.93% 74.19% 0.66% 2.39% 0.10% 0.64%
Drugs (Biotechnology) 496 60.78% -5.00% 16.17% 8.97% 8.88% 8.76% 8.67% 8.95% 8.86% 15.38% 45.63% 58.26% 39.22% 42.89% 30.25% 7.20% 1.63%
Drugs (Pharmaceutical) 228 71.73% 18.54% 31.24% 29.54% 28.66% 29.54% 28.66% 27.25% 26.36% 33.59% 55.50% 54.52% 28.27% 20.94% 21.91% 1.71% 0.82%
Education 32 45.82% 8.79% 16.70% 14.01% 11.84% 13.54% 11.44% 13.74% 11.64% 16.57% 43.83% 20.54% 54.18% 3.98% 27.26% 2.68% 3.80%
Electrical Equipment 112 31.82% 0.94% 10.90% 9.53% 9.08% 9.75% 9.28% 9.95% 9.48% 12.65% 31.06% 16.60% 68.18% 3.95% 18.41% 1.36% 1.09%
Electronics (Consumer & Office) 8 38.77% -9.42% -0.20% -4.49% -4.49% -4.25% -4.25% -6.26% -6.26% -2.65% 23.84% 15.25% 61.23% 17.90% 26.48% 4.29% 1.17%
Electronics (General) 114 26.76% 6.47% 11.80% 10.42% 9.59% 10.52% 9.67% 10.61% 9.76% 12.36% 24.03% 16.59% 73.24% 4.23% 11.67% 1.38% 0.85%
Engineering/Construction 48 15.46% 5.94% 7.04% 6.49% 5.60% 6.75% 5.83% 6.76% 5.84% 7.96% 15.76% 8.00% 84.54% 0.04% 7.81% 0.55% 2.54%
Entertainment 92 41.39% 4.43% 13.33% 10.60% 10.25% 10.38% 10.04% 10.60% 10.26% 17.77% 39.14% 21.45% 58.61% 3.68% 21.37% 2.73% 1.97%
Environmental & Waste Services 53 36.30% 8.24% 15.32% 14.61% 13.99% 14.85% 14.22% 14.85% 14.22% 20.99% 34.99% 21.42% 63.70% 0.43% 14.00% 0.71% 1.78%
Farming/Agriculture 35 13.09% 3.91% 5.65% 5.45% 5.10% 5.61% 5.25% 5.60% 5.25% 8.04% 14.13% 9.56% 86.91% 1.52% 6.09% 0.20% 1.09%
Financial Svcs. (Non-bank & Insurance) 176 69.20% 22.19% 20.85% 18.48% 16.26% 18.54% 16.30% 18.74% 16.50% 21.02% 51.09% 23.28% 30.80% 2.26% 30.07% 2.37% 2.99%
Food Processing 78 23.23% 2.82% 11.00% 10.63% 9.53% 10.77% 9.65% 10.74% 9.62% 15.25% 27.38% 15.86% 76.77% 0.60% 12.12% 0.37% 1.69%
Food Wholesalers 13 15.44% 1.17% 2.75% 2.61% 2.37% 2.55% 2.31% 2.55% 2.31% 3.71% 16.11% 3.71% 84.56% 0.00% 12.40% 0.13% 0.51%
Furn/Home Furnishings 27 30.28% 1.10% 7.19% 6.59% 5.84% 6.88% 6.09% 6.80% 6.02% 9.75% 32.18% 11.65% 69.72% 1.90% 22.43% 0.61% 2.97%
Green & Renewable Energy 15 55.24% -10.83% 20.43% 19.87% 19.87% 18.39% 18.39% 18.38% 18.38% 58.45% 63.90% 58.55% 44.76% 0.10% 5.45% 0.56% 0.97%
Healthcare Products 204 54.00% 9.61% 17.40% 15.34% 14.60% 15.47% 14.72% 15.83% 15.08% 20.34% 50.18% 27.53% 46.00% 7.20% 29.84% 2.07% 0.90%
Healthcare Support Services 104 12.08% 1.25% 3.21% 3.00% 2.70% 2.99% 2.70% 3.01% 2.71% 3.87% 12.28% 3.93% 87.92% 0.07% 8.42% 0.22% 0.32%
Heathcare Information and Technology 115 48.32% 7.45% 17.12% 14.71% 13.77% 14.75% 13.81% 14.79% 13.85% 20.50% 45.02% 27.39% 51.68% 6.89% 24.52% 2.41% 1.33%
Homebuilding 30 22.70% 9.47% 12.91% 12.57% 10.44% 12.63% 10.49% 12.63% 10.49% 14.14% 24.03% 14.14% 77.30% 0.00% 9.89% 0.33% 0.30%
Hospitals/Healthcare Facilities 31 39.10% 6.30% 14.05% 13.36% 11.84% 12.86% 11.40% 12.86% 11.40% 15.80% 20.21% 15.85% 60.90% 0.05% 4.41% 0.69% 2.16%
Hotel/Gaming 63 60.85% 10.38% 21.58% 19.39% 17.78% 16.44% 15.08% 16.59% 15.23% 24.45% 52.68% 27.29% 39.15% 2.84% 28.23% 2.19% 2.52%
Household Products 110 51.04% 11.68% 19.54% 18.62% 17.41% 18.79% 17.57% 18.81% 17.59% 22.34% 54.37% 24.34% 48.96% 1.99% 32.03% 0.92% 1.22%
Information Services 15 34.08% 6.53% 13.51% 11.89% 9.73% 12.45% 10.19% 12.47% 10.21% 17.28% 34.94% 19.35% 65.92% 2.08% 17.67% 1.62% 2.10%
Insurance (General) 21 44.70% 12.37% 23.07% 21.31% 18.59% 21.46% 18.72% 21.46% 18.72% 23.57% 33.19% 23.75% 55.30% 0.19% 9.63% 1.75% 1.44%
Insurance (Life) 20 29.99% 7.80% 11.09% 10.61% 9.00% 10.65% 9.03% 10.65% 9.03% 11.50% 23.61% 11.50% 70.01% 0.00% 12.11% 0.48% 0.28%
Insurance (Prop/Cas.) 57 30.19% 11.13% 15.67% 15.25% 12.45% 15.30% 12.49% 15.30% 12.49% 14.73% 24.99% 14.73% 69.81% 0.00% 10.26% 0.41% 0.31%
Investments & Asset Management 283 69.77% 18.36% 30.59% 25.50% 24.60% 25.18% 24.29% 25.26% 24.37% 11.65% 39.46% 12.12% 30.23% 0.47% 27.81% 5.08% 1.03%
Machinery 105 37.47% 10.58% 16.78% 15.86% 13.74% 16.06% 13.91% 16.12% 13.97% 19.62% 39.27% 21.65% 62.53% 2.03% 19.65% 0.92% 0.92%
Metals & Mining 73 34.68% 10.52% 24.37% 23.85% 23.25% 23.76% 23.16% 23.75% 23.15% 29.36% 33.22% 29.54% 65.32% 0.18% 3.85% 0.51% 0.79%
Office Equipment & Services 14 41.43% 4.38% 11.71% 10.73% 9.41% 10.88% 9.54% 10.80% 9.46% 14.33% 42.73% 16.45% 58.57% 2.12% 28.40% 0.98% 1.95%
Oil/Gas (Integrated) 4 36.08% 8.30% 11.56% 11.25% 8.07% 11.57% 8.30% 11.58% 8.31% 21.67% 30.25% 21.92% 63.92% 0.25% 8.58% 0.31% 0.97%
Oil/Gas (Production and Exploration) 142 57.19% 14.63% 26.32% 25.42% 23.72% 25.82% 24.10% 25.75% 24.03% 43.21% 48.39% 43.43% 42.81% 0.22% 5.18% 0.90% 2.85%
Oil/Gas Distribution 23 43.37% 13.35% 26.56% 25.78% 23.42% 26.06% 23.67% 26.05% 23.67% 32.74% 39.62% 32.75% 56.63% 0.01% 6.88% 0.78% 1.23%
Oilfield Svcs/Equip. 97 11.09% 2.34% 4.98% 4.65% 4.24% 4.85% 4.42% 4.82% 4.39% 7.76% 10.60% 8.07% 88.91% 0.32% 2.84% 0.33% 1.35%
Packaging & Container 19 24.27% 4.48% 10.03% 9.58% 8.08% 9.79% 8.27% 9.77% 8.24% 14.36% 25.08% 14.77% 75.73% 0.42% 10.72% 0.45% 1.08%
Paper/Forest Products 6 17.14% 3.44% 7.02% 6.34% 5.80% 6.58% 6.01% 6.63% 6.06% 14.65% 23.00% 14.86% 82.86% 0.21% 8.35% 0.68% 0.71%
Power 46 43.57% 12.73% 21.90% 21.47% 18.73% 21.36% 18.63% 21.37% 18.64% 35.33% 37.64% 35.45% 56.43% 0.12% 2.31% 0.43% 1.32%
Precious Metals 56 55.02% 28.59% 41.01% 40.39% 37.98% 40.43% 38.02% 40.35% 37.93% 34.62% 39.49% 35.09% 44.98% 0.47% 4.87% 0.62% 3.87%
Publishing & Newspapers 19 50.44% 8.19% 11.01% 9.98% 8.96% 9.84% 8.83% 9.92% 8.92% 13.18% 47.13% 14.69% 49.56% 1.51% 33.95% 1.02% 1.55%
R.E.I.T. 190 58.08% 13.23% 26.37% 24.64% 24.25% 22.21% 21.86% 22.21% 21.86% 43.79% 53.93% 43.80% 41.92% 0.01% 10.14% 1.72% 2.89%
Real Estate (Development) 14 35.27% 7.01% 22.40% 21.53% 20.47% 21.19% 20.15% 21.19% 20.15% 24.95% 33.95% 24.95% 64.73% 0.00% 9.00% 0.87% 0.21%
Real Estate (General/Diversified) 12 51.23% 23.77% 23.61% 21.45% 20.45% 22.09% 21.06% 22.09% 21.06% 27.19% 59.51% 27.19% 48.77% 0.00% 32.32% 2.16% 5.58%
Real Estate (Operations & Services) 54 32.21% 1.19% 4.55% 2.85% 2.60% 2.76% 2.52% 2.85% 2.61% 3.96% 30.28% 5.39% 67.79% 1.43% 26.32% 1.70% 1.22%
Recreation 49 39.79% -4.72% 11.37% 9.69% 8.58% 8.06% 7.13% 8.06% 7.14% 16.64% 40.46% 19.49% 60.21% 2.85% 23.83% 1.67% 3.10%
Reinsurance 1 13.21% 3.89% 7.45% 7.21% 5.02% 7.23% 5.04% 7.23% 5.04% 5.96% 6.23% 5.96% 86.79% 0.00% 0.27% 0.23% 0.00%
Restaurant/Dining 64 32.24% 9.37% 17.16% 15.79% 14.22% 13.79% 12.42% 13.88% 12.52% 19.47% 30.27% 20.20% 67.76% 0.74% 10.81% 1.37% 5.11%
Retail (Automotive) 34 21.96% 3.36% 6.51% 6.24% 5.57% 5.84% 5.21% 5.84% 5.21% 7.24% 22.22% 7.24% 78.04% 0.01% 14.99% 0.26% 1.34%
Retail (Building Supply) 14 34.22% 7.84% 12.40% 11.94% 10.53% 11.82% 10.42% 11.81% 10.41% 14.21% 34.68% 14.36% 65.78% 0.14% 20.46% 0.46% 1.64%
Retail (Distributors) 62 30.57% 6.05% 10.56% 10.10% 8.62% 10.32% 8.81% 10.32% 8.82% 11.37% 30.10% 11.40% 69.43% 0.02% 18.73% 0.46% 1.60%
Retail (General) 23 33.18% 5.61% 8.15% 6.80% 5.50% 6.50% 5.26% 7.12% 5.87% 10.11% 30.99% 15.34% 66.82% 5.23% 20.88% 1.34% 1.26%
Retail (Grocery and Food) 15 26.31% 1.32% 2.55% 2.29% 2.01% 1.85% 1.62% 1.73% 1.50% 5.40% 27.09% 5.64% 73.69% 0.23% 21.69% 0.26% 0.95%
Retail (REITs) 26 78.61% 23.00% 41.63% 40.25% 39.60% 38.64% 38.02% 38.64% 38.02% 67.17% 73.68% 67.19% 21.39% 0.02% 6.51% 1.38% 0.72%
Retail (Special Lines) 94 35.30% 5.19% 8.41% 7.73% 6.95% 8.08% 7.26% 8.08% 7.26% 9.85% 36.73% 9.94% 64.70% 0.08% 26.88% 0.69% 5.51%
Rubber& Tires 3 17.99% -9.49% 2.38% 2.24% 2.24% 2.57% 2.57% 2.49% 2.49% 8.73% 24.47% 11.05% 82.01% 2.33% 15.74% 0.14% 1.83%
Semiconductor 66 58.97% 30.45% 40.37% 35.33% 33.52% 35.31% 33.51% 36.47% 34.66% 36.77% 42.94% 52.13% 41.03% 15.36% 6.17% 5.04% 0.40%
Semiconductor Equip 31 46.32% 21.32% 28.34% 26.17% 23.56% 26.29% 23.67% 26.86% 24.24% 29.06% 37.96% 39.78% 53.68% 10.72% 8.90% 2.17% 0.61%
Shipbuilding & Marine 8 27.08% 9.48% 13.29% 12.60% 11.94% 13.52% 12.81% 13.52% 12.81% 20.41% 29.56% 20.41% 72.92% 0.00% 9.15% 0.69% 3.28%
Shoe 11 43.88% 6.27% 10.40% 9.03% 7.96% 9.14% 8.06% 9.15% 8.07% 11.87% 46.45% 12.01% 56.12% 0.14% 34.58% 1.37% 2.43%
Software (Entertainment) 77 66.45% 29.93% 41.35% 33.85% 32.06% 33.67% 31.89% 36.00% 34.22% 34.90% 49.04% 53.50% 33.55% 18.61% 14.15% 7.50% 1.36%
Software (Internet) 29 62.58% -0.93% 18.55% 3.69% 3.57% 3.74% 3.62% 4.70% 4.59% 9.52% 42.87% 29.27% 37.42% 19.76% 33.35% 14.87% 3.22%
Software (System & Application) 309 71.72% 25.49% 40.81% 32.98% 31.17% 33.21% 31.38% 34.45% 32.62% 35.93% 60.32% 51.91% 28.28% 15.98% 24.38% 7.83% 1.68%
Steel 19 12.25% 1.93% 4.50% 4.10% 3.72% 4.11% 3.73% 4.11% 3.73% 10.58% 17.77% 10.58% 87.75% 0.00% 7.19% 0.40% 0.55%
Telecom (Wireless) 12 62.98% 12.24% 21.98% 20.98% 20.14% 19.74% 18.94% 19.75% 18.96% 34.57% 61.22% 34.64% 37.02% 0.07% 26.65% 1.00% 5.78%
Telecom. Equipment 57 58.14% 16.09% 25.90% 20.70% 19.23% 20.92% 19.44% 22.01% 20.53% 23.95% 45.54% 38.31% 41.86% 14.36% 21.59% 5.20% 1.27%
Telecom. Services 39 58.82% 14.20% 21.05% 20.47% 19.78% 20.82% 20.12% 20.84% 20.13% 34.70% 57.12% 35.16% 41.18% 0.46% 22.42% 0.58% 4.23%
Tobacco 10 64.31% 26.65% 44.04% 43.54% 37.11% 43.68% 37.23% 43.79% 37.34% 42.22% 62.96% 43.70% 35.69% 1.48% 20.74% 0.50% 0.66%
Transportation 19 24.10% 8.23% 8.45% 7.57% 6.92% 7.64% 6.99% 7.71% 7.05% 9.83% 14.86% 11.07% 75.90% 1.25% 5.03% 0.88% 4.00%
Transportation (Railroads) 4 50.96% 24.73% 37.90% 37.41% 31.06% 37.43% 31.08% 37.43% 31.08% 49.19% 49.20% 49.19% 49.04% 0.00% 0.01% 0.49% 1.80%
Trucking 26 21.19% 3.79% 7.31% 6.89% 6.02% 7.31% 6.39% 7.30% 6.38% 15.58% 21.80% 15.72% 78.81% 0.14% 6.22% 0.42% 1.70%
Utility (General) 14 44.18% 14.18% 23.84% 23.49% 20.49% 23.21% 20.24% 23.21% 20.24% 34.92% 33.98% 34.92% 55.82% 0.00% -0.93% 0.35% 0.84%
Utility (Water) 14 58.97% 21.16% 34.46% 33.72% 29.94% 33.65% 29.88% 33.63% 29.87% 45.73% 49.59% 45.75% 41.03% 0.02% 3.87% 0.74% 0.30%
Total Market 5994 37.76% 9.74% 14.39% 12.82% 11.75% 12.75% 11.69% 12.93% 11.88% 16.56% 32.50% 20.30% 62.24% 3.74% 15.94% 1.57% 1.53%
Total Market (without financials) 4822 34.39% 8.56% 14.65% 13.14% 12.20% 13.06% 12.13% 13.26% 12.33% 17.42% 31.39% 21.55% 65.61% 4.14% 13.97% 1.51% 1.51%