Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2024

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


    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 57 28.11% 0.89% 12.26% 9.61% 9.09% 9.96% 9.42% 10.14% 9.60% 15.14% 28.37% 17.06% 71.89% 1.92% 13.23% 2.64% 3.35%
Aerospace/Defense 70 17.27% 4.96% 9.71% 8.54% 7.92% 8.56% 7.93% 8.77% 8.15% 12.13% 18.55% 16.33% 82.73% 4.20% 6.42% 1.17% 0.74%
Air Transport 25 25.80% 2.79% 7.22% 6.90% 6.30% 6.69% 6.11% 6.72% 6.15% 8.11% 11.70% 8.43% 74.20% 0.33% 3.59% 0.32% 6.32%
Apparel 38 51.93% 3.15% 9.59% 8.76% 7.87% 9.60% 8.62% 9.60% 8.63% 12.39% 55.29% 12.52% 48.07% 0.13% 42.91% 0.83% 5.38%
Auto & Truck 34 12.45% 3.53% 5.79% 4.82% 4.67% 4.89% 4.73% 5.10% 4.95% 8.77% 14.81% 14.13% 87.55% 5.36% 6.04% 0.97% 0.40%
Auto Parts 39 15.01% 1.62% 6.16% 5.31% 4.53% 5.38% 4.59% 5.85% 5.07% 8.97% 16.97% 13.16% 84.99% 4.20% 8.00% 0.85% 0.76%
Bank (Money Center) 15 100.00% 30.89% 2.02% 0.00% 0.00% 0.08% 0.07% 0.08% 0.07% 0.00% 55.96% 0.00% 0.00% 0.00% 55.96% 2.02% 1.89%
Banks (Regional) 625 99.36% 29.67% 1.52% 0.00% 0.00% -0.18% -0.15% -0.18% -0.15% 0.00% 49.96% 0.00% 0.64% 0.00% 49.96% 1.52% 2.08%
Beverage (Alcoholic) 19 45.25% 8.59% 21.20% 20.63% 18.48% 20.75% 18.59% 20.75% 18.59% 23.09% 46.99% 23.09% 54.75% 0.00% 23.90% 0.57% 1.45%
Beverage (Soft) 29 54.52% 13.73% 19.83% 19.30% 18.01% 19.39% 18.10% 19.40% 18.10% 20.47% 55.20% 20.96% 45.48% 0.49% 34.73% 0.53% 1.12%
Broadcasting 22 38.57% -1.41% 12.55% 11.78% 10.85% 11.73% 10.81% 11.73% 10.81% 19.78% 41.88% 19.79% 61.43% 0.00% 22.10% 0.77% 1.02%
Brokerage & Investment Banking 27 62.06% 12.44% 4.16% 0.77% 0.64% 0.66% 0.55% 0.58% 0.47% 0.68% 38.09% 1.07% 37.94% 0.38% 37.41% 3.39% 2.44%
Building Materials 44 30.94% 8.00% 14.19% 13.55% 10.85% 13.70% 10.97% 13.77% 11.04% 17.79% 33.80% 18.91% 69.06% 1.12% 16.01% 0.64% 0.96%
Business & Consumer Services 162 33.50% 5.45% 12.48% 11.10% 9.90% 11.27% 10.05% 11.31% 10.09% 14.85% 33.67% 15.62% 66.50% 0.77% 18.82% 1.38% 1.48%
Cable TV 10 59.05% 10.69% 20.60% 19.47% 14.85% 19.08% 14.55% 19.09% 14.56% 31.99% 57.72% 32.15% 40.95% 0.16% 25.74% 1.14% 0.97%
Chemical (Basic) 32 13.75% 3.52% 8.30% 7.88% 7.18% 8.02% 7.30% 8.02% 7.30% 18.86% 23.46% 19.80% 86.25% 0.94% 4.60% 0.42% 1.76%
Chemical (Diversified) 4 18.18% -1.01% 1.88% 1.52% 1.30% 1.57% 1.34% 1.46% 1.23% 19.30% 34.42% 21.04% 81.82% 1.74% 15.12% 0.35% 0.99%
Chemical (Specialty) 68 33.13% 10.93% 13.87% 13.09% 11.73% 13.26% 11.88% 13.05% 11.67% 21.30% 37.29% 23.97% 66.87% 2.67% 15.99% 0.78% 1.38%
Coal & Related Energy 18 34.60% 15.80% 21.69% 20.51% 19.97% 20.63% 20.09% 20.55% 20.01% 24.16% 29.45% 24.51% 65.40% 0.35% 5.29% 1.18% 1.08%
Computer Services 72 25.52% 4.40% 7.80% 6.98% 6.44% 7.27% 6.70% 7.30% 6.74% 9.75% 25.26% 12.20% 74.48% 2.45% 15.51% 0.82% 1.12%
Computers/Peripherals 36 37.54% 17.47% 23.38% 21.06% 19.24% 21.05% 19.23% 21.48% 19.66% 24.53% 34.01% 31.48% 62.46% 6.95% 9.48% 2.32% 2.88%
Construction Supplies 45 24.94% 10.17% 15.55% 15.17% 12.91% 15.21% 12.95% 15.40% 13.14% 14.03% 21.26% 16.42% 75.06% 2.39% 7.23% 0.39% 0.60%
Diversified 23 28.22% 15.84% 23.08% 22.93% 21.73% 23.07% 21.86% 23.07% 21.86% 1.44% 5.81% 2.61% 71.78% 1.17% 4.37% 0.15% 0.73%
Drugs (Biotechnology) 572 56.37% -11.88% 8.28% 1.08% 1.07% 0.92% 0.91% 3.83% 3.82% 22.08% 54.58% 65.93% 43.63% 43.86% 32.51% 7.20% 1.52%
Drugs (Pharmaceutical) 245 65.26% 15.20% 19.75% 18.16% 17.64% 18.15% 17.63% 21.33% 20.80% 38.84% 61.64% 60.72% 34.74% 21.87% 22.79% 1.59% 0.88%
Education 31 44.23% 1.30% 9.33% 5.82% 5.17% 5.07% 4.51% 5.16% 4.60% 9.91% 42.59% 14.59% 55.77% 4.68% 32.67% 3.51% 3.23%
Electrical Equipment 103 32.52% 15.22% 11.02% 9.00% 8.49% 9.22% 8.70% 9.57% 9.05% 13.72% 33.91% 17.68% 67.48% 3.95% 20.19% 2.02% 1.05%
Electronics (Consumer & Office) 13 32.36% -3.05% 2.89% -0.08% -0.07% -0.04% -0.04% 0.57% 0.57% 3.60% 26.37% 13.08% 67.64% 9.48% 22.77% 2.97% 0.87%
Electronics (General) 129 27.36% 4.69% 10.81% 9.48% 8.71% 9.59% 8.80% 9.80% 9.01% 14.83% 27.47% 19.88% 72.64% 5.05% 12.64% 1.33% 0.86%
Engineering/Construction 43 13.85% 1.67% 5.02% 4.48% 3.84% 4.74% 4.07% 4.72% 4.04% 6.17% 13.92% 6.38% 86.15% 0.22% 7.75% 0.54% 2.50%
Entertainment 98 38.09% -0.23% 9.12% 7.01% 6.78% 6.73% 6.51% 7.05% 6.83% 13.69% 34.48% 17.17% 61.91% 3.49% 20.79% 2.11% 3.90%
Environmental & Waste Services 57 34.65% 8.09% 14.20% 13.55% 12.82% 13.81% 13.06% 13.82% 13.07% 20.11% 34.30% 20.52% 65.35% 0.41% 14.19% 0.65% 1.95%
Farming/Agriculture 42 16.49% 7.12% 10.40% 10.18% 9.50% 10.37% 9.67% 10.49% 9.79% 11.21% 16.20% 12.48% 83.51% 1.27% 4.99% 0.22% 1.06%
Financial Svcs. (Non-bank & Insurance) 172 65.99% 15.44% 17.57% 15.18% 13.50% 15.23% 13.54% 15.25% 13.57% 19.97% 48.79% 22.05% 34.01% 2.08% 28.82% 2.39% 0.79%
Food Processing 82 24.53% 6.00% 11.27% 10.79% 9.89% 10.92% 10.01% 10.92% 10.02% 13.26% 26.58% 13.87% 75.47% 0.61% 13.31% 0.48% 1.90%
Food Wholesalers 14 14.86% 1.21% 2.35% 2.23% 1.88% 2.22% 1.87% 2.22% 1.87% 3.05% 15.35% 3.05% 85.14% 0.00% 12.30% 0.12% 0.46%
Furn/Home Furnishings 31 26.04% -2.24% 6.55% 5.86% 5.05% 6.10% 5.25% 6.11% 5.26% 10.47% 29.48% 12.22% 73.96% 1.75% 19.01% 0.69% 1.70%
Green & Renewable Energy 17 61.67% 15.26% 24.39% 23.44% 22.41% 21.76% 20.81% 21.78% 20.82% 53.88% 64.89% 53.96% 38.33% 0.08% 11.02% 0.95% 0.94%
Healthcare Products 230 55.64% 8.19% 15.58% 13.29% 12.65% 13.40% 12.75% 13.84% 13.19% 20.92% 52.83% 29.43% 44.36% 8.51% 31.91% 2.29% 0.98%
Healthcare Support Services 119 14.37% 2.25% 4.19% 3.92% 3.60% 3.87% 3.55% 3.86% 3.55% 4.62% 14.20% 4.69% 85.63% 0.08% 9.58% 0.27% 0.41%
Heathcare Information and Technology 128 47.67% 5.72% 16.56% 14.01% 13.57% 14.04% 13.60% 14.15% 13.71% 23.66% 48.60% 30.29% 52.33% 6.63% 24.94% 2.55% 1.22%
Homebuilding 32 25.06% 12.27% 16.57% 16.24% 13.45% 16.30% 13.50% 16.30% 13.50% 18.08% 26.91% 18.08% 74.94% 0.00% 8.83% 0.32% 0.27%
Hospitals/Healthcare Facilities 32 35.99% 5.12% 12.07% 11.57% 10.78% 11.55% 10.76% 11.55% 10.76% 15.36% 18.46% 15.36% 64.01% 0.00% 3.11% 0.50% 2.03%
Hotel/Gaming 68 59.52% 10.08% 19.30% 17.14% 15.66% 13.39% 12.23% 13.54% 12.38% 17.81% 46.65% 20.39% 40.48% 2.58% 28.85% 2.16% 2.64%
Household Products 93 48.70% 11.08% 17.77% 16.86% 15.48% 16.98% 15.59% 17.03% 15.63% 20.43% 51.73% 22.34% 51.30% 1.91% 31.31% 0.91% 1.23%
Information Services 18 32.72% 3.49% 13.03% 11.63% 9.80% 12.24% 10.31% 12.34% 10.41% 16.92% 33.59% 18.92% 67.28% 2.00% 16.67% 1.40% 2.19%
Insurance (General) 21 33.93% 8.88% 16.35% 15.23% 13.14% 15.27% 13.18% 15.27% 13.18% 29.11% 41.32% 29.21% 66.07% 0.10% 12.21% 1.12% 1.00%
Insurance (Life) 23 20.49% 0.72% 0.60% 0.07% 0.06% 0.13% 0.12% 0.13% 0.12% 8.58% 19.94% 8.58% 79.51% 0.00% 11.35% 0.53% 0.34%
Insurance (Prop/Cas.) 50 23.43% 5.00% 7.78% 7.41% 6.49% 7.49% 6.56% 7.49% 6.56% 6.30% 16.86% 6.30% 76.57% 0.00% 10.57% 0.37% 0.38%
Investments & Asset Management 334 66.89% 19.82% 19.30% 15.00% 13.30% 14.70% 13.04% 14.67% 13.00% 17.53% 52.77% 18.07% 33.11% 0.54% 35.24% 4.30% 1.61%
Machinery 103 35.54% 9.77% 15.75% 14.78% 13.05% 14.95% 13.19% 15.06% 13.31% 17.40% 36.22% 19.52% 64.46% 2.12% 18.83% 0.97% 0.85%
Metals & Mining 68 31.13% 7.23% 20.12% 19.62% 19.23% 19.55% 19.16% 19.56% 19.17% 32.28% 36.18% 32.46% 68.87% 0.18% 3.90% 0.50% 0.78%
Office Equipment & Services 17 35.33% 0.81% 7.99% 7.29% 6.04% 7.50% 6.21% 7.53% 6.24% 10.20% 36.21% 12.21% 64.67% 2.00% 26.01% 0.70% 2.06%
Oil/Gas (Integrated) 4 37.33% 12.40% 15.94% 15.60% 12.29% 15.78% 12.44% 15.78% 12.44% 29.06% 36.51% 29.25% 62.67% 0.19% 7.45% 0.34% 0.60%
Oil/Gas (Production and Exploration) 166 58.75% 28.26% 38.24% 37.27% 35.17% 37.68% 35.57% 37.69% 35.57% 61.80% 67.19% 61.84% 41.25% 0.04% 5.38% 0.98% 2.08%
Oil/Gas Distribution 24 52.91% 23.59% 38.64% 37.95% 34.44% 38.21% 34.68% 38.21% 34.68% 29.24% 35.03% 29.24% 47.09% 0.00% 5.79% 0.69% 0.88%
Oilfield Svcs/Equip. 100 14.09% 6.22% 8.99% 8.72% 7.77% 8.83% 7.87% 8.85% 7.89% 11.35% 14.72% 11.60% 85.91% 0.25% 3.37% 0.27% 0.88%
Packaging & Container 22 21.71% 2.85% 10.16% 9.76% 7.99% 9.97% 8.17% 9.98% 8.17% 15.71% 25.22% 16.17% 78.29% 0.46% 9.51% 0.40% 1.11%
Paper/Forest Products 7 20.20% 3.86% 10.49% 9.96% 8.68% 10.08% 8.77% 10.14% 8.84% 23.86% 32.38% 23.96% 79.80% 0.10% 8.52% 0.53% 0.90%
Power 50 37.41% 8.51% 16.68% 16.29% 14.06% 16.29% 14.06% 16.29% 14.06% 27.76% 30.07% 27.85% 62.59% 0.09% 2.31% 0.39% 1.67%
Precious Metals 61 32.47% -4.26% 10.28% 9.48% 9.29% 9.56% 9.37% 9.48% 9.29% 32.15% 39.54% 33.13% 67.53% 0.99% 7.39% 0.79% 5.97%
Publishing & Newspapers 21 45.99% 1.82% 8.69% 7.80% 7.02% 7.59% 6.83% 7.68% 6.92% 12.12% 43.47% 13.37% 54.01% 1.25% 31.35% 0.89% 1.62%
R.E.I.T. 193 57.48% 12.61% 26.22% 24.34% 23.87% 21.77% 21.34% 21.77% 21.34% 45.09% 55.45% 45.10% 42.52% 0.01% 10.35% 1.88% 3.06%
Real Estate (Development) 17 32.20% -16.35% 13.55% 12.61% 12.43% 11.16% 11.00% 11.16% 11.00% 28.23% 37.14% 28.23% 67.80% 0.00% 8.91% 0.95% 0.51%
Real Estate (General/Diversified) 11 46.70% 16.91% 18.30% 16.13% 14.00% 16.44% 14.26% 16.44% 14.26% 19.50% 52.93% 19.50% 53.30% 0.00% 33.44% 2.17% 4.11%
Real Estate (Operations & Services) 60 34.10% -3.14% 1.41% -0.28% -0.27% 0.05% 0.05% 0.05% 0.05% 5.01% 34.80% 6.62% 65.90% 1.61% 29.79% 1.70% 3.99%
Recreation 55 36.73% 0.90% 11.21% 9.66% 8.86% 8.10% 7.43% 8.10% 7.43% 15.11% 37.39% 17.94% 63.27% 2.83% 22.28% 1.55% 2.65%
Reinsurance 1 15.72% 6.36% 9.93% 9.66% 7.44% 9.66% 7.44% 9.66% 7.44% 5.82% 6.07% 5.82% 84.28% 0.00% 0.25% 0.27% 0.00%
Restaurant/Dining 64 32.43% 10.66% 17.26% 15.80% 14.00% 13.49% 11.95% 13.61% 12.07% 18.37% 29.40% 18.99% 67.57% 0.62% 11.03% 1.46% 5.32%
Retail (Automotive) 30 21.88% 4.32% 6.44% 6.18% 5.34% 5.71% 4.94% 5.71% 4.94% 7.44% 22.28% 7.45% 78.12% 0.01% 14.84% 0.26% 1.22%
Retail (Building Supply) 16 34.17% 8.40% 13.01% 12.51% 10.94% 12.38% 10.82% 12.38% 10.83% 15.60% 35.56% 15.75% 65.83% 0.14% 19.96% 0.50% 1.48%
Retail (Distributors) 62 32.34% 7.55% 12.34% 11.95% 10.07% 12.18% 10.26% 12.17% 10.25% 12.92% 31.79% 12.94% 67.66% 0.02% 18.87% 0.38% 1.32%
Retail (General) 26 30.86% 3.09% 5.99% 4.41% 3.77% 4.08% 3.48% 4.70% 4.10% 7.13% 28.41% 11.98% 69.14% 4.85% 21.28% 1.57% 1.23%
Retail (Grocery and Food) 14 25.54% 1.18% 3.55% 2.42% 2.01% 2.00% 1.66% 2.65% 2.31% 5.27% 25.54% 6.11% 74.46% 0.84% 20.26% 1.13% 0.91%
Retail (REITs) 28 77.63% 23.32% 38.08% 36.75% 35.81% 35.01% 34.12% 35.01% 34.12% 65.56% 72.74% 65.57% 22.37% 0.01% 7.18% 1.34% 0.73%
Retail (Special Lines) 105 29.88% 1.45% 5.17% 4.62% 4.18% 4.78% 4.33% 4.80% 4.34% 6.70% 31.45% 6.83% 70.12% 0.13% 24.75% 0.55% 4.82%
Rubber& Tires 3 16.56% -2.53% 1.91% 1.84% 1.84% 2.10% 2.10% 2.16% 2.16% 9.07% 23.77% 11.53% 83.44% 2.46% 14.70% 0.07% 1.55%
Semiconductor 63 51.72% 16.47% 25.28% 19.71% 18.75% 19.72% 18.76% 20.54% 19.58% 31.90% 40.60% 52.78% 48.28% 20.88% 8.70% 5.56% 0.70%
Semiconductor Equip 30 44.27% 17.94% 26.16% 24.19% 21.25% 24.34% 21.38% 25.00% 22.05% 30.33% 39.31% 40.64% 55.73% 10.32% 8.98% 1.97% 0.91%
Shipbuilding & Marine 8 25.44% 7.75% 11.31% 10.65% 9.93% 11.94% 11.14% 11.94% 11.14% 33.01% 42.44% 33.01% 74.56% 0.00% 9.43% 0.66% 4.17%
Shoe 13 45.36% 9.49% 13.51% 12.20% 10.82% 12.17% 10.80% 12.18% 10.80% 13.19% 46.32% 13.28% 54.64% 0.09% 33.14% 1.31% 2.24%
Software (Entertainment) 84 63.43% 20.35% 35.36% 26.80% 25.43% 26.50% 25.15% 28.17% 26.81% 29.03% 47.25% 47.96% 36.57% 18.93% 18.21% 8.56% 1.40%
Software (Internet) 35 59.11% -14.32% 12.40% -3.36% -3.27% -2.90% -2.82% -0.83% -0.76% 1.23% 41.62% 22.27% 40.89% 21.04% 40.39% 15.76% 2.96%
Software (System & Application) 351 71.52% 19.14% 34.05% 25.30% 24.24% 25.34% 24.28% 26.30% 25.23% 28.53% 56.65% 45.64% 28.48% 17.10% 28.11% 8.75% 1.48%
Steel 29 19.30% 9.25% 12.49% 12.10% 10.20% 12.14% 10.24% 12.15% 10.24% 22.76% 28.71% 22.80% 80.70% 0.03% 5.94% 0.38% 0.49%
Telecom (Wireless) 13 61.35% 8.79% 17.64% 16.79% 15.19% 14.95% 13.52% 14.95% 13.52% 32.58% 60.78% 32.63% 38.65% 0.05% 28.20% 0.84% 8.43%
Telecom. Equipment 66 55.56% 13.98% 23.46% 19.58% 18.36% 19.84% 18.61% 20.71% 19.48% 22.74% 44.21% 36.22% 44.44% 13.48% 21.47% 3.88% 1.33%
Telecom. Services 42 58.24% -0.28% 21.40% 20.86% 19.48% 20.98% 19.60% 20.98% 19.60% 36.35% 58.92% 36.93% 41.76% 0.57% 22.57% 0.54% 4.03%
Tobacco 16 61.25% 27.52% 41.29% 40.82% 36.76% 40.97% 36.90% 41.00% 36.92% 43.71% 63.54% 45.04% 38.75% 1.33% 19.83% 0.47% 0.63%
Transportation 36 25.12% 5.96% 9.31% 7.95% 7.43% 7.93% 7.41% 8.00% 7.48% 12.79% 17.86% 14.13% 74.88% 1.34% 5.06% 1.36% 4.26%
Transportation (Railroads) 4 49.76% 23.52% 35.52% 35.11% 29.05% 34.95% 28.91% 34.95% 28.91% 49.83% 49.88% 49.83% 50.24% 0.00% 0.05% 0.41% 1.64%
Trucking 22 21.95% 5.37% 9.05% 8.49% 6.78% 8.77% 6.99% 8.69% 6.92% 18.12% 24.74% 18.45% 78.05% 0.33% 6.62% 0.55% 1.21%
Utility (General) 14 40.55% 13.51% 22.17% 21.81% 18.74% 21.64% 18.60% 21.64% 18.60% 31.54% 30.80% 31.56% 59.45% 0.02% -0.74% 0.37% 0.45%
Utility (Water) 13 55.50% 19.34% 31.46% 30.79% 27.38% 30.68% 27.28% 30.68% 27.28% 43.11% 46.51% 43.11% 44.50% 0.00% 3.41% 0.67% 0.21%
Total Market 6481 36.56% 8.54% 12.97% 11.45% 10.50% 11.36% 10.41% 11.63% 10.68% 15.73% 32.05% 19.26% 63.44% 3.53% 16.32% 1.51% 1.51%
Total Market (without financials) 5214 33.41% 7.59% 13.50% 12.03% 11.21% 11.93% 11.12% 12.23% 11.42% 16.50% 30.88% 20.37% 66.59% 3.88% 14.38% 1.47% 1.53%

 

Last Updated in January 2024
By Aswath Damodaran