Margins by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2023

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


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 58 29.17% 3.79% 13.50% 10.62% 9.94% 11.11% 10.40% 11.14% 10.43% 14.07% 27.50% 15.80% 70.83% 1.73% 13.43% 2.88% 3.53%
Aerospace/Defense 77 16.69% 4.05% 9.89% 8.64% 7.89% 8.68% 7.93% 8.92% 8.17% 13.64% 19.55% 18.41% 83.31% 4.76% 5.91% 1.26% 0.81%
Air Transport 21 21.20% -1.71% 2.55% 2.11% 1.89% 2.08% 1.87% 2.14% 1.92% -3.31% 0.16% -2.97% 78.80% 0.34% 3.47% 0.44% 7.85%
Apparel 39 51.84% 5.07% 11.06% 10.16% 8.94% 11.11% 9.77% 11.11% 9.78% 14.19% 55.64% 14.31% 48.16% 0.13% 41.46% 0.90% 5.07%
Auto & Truck 31 14.70% 5.02% 7.95% 6.43% 6.24% 6.49% 6.30% 7.03% 6.84% 9.64% 15.84% 15.39% 85.30% 5.75% 6.20% 1.52% 0.39%
Auto Parts 37 14.56% 2.16% 5.82% 5.06% 4.59% 5.19% 4.71% 5.68% 5.20% 9.27% 17.11% 13.45% 85.44% 4.18% 7.84% 0.75% 0.76%
Bank (Money Center) 7 100.00% 26.96% 2.38% 0.00% 0.00% 0.10% 0.08% 0.10% 0.08% 0.00% 57.98% 0.00% 0.00% 0.00% 57.98% 2.38% 2.53%
Banks (Regional) 557 99.79% 30.31% 1.45% 0.00% 0.00% -0.10% -0.08% -0.10% -0.08% 0.00% 50.27% 0.00% 0.21% 0.00% 50.27% 1.45% 2.47%
Beverage (Alcoholic) 23 44.42% 5.76% 20.59% 20.06% 18.18% 20.17% 18.28% 20.17% 18.28% 26.06% 49.65% 26.06% 55.58% 0.00% 23.59% 0.52% 1.57%
Beverage (Soft) 31 53.55% 14.60% 19.66% 19.04% 17.82% 19.14% 17.91% 19.14% 17.92% 21.71% 55.62% 22.23% 46.45% 0.52% 33.91% 0.63% 1.13%
Broadcasting 26 40.03% 11.90% 15.36% 14.58% 12.28% 14.75% 12.42% 14.75% 12.42% 19.20% 40.50% 19.21% 59.97% 0.00% 21.30% 0.78% 1.00%
Brokerage & Investment Banking 30 61.81% 16.01% 4.31% 0.41% 0.35% 0.31% 0.27% 0.26% 0.21% 0.43% 35.34% 0.87% 38.19% 0.44% 34.91% 3.90% 2.18%
Building Materials 45 29.45% 10.30% 14.41% 13.81% 11.50% 13.94% 11.61% 14.00% 11.67% 13.59% 28.33% 14.53% 70.55% 0.94% 14.74% 0.60% 0.86%
Business & Consumer Services 164 31.20% 4.92% 10.29% 9.03% 8.18% 9.22% 8.35% 9.42% 8.55% 12.58% 30.73% 13.63% 68.80% 1.05% 18.15% 1.26% 1.74%
Cable TV 10 58.62% 7.91% 20.99% 19.90% 15.53% 19.52% 15.23% 19.53% 15.24% 31.28% 56.46% 31.42% 41.38% 0.14% 25.19% 1.09% 0.81%
Chemical (Basic) 38 17.85% 9.70% 13.47% 13.05% 11.77% 13.14% 11.85% 13.15% 11.86% 17.86% 21.61% 18.61% 82.15% 0.75% 3.75% 0.41% 1.41%
Chemical (Diversified) 4 23.97% 13.16% 13.95% 13.52% 11.89% 13.56% 11.93% 13.63% 12.00% 13.15% 22.21% 14.69% 76.03% 1.53% 9.06% 0.43% 1.04%
Chemical (Specialty) 76 34.23% 8.07% 16.90% 14.62% 13.05% 14.80% 13.21% 15.30% 13.71% 17.83% 33.06% 20.86% 65.77% 3.03% 15.23% 2.28% 1.24%
Coal & Related Energy 19 35.75% 20.44% 23.50% 22.15% 21.65% 22.17% 21.67% 22.33% 21.83% 12.64% 17.21% 13.00% 64.25% 0.36% 4.56% 1.34% 0.81%
Computer Services 80 24.23% 2.53% 7.45% 6.57% 6.15% 6.89% 6.44% 6.95% 6.51% 9.21% 23.79% 11.58% 75.77% 2.36% 14.57% 0.87% 1.16%
Computers/Peripherals 42 36.39% 16.68% 23.12% 21.41% 19.45% 21.43% 19.47% 22.03% 20.07% 24.46% 33.48% 30.36% 63.61% 5.91% 9.02% 1.71% 2.85%
Construction Supplies 49 21.82% 8.23% 11.82% 11.13% 9.96% 11.16% 9.99% 11.44% 10.27% 13.55% 21.32% 16.29% 78.18% 2.74% 7.77% 0.69% 0.60%
Diversified 23 10.16% 0.98% 3.63% 3.44% 3.34% 3.59% 3.48% 3.62% 3.52% 32.42% 38.09% 33.70% 89.84% 1.28% 5.67% 0.19% 0.83%
Drugs (Biotechnology) 598 60.94% 0.65% 18.33% 12.02% 11.91% 11.87% 11.76% 14.26% 14.15% 22.57% 50.85% 61.53% 39.06% 38.96% 28.27% 6.31% 1.62%
Drugs (Pharmaceutical) 281 67.02% 18.35% 28.87% 27.39% 26.74% 27.37% 26.72% 26.63% 25.98% 31.94% 52.34% 49.78% 32.98% 17.84% 20.40% 1.48% 0.72%
Education 33 46.61% 2.92% 8.92% 5.28% 4.90% 5.16% 4.79% 5.83% 5.46% 10.65% 45.96% 15.35% 53.39% 4.70% 35.32% 3.65% 3.53%
Electrical Equipment 110 32.33% 7.31% 11.61% 9.97% 9.52% 10.25% 9.79% 10.77% 10.31% 14.30% 33.63% 17.81% 67.67% 3.52% 19.34% 1.64% 0.98%
Electronics (Consumer & Office) 16 32.29% 0.54% 5.17% 1.85% 1.78% 2.11% 2.03% 2.54% 2.46% 4.47% 26.96% 12.16% 67.71% 7.69% 22.49% 3.32% 0.73%
Electronics (General) 138 27.35% 6.32% 11.11% 9.74% 9.12% 9.83% 9.21% 10.17% 9.55% 13.79% 26.09% 18.87% 72.65% 5.08% 12.30% 1.38% 0.82%
Engineering/Construction 43 13.92% 2.16% 4.87% 4.42% 3.83% 4.69% 4.07% 4.69% 4.07% 7.07% 14.90% 7.10% 86.08% 0.03% 7.83% 0.45% 2.54%
Entertainment 110 40.44% 0.90% 9.91% 7.51% 7.25% 7.44% 7.19% 7.93% 7.67% 14.49% 36.66% 18.47% 59.56% 3.98% 22.17% 2.40% 1.96%
Environmental & Waste Services 62 32.74% 7.29% 13.25% 12.59% 11.91% 12.85% 12.15% 12.85% 12.15% 18.50% 31.43% 18.52% 67.26% 0.01% 12.92% 0.65% 1.78%
Farming/Agriculture 39 13.23% 5.66% 7.84% 7.62% 7.12% 7.78% 7.27% 7.91% 7.39% 8.33% 12.82% 9.45% 86.77% 1.12% 4.49% 0.22% 1.01%
Financial Svcs. (Non-bank & Insurance) 223 75.85% 26.32% 17.99% 15.89% 13.57% 15.88% 13.56% 16.18% 13.86% 15.32% 45.71% 16.40% 24.15% 1.08% 30.39% 2.10% 0.83%
Food Processing 92 24.63% 7.10% 12.24% 11.77% 10.86% 11.94% 11.01% 11.96% 11.03% 14.83% 27.14% 15.45% 75.37% 0.61% 12.31% 0.47% 1.80%
Food Wholesalers 14 14.39% 1.09% 2.24% 2.10% 1.85% 2.10% 1.85% 2.10% 1.85% 2.93% 14.93% 2.93% 85.61% 0.00% 12.00% 0.14% 0.28%
Furn/Home Furnishings 32 26.38% 2.03% 8.53% 7.66% 6.69% 7.89% 6.89% 7.96% 6.96% 12.99% 30.82% 14.55% 73.62% 1.56% 17.83% 0.87% 1.60%
Green & Renewable Energy 19 62.86% 17.77% 26.97% 26.10% 24.34% 24.48% 22.83% 24.44% 22.79% 53.16% 62.81% 53.28% 37.14% 0.12% 9.65% 0.87% 0.86%
Healthcare Products 254 57.74% 7.00% 17.41% 15.02% 14.46% 15.13% 14.57% 15.92% 15.36% 22.42% 54.68% 30.77% 42.26% 8.35% 32.26% 2.40% 0.92%
Healthcare Support Services 131 14.72% 2.01% 4.35% 4.07% 3.80% 4.00% 3.73% 4.01% 3.74% 4.74% 14.41% 4.83% 85.28% 0.08% 9.66% 0.28% 0.44%
Heathcare Information and Technology 138 49.89% -0.33% 19.37% 16.93% 16.20% 17.00% 16.27% 17.59% 16.86% 24.00% 48.62% 30.47% 50.11% 6.47% 24.62% 2.44% 1.10%
Homebuilding 32 27.32% 13.98% 19.07% 18.76% 15.42% 18.79% 15.45% 18.79% 15.45% 17.18% 25.70% 17.18% 72.68% 0.00% 8.51% 0.31% 0.23%
Hospitals/Healthcare Facilities 34 35.63% 5.31% 12.24% 11.62% 10.51% 11.62% 10.51% 11.62% 10.51% 17.21% 20.52% 17.21% 64.37% 0.00% 3.31% 0.62% 2.48%
Hotel/Gaming 69 56.29% 1.10% 10.00% 7.25% 6.66% 4.23% 3.89% 3.95% 3.61% 9.27% 42.12% 11.59% 43.71% 2.33% 32.85% 2.75% 2.55%
Household Products 127 47.59% 11.25% 17.86% 16.99% 15.85% 17.12% 15.97% 17.13% 15.98% 21.36% 51.42% 23.06% 52.41% 1.70% 30.06% 0.87% 1.31%
Information Services 73 55.75% 16.62% 26.88% 24.02% 21.03% 24.21% 21.20% 24.73% 21.72% 29.35% 55.11% 33.15% 44.25% 3.81% 25.76% 2.86% 1.10%
Insurance (General) 21 40.00% 15.21% 22.83% 21.82% 19.58% 21.86% 19.61% 21.86% 19.62% 22.07% 35.33% 22.15% 60.00% 0.08% 13.26% 1.01% 0.85%
Insurance (Life) 27 25.99% 6.07% 8.81% 8.34% 7.39% 8.39% 7.43% 8.39% 7.43% 14.29% 25.63% 14.29% 74.01% 0.00% 11.33% 0.47% 0.32%
Insurance (Prop/Cas.) 51 24.27% 4.05% 6.79% 6.41% 5.71% 6.49% 5.78% 6.49% 5.78% 16.88% 28.26% 16.88% 75.73% 0.00% 11.38% 0.38% 0.45%
Investments & Asset Management 600 65.08% 24.93% 22.43% 18.36% 17.63% 18.15% 17.42% 18.19% 17.46% 25.36% 57.06% 25.96% 34.92% 0.60% 31.70% 4.07% 1.25%
Machinery 116 34.20% 8.51% 14.80% 13.80% 12.37% 14.00% 12.55% 14.15% 12.70% 17.21% 35.67% 19.32% 65.80% 2.11% 18.46% 1.00% 0.88%
Metals & Mining 68 32.76% 9.66% 23.44% 22.89% 21.94% 22.84% 21.90% 22.86% 21.91% 32.32% 35.62% 32.51% 67.24% 0.19% 3.30% 0.55% 0.66%
Office Equipment & Services 16 32.45% 2.36% 6.63% 5.94% 4.78% 6.26% 5.03% 6.34% 5.12% 8.90% 33.58% 10.80% 67.55% 1.90% 24.68% 0.68% 1.92%
Oil/Gas (Integrated) 4 36.54% 15.17% 17.58% 17.32% 14.86% 17.46% 14.98% 17.44% 14.96% 14.21% 20.50% 14.38% 63.46% 0.17% 6.29% 0.26% 0.54%
Oil/Gas (Production and Exploration) 174 64.45% 26.01% 36.20% 35.55% 33.91% 35.68% 34.04% 35.68% 34.04% 24.73% 28.55% 24.75% 35.55% 0.03% 3.83% 0.66% 1.37%
Oil/Gas Distribution 23 23.60% 2.08% 11.02% 10.55% 9.83% 10.82% 10.07% 10.82% 10.08% 17.17% 21.19% 17.17% 76.40% 0.00% 4.02% 0.46% 0.80%
Oilfield Svcs/Equip. 101 11.83% 5.25% 7.50% 7.26% 6.75% 7.37% 6.85% 7.37% 6.85% 3.63% 6.50% 3.84% 88.17% 0.21% 2.87% 0.24% 0.77%
Packaging & Container 25 21.33% 6.06% 9.88% 9.43% 8.05% 9.63% 8.22% 9.63% 8.22% 12.99% 22.57% 13.40% 78.67% 0.42% 9.58% 0.44% 0.96%
Paper/Forest Products 7 29.64% 10.23% 18.93% 18.47% 16.12% 18.59% 16.21% 18.59% 16.22% 22.81% 32.71% 22.83% 70.36% 0.02% 9.90% 0.46% 0.60%
Power 48 35.40% 9.17% 15.92% 15.57% 13.66% 15.67% 13.74% 15.68% 13.76% 27.84% 29.69% 27.93% 64.60% 0.09% 1.85% 0.34% 1.64%
Precious Metals 74 36.98% 7.18% 11.15% 10.03% 9.74% 10.10% 9.81% 10.50% 10.21% 38.71% 45.94% 40.03% 63.02% 1.32% 7.23% 1.12% 2.85%
Publishing & Newspapers 20 46.55% 2.82% 8.43% 7.73% 6.98% 7.75% 7.00% 7.84% 7.10% 13.09% 44.91% 14.14% 53.45% 1.05% 31.82% 0.70% 1.55%
R.E.I.T. 223 60.46% 23.77% 27.23% 25.46% 24.60% 23.20% 22.42% 23.20% 22.42% 43.04% 53.73% 43.05% 39.54% 0.01% 10.69% 1.77% 2.77%
Real Estate (Development) 18 32.51% 15.04% 19.38% 18.64% 17.40% 17.48% 16.32% 17.48% 16.32% 17.70% 24.53% 17.70% 67.49% 0.00% 6.84% 0.73% 0.39%
Real Estate (General/Diversified) 12 48.08% 12.67% 20.93% 18.57% 16.83% 18.60% 16.86% 18.60% 16.86% 25.29% 58.46% 25.29% 51.92% 0.00% 33.17% 2.36% 3.03%
Real Estate (Operations & Services) 60 31.13% -0.76% 2.97% 1.17% 1.10% 0.50% 0.47% 0.71% 0.69% 2.94% 29.00% 4.20% 68.87% 1.27% 26.06% 1.80% 3.66%
Recreation 57 36.95% 1.30% 11.79% 9.19% 8.32% 8.31% 7.52% 8.52% 7.73% 13.05% 36.37% 15.90% 63.05% 2.85% 23.31% 2.60% 2.08%
Reinsurance 1 10.64% 3.54% 4.93% 4.65% 4.35% 4.64% 4.34% 4.64% 4.34% 5.86% 6.19% 5.86% 89.36% 0.00% 0.34% 0.28% 0.00%
Restaurant/Dining 70 30.07% 9.28% 16.33% 15.42% 14.10% 12.80% 11.71% 12.80% 11.71% 19.82% 29.26% 19.82% 69.93% 0.00% 9.45% 0.91% 5.87%
Retail (Automotive) 30 21.04% 4.07% 6.48% 6.19% 5.21% 5.73% 4.83% 5.74% 4.83% 7.31% 21.44% 7.32% 78.96% 0.01% 14.13% 0.29% 1.18%
Retail (Building Supply) 15 34.51% 8.67% 14.15% 13.85% 11.99% 13.81% 11.96% 13.81% 11.96% 15.64% 34.66% 15.66% 65.49% 0.03% 19.02% 0.30% 1.48%
Retail (Distributors) 69 31.30% 7.30% 12.03% 11.66% 10.08% 11.90% 10.28% 11.91% 10.30% 10.47% 28.61% 10.51% 68.70% 0.04% 18.14% 0.36% 1.24%
Retail (General) 15 23.25% 2.35% 4.58% 4.35% 3.42% 4.12% 3.25% 4.12% 3.25% 6.72% 25.29% 6.72% 76.75% 0.00% 18.57% 0.24% 0.91%
Retail (Grocery and Food) 13 24.71% 1.96% 3.48% 3.32% 2.78% 2.92% 2.44% 2.92% 2.44% 5.04% 24.43% 5.04% 75.29% 0.00% 19.39% 0.16% 0.92%
Retail (Online) 63 42.78% 0.64% 5.85% 2.30% 2.21% 1.84% 1.76% 3.87% 3.79% 11.14% 39.33% 23.19% 57.22% 12.05% 28.20% 3.54% 1.67%
Retail (Special Lines) 78 29.90% 3.86% 5.90% 5.43% 4.61% 5.74% 4.87% 5.74% 4.88% 8.75% 32.77% 8.83% 70.10% 0.09% 24.02% 0.47% 5.03%
Rubber& Tires 3 19.96% 4.21% 5.71% 5.55% 5.55% 5.84% 5.84% 6.04% 6.04% 9.17% 23.57% 11.59% 80.04% 2.42% 14.40% 0.16% 1.50%
Semiconductor 68 54.23% 22.74% 29.74% 25.44% 23.36% 25.44% 23.36% 27.73% 25.65% 41.86% 50.17% 60.27% 45.77% 18.41% 8.32% 4.30% 0.67%
Semiconductor Equip 30 44.65% 22.27% 28.96% 27.30% 24.31% 27.44% 24.44% 28.26% 25.26% 29.31% 37.11% 38.44% 55.35% 9.13% 7.80% 1.66% 0.87%
Shipbuilding & Marine 8 36.12% 21.55% 26.01% 25.50% 23.91% 26.33% 24.69% 26.33% 24.69% 23.08% 29.67% 23.08% 63.88% 0.00% 6.59% 0.51% 2.34%
Shoe 13 45.35% 11.17% 14.07% 12.86% 11.48% 12.83% 11.46% 12.84% 11.47% 14.62% 46.94% 14.73% 54.65% 0.10% 32.31% 1.22% 2.23%
Software (Entertainment) 91 63.23% 20.91% 33.55% 25.91% 24.93% 25.65% 24.67% 28.97% 27.99% 33.69% 53.38% 51.06% 36.77% 17.37% 19.70% 7.64% 1.30%
Software (Internet) 33 58.92% -19.07% 11.30% -5.85% -5.71% -5.48% -5.35% -1.67% -1.54% 4.39% 47.24% 23.59% 41.08% 19.20% 42.85% 17.16% 2.94%
Software (System & Application) 390 70.92% 14.61% 30.36% 21.81% 21.07% 21.90% 21.16% 24.17% 23.43% 28.79% 59.30% 46.30% 29.08% 17.51% 30.51% 8.55% 1.52%
Steel 28 26.23% 14.70% 20.15% 19.84% 16.87% 19.89% 16.92% 19.89% 16.92% 18.74% 24.19% 18.77% 73.77% 0.03% 5.44% 0.32% 0.35%
Telecom (Wireless) 16 57.91% 2.54% 20.66% 14.05% 13.51% 12.37% 11.89% 12.27% 11.80% 31.48% 57.72% 31.52% 42.09% 0.04% 26.25% 6.61% 7.48%
Telecom. Equipment 79 53.85% 13.29% 21.81% 18.34% 17.60% 18.63% 17.88% 19.08% 18.33% 22.88% 43.80% 36.18% 46.15% 13.30% 20.92% 3.47% 1.35%
Telecom. Services 49 55.53% 12.81% 20.50% 19.98% 18.68% 19.95% 18.64% 20.01% 18.70% 35.18% 56.47% 35.76% 44.47% 0.58% 21.30% 0.52% 3.66%
Tobacco 15 62.60% 23.46% 44.24% 43.76% 39.46% 43.97% 39.64% 44.06% 39.74% 46.75% 65.22% 48.08% 37.40% 1.33% 18.47% 0.47% 0.68%
Transportation 18 21.94% 6.99% 9.91% 9.35% 7.82% 9.38% 7.84% 9.38% 7.84% 11.98% 13.06% 11.99% 78.06% 0.01% 1.08% 0.56% 3.44%
Transportation (Railroads) 4 52.26% 27.65% 40.58% 40.06% 33.43% 39.86% 33.25% 39.86% 33.25% 46.42% 46.47% 46.42% 47.74% 0.00% 0.05% 0.52% 1.46%
Trucking 35 27.26% 1.29% 10.92% 8.93% 7.61% 9.18% 7.82% 9.50% 8.15% 9.81% 21.57% 12.27% 72.74% 2.47% 11.76% 1.99% 6.31%
Utility (General) 15 36.67% 12.68% 18.53% 18.19% 15.79% 18.03% 15.65% 18.01% 15.63% 30.01% 29.22% 30.03% 63.33% 0.02% -0.79% 0.33% 0.29%
Utility (Water) 16 54.31% 25.12% 30.11% 29.51% 27.02% 29.38% 26.90% 29.37% 26.89% 43.87% 47.07% 43.87% 45.69% 0.00% 3.20% 0.60% 0.23%
Total Market 7165 36.28% 8.89% 13.13% 11.66% 10.78% 11.60% 10.73% 11.93% 11.05% 15.68% 31.63% 18.96% 63.72% 3.28% 15.95% 1.47% 1.49%
Total Market (without financials) 5649 33.19% 7.77% 13.52% 12.10% 11.33% 12.03% 11.26% 12.39% 11.62% 16.27% 30.42% 19.88% 66.81% 3.60% 14.14% 1.42% 1.50%

 

Last Updated in January 2023
By Aswath Damodaran