Return
on Capital by Sector (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2026
Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/roc.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 | Unadjusted pre-tax ROIC | Lease Adjusted pre-tax ROIC | Lease & R&D adjusted pre-tax ROIC | Unadjusted after-tax ROIC | Lease Adjusted after-tax ROIC | Lease & R&D adjusted after-tax ROIC | Normalized ROIC (last 10 years) |
| Advertising | 52 | 65.10% | 38.71% | 29.17% | 61.83% | 36.77% | 27.72% | 33.31% |
| Aerospace/Defense | 79 | 25.60% | 23.86% | 18.09% | 22.64% | 21.10% | 16.01% | 12.70% |
| Air Transport | 23 | 12.63% | 8.79% | 8.64% | 11.58% | 8.06% | 7.93% | 11.01% |
| Apparel | 35 | 21.85% | 17.49% | 17.45% | 19.75% | 15.81% | 15.77% | 19.75% |
| Auto & Truck | 33 | 2.55% | 2.56% | 2.33% | 2.45% | 2.47% | 2.25% | 5.53% |
| Auto Parts | 35 | 14.60% | 13.87% | 10.51% | 12.41% | 11.79% | 8.98% | 19.29% |
| Bank (Money Center) | 15 | NA | NA | NA | NA | NA | NA | NA |
| Banks (Regional) | 568 | NA | NA | NA | NA | NA | NA | NA |
| Beverage (Alcoholic) | 14 | 18.49% | 17.96% | 17.96% | 16.21% | 15.74% | 15.74% | 20.20% |
| Beverage (Soft) | 27 | 33.48% | 31.86% | 31.16% | 31.19% | 29.67% | 29.03% | 24.61% |
| Broadcasting | 24 | 17.11% | 15.79% | 15.79% | 15.79% | 14.57% | 14.57% | 18.77% |
| Brokerage & Investment Banking | 32 | NA | NA | NA | NA | NA | NA | NA |
| Building Materials | 41 | 28.05% | 26.37% | 24.58% | 23.00% | 21.62% | 20.16% | 22.64% |
| Business & Consumer Services | 155 | 39.78% | 34.48% | 31.56% | 35.65% | 30.90% | 28.30% | 30.96% |
| Cable TV | 9 | 14.38% | 13.56% | 13.50% | 12.85% | 12.12% | 12.06% | 16.06% |
| Chemical (Basic) | 29 | 4.25% | 4.26% | 4.04% | 3.93% | 3.93% | 3.72% | 23.40% |
| Chemical (Diversified) | 4 | 4.46% | 4.31% | 4.05% | 4.46% | 4.31% | 4.05% | 12.41% |
| Chemical (Specialty) | 59 | 14.08% | 13.72% | 12.68% | 12.15% | 11.84% | 10.95% | 15.38% |
| Coal & Related Energy | 16 | -5.30% | -4.93% | -4.91% | -5.14% | -4.77% | -4.76% | 4.39% |
| Computer Services | 64 | 43.90% | 39.59% | 29.37% | 39.28% | 35.42% | 26.35% | 37.44% |
| Computers/Peripherals | 36 | 89.62% | 81.41% | 47.52% | 84.32% | 76.59% | 44.76% | 49.78% |
| Construction Supplies | 40 | 22.61% | 22.10% | 19.91% | 18.98% | 18.55% | 16.71% | 16.21% |
| Diversified | 20 | 15.56% | 15.43% | 15.24% | 15.13% | 15.00% | 14.82% | 15.53% |
| Drugs (Biotechnology) | 496 | 7.76% | 7.18% | 3.56% | 7.67% | 7.11% | 3.53% | 21.60% |
| Drugs (Pharmaceutical) | 228 | 33.74% | 32.84% | 17.52% | 32.73% | 31.86% | 16.95% | 23.52% |
| Education | 32 | 31.48% | 22.04% | 18.83% | 26.59% | 18.61% | 15.94% | 15.26% |
| Electrical Equipment | 112 | 20.70% | 19.79% | 16.37% | 19.70% | 18.84% | 15.60% | 15.70% |
| Electronics (Consumer & Office) | 8 | -32.35% | -23.67% | -8.35% | -32.35% | -23.67% | -8.35% | -9.25% |
| Electronics (General) | 114 | 26.62% | 25.07% | 19.46% | 24.48% | 23.06% | 17.91% | 17.47% |
| Engineering/Construction | 48 | 32.02% | 29.46% | 29.31% | 27.66% | 25.44% | 25.32% | 14.26% |
| Entertainment | 92 | 16.71% | 14.44% | 12.84% | 16.15% | 13.96% | 12.42% | 14.69% |
| Environmental & Waste Services | 53 | 36.58% | 34.16% | 33.17% | 35.02% | 32.70% | 31.75% | 22.94% |
| Farming/Agriculture | 35 | 8.25% | 8.29% | 7.77% | 7.73% | 7.77% | 7.28% | 10.14% |
| Financial Svcs. (Non-bank & Insurance) | 176 | NA | NA | NA | NA | NA | NA | NA |
| Food Processing | 78 | 18.97% | 18.40% | 17.80% | 17.00% | 16.49% | 15.95% | 21.75% |
| Food Wholesalers | 13 | 23.92% | 19.63% | 19.63% | 21.73% | 17.84% | 17.84% | 17.07% |
| Furn/Home Furnishings | 27 | 14.82% | 13.47% | 11.96% | 13.13% | 11.93% | 10.59% | 17.82% |
| Green & Renewable Energy | 15 | 4.02% | 3.64% | 3.64% | 4.02% | 3.64% | 3.64% | 1.82% |
| Healthcare Products | 204 | 23.70% | 22.85% | 17.82% | 22.55% | 21.74% | 16.98% | 16.36% |
| Healthcare Support Services | 104 | 41.64% | 35.13% | 34.56% | 37.56% | 31.68% | 31.19% | 41.07% |
| Heathcare Information and Technology | 115 | 19.50% | 18.38% | 14.65% | 18.26% | 17.20% | 13.72% | 21.84% |
| Homebuilding | 30 | 18.06% | 17.96% | 17.96% | 14.99% | 14.91% | 14.91% | 18.38% |
| Hospitals/Healthcare Facilities | 31 | 32.32% | 25.07% | 25.00% | 28.65% | 22.23% | 22.16% | 18.29% |
| Hotel/Gaming | 63 | 27.21% | 17.10% | 15.88% | 24.95% | 15.68% | 14.58% | 10.14% |
| Household Products | 110 | 44.43% | 41.61% | 36.81% | 41.54% | 38.90% | 34.42% | 36.93% |
| Information Services | 15 | 33.99% | 31.28% | 27.09% | 27.82% | 25.60% | 22.17% | 23.93% |
| Insurance (General) | 21 | 58.80% | 51.72% | 51.02% | 51.29% | 45.12% | 44.51% | 27.91% |
| Insurance (Life) | 20 | 12.79% | 12.69% | 12.69% | 10.85% | 10.77% | 10.77% | 8.35% |
| Insurance (Prop/Cas.) | 57 | 22.96% | 22.65% | 22.65% | 18.74% | 18.49% | 18.49% | 10.19% |
| Investments & Asset Management | 283 | 15.55% | 14.84% | 14.77% | 15.00% | 14.32% | 14.25% | 5.18% |
| Machinery | 105 | 32.60% | 31.35% | 28.16% | 28.24% | 27.16% | 24.41% | 26.59% |
| Metals & Mining | 73 | 29.20% | 27.93% | 27.74% | 28.46% | 27.23% | 27.04% | 13.04% |
| Office Equipment & Services | 14 | 28.32% | 23.99% | 20.84% | 24.83% | 21.04% | 18.26% | 22.23% |
| Oil/Gas (Integrated) | 4 | 11.80% | 11.85% | 11.77% | 8.47% | 8.50% | 8.45% | 8.04% |
| Oil/Gas (Production and Exploration) | 142 | 14.92% | 14.83% | 14.71% | 13.92% | 13.84% | 13.73% | 5.21% |
| Oil/Gas Distribution | 23 | 13.76% | 13.60% | 13.60% | 12.50% | 12.35% | 12.35% | 7.88% |
| Oilfield Svcs/Equip. | 97 | 13.72% | 13.53% | 13.09% | 12.52% | 12.35% | 11.94% | 12.42% |
| Packaging & Container | 19 | 18.52% | 18.02% | 17.56% | 15.64% | 15.22% | 14.82% | 18.11% |
| Paper/Forest Products | 6 | 11.33% | 11.39% | 11.39% | 10.36% | 10.41% | 10.41% | 14.87% |
| Power | 46 | 8.08% | 7.94% | 7.93% | 7.05% | 6.93% | 6.92% | 6.45% |
| Precious Metals | 56 | 27.46% | 27.40% | 27.07% | 25.82% | 25.77% | 25.45% | 7.24% |
| Publishing & Newspapers | 19 | 25.84% | 21.30% | 19.62% | 23.20% | 19.12% | 17.63% | 15.87% |
| R.E.I.T. | 190 | 3.74% | 3.25% | 3.25% | 3.68% | 3.20% | 3.20% | 2.99% |
| Real Estate (Development) | 14 | 7.59% | 7.41% | 7.41% | 7.22% | 7.04% | 7.04% | 3.62% |
| Real Estate (General/Diversified) | 12 | 5.53% | 5.45% | 5.45% | 5.27% | 5.19% | 5.19% | 3.85% |
| Real Estate (Operations & Services) | 54 | 8.21% | 6.95% | 6.49% | 7.50% | 6.35% | 5.94% | 10.53% |
| Recreation | 49 | 16.11% | 10.01% | 9.06% | 14.26% | 8.86% | 8.02% | 15.73% |
| Reinsurance | 1 | 14.63% | 14.57% | 14.57% | 10.19% | 10.14% | 10.14% | 10.27% |
| Restaurant/Dining | 64 | 40.87% | 20.87% | 20.37% | 36.81% | 18.80% | 18.36% | 22.92% |
| Retail (Automotive) | 34 | 17.37% | 13.67% | 13.66% | 15.50% | 12.20% | 12.19% | 15.26% |
| Retail (Building Supply) | 14 | 52.84% | 40.27% | 39.64% | 46.58% | 35.50% | 34.95% | 39.33% |
| Retail (Distributors) | 62 | 20.38% | 18.88% | 18.86% | 17.41% | 16.13% | 16.11% | 16.12% |
| Retail (General) | 23 | 30.97% | 22.80% | 16.46% | 25.06% | 18.44% | 13.59% | 15.18% |
| Retail (Grocery and Food) | 15 | 15.67% | 8.58% | 7.78% | 13.75% | 7.53% | 6.76% | 12.29% |
| Retail (REITs) | 26 | 5.55% | 5.25% | 5.25% | 5.46% | 5.16% | 5.16% | 4.56% |
| Retail (Special Lines) | 94 | 47.92% | 24.14% | 23.95% | 43.09% | 21.71% | 21.54% | 24.98% |
| Rubber& Tires | 3 | 3.38% | 3.58% | 3.17% | 3.38% | 3.58% | 3.17% | 9.81% |
| Semiconductor | 66 | 43.53% | 42.61% | 28.64% | 41.30% | 40.43% | 27.23% | 20.53% |
| Semiconductor Equip | 31 | 50.32% | 48.66% | 31.47% | 45.31% | 43.81% | 28.40% | 34.44% |
| Shipbuilding & Marine | 8 | 12.65% | 12.66% | 12.66% | 11.99% | 11.99% | 11.99% | 10.90% |
| Shoe | 11 | 28.23% | 23.96% | 23.74% | 24.88% | 21.12% | 20.93% | 36.10% |
| Software (Entertainment) | 77 | 49.48% | 45.28% | 28.42% | 46.86% | 42.88% | 27.02% | 24.21% |
| Software (Internet) | 29 | 6.29% | 5.05% | 3.52% | 6.10% | 4.89% | 3.43% | 4.40% |
| Software (System & Application) | 309 | 57.45% | 51.08% | 30.96% | 54.28% | 48.26% | 29.32% | 22.95% |
| Steel | 19 | 7.58% | 7.41% | 7.41% | 6.88% | 6.72% | 6.72% | 20.88% |
| Telecom (Wireless) | 12 | 13.91% | 10.81% | 10.81% | 13.35% | 10.38% | 10.37% | 8.61% |
| Telecom. Equipment | 57 | 57.69% | 53.72% | 27.31% | 53.62% | 49.92% | 25.47% | 33.23% |
| Telecom. Services | 39 | 13.68% | 12.55% | 12.46% | 13.22% | 12.13% | 12.04% | 17.38% |
| Tobacco | 10 | 80.99% | 79.69% | 73.98% | 69.03% | 67.92% | 63.08% | 77.69% |
| Transportation | 19 | 18.96% | 15.10% | 14.20% | 17.34% | 13.81% | 13.00% | 16.94% |
| Transportation (Railroads) | 4 | 17.54% | 17.15% | 17.15% | 14.56% | 14.24% | 14.24% | 18.19% |
| Trucking | 26 | 10.80% | 10.72% | 10.64% | 9.44% | 9.37% | 9.30% | 15.06% |
| Utility (General) | 14 | 7.02% | 6.87% | 6.87% | 6.12% | 5.99% | 5.99% | 6.37% |
| Utility (Water) | 14 | 8.22% | 8.17% | 8.16% | 7.30% | 7.26% | 7.25% | 7.04% |
| Total Market | 5994 | 10.99% | 10.47% | 9.75% | 10.08% | 9.60% | 8.96% | 7.72% |
| Total Market (without financials) | 4822 | 20.37% | 18.72% | 16.20% | 18.92% | 17.39% | 15.07% | 14.92% |
Last updated January 2025
By Aswath Damodaran