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 41 -586.76% 75.81% 75.68% -556.86% 71.95% 71.83% 71.86%
Aerospace/Defense 96 73.85% 55.41% 35.60% 65.83% 49.39% 31.88% 44.49%
Air Transport 18 46.55% 23.27% 23.18% 35.85% 17.92% 17.86% 12.33%
Apparel 58 25.40% 16.72% 16.63% 22.61% 14.89% 14.81% 21.91%
Auto & Truck 15 53.28% 7.53% 6.38% 48.94% 6.92% 5.87% 1.58%
Auto Parts 63 32.76% 29.25% 23.62% 29.35% 26.21% 21.28% 15.36%
Bank (Money Center) 10 0.00% -0.02% -0.02% 0.00% -0.01% -0.01% 0.00%
Banks (Regional) 645 0.00% -0.03% -0.03% 0.00% -0.03% -0.03% 0.00%
Beverage (Alcoholic) 25 22.80% 20.12% 20.12% 20.32% 17.93% 17.93% 14.81%
Beverage (Soft) 36 39.90% 27.63% 26.89% 37.56% 26.01% 25.31% 33.50%
Broadcasting 30 27.96% 23.97% 23.94% 22.77% 19.53% 19.50% 19.43%
Brokerage & Investment Banking 45 0.07% -0.01% -0.01% 0.06% -0.01% -0.01% 0.03%
Building Materials 41 27.89% 25.27% 23.99% 21.36% 19.36% 18.39% 18.00%
Business & Consumer Services 165 39.84% 27.87% 27.28% 34.82% 24.36% 23.85% 25.58%
Cable TV 14 20.31% 18.44% 18.39% 16.19% 14.70% 14.66% 9.86%
Chemical (Basic) 45 19.34% 16.65% 16.09% 17.85% 15.37% 14.85% 9.42%
Chemical (Diversified) 8 24.35% 20.32% 16.74% 22.74% 18.98% 15.62% 17.63%
Chemical (Specialty) 100 24.69% 21.63% 18.97% 22.33% 19.55% 17.15% 23.88%
Coal & Related Energy 38 -10.12% -8.22% -8.07% -10.07% -8.18% -8.03% 9.65%
Computer Services 117 74.29% 44.75% 33.33% 65.99% 39.75% 29.66% 45.35%
Computers/Peripherals 55 37.29% 32.54% 25.82% 35.17% 30.69% 24.35% 37.44%
Construction Supplies 51 25.31% 13.37% 11.64% 20.65% 10.90% 9.45% 15.99%
Diversified 24 11.10% 9.59% 9.13% 9.82% 8.48% 8.08% 10.54%
Drugs (Biotechnology) 426 28.47% 24.92% 15.53% 28.06% 24.56% 15.33% 12.93%
Drugs (Pharmaceutical) 164 29.64% 25.85% 16.97% 28.88% 25.19% 16.55% 31.05%
Education 36 23.46% 13.65% 13.24% 21.28% 12.38% 12.03% 41.77%
Electrical Equipment 119 35.75% 27.67% 23.01% 33.65% 26.04% 21.63% 34.95%
Electronics (Consumer & Office) 24 9.10% 6.54% 5.93% 8.75% 6.30% 5.79% 17.43%
Electronics (General) 164 15.58% 14.51% 11.74% 14.20% 13.23% 10.74% 15.61%
Engineering/Construction 48 22.97% 18.28% 18.21% 19.49% 15.51% 15.45% 27.77%
Entertainment 79 45.59% 35.11% 35.08% 43.08% 33.18% 33.15% 23.45%
Environmental & Waste Services 89 24.56% 21.69% 21.58% 23.32% 20.59% 20.48% 21.56%
Farming/Agriculture 37 12.59% 7.79% 7.30% 11.60% 7.18% 6.73% 12.51%
Financial Svcs. (Non-bank & Insurance) 258 0.28% 0.26% 0.26% 0.22% 0.21% 0.21% 0.19%
Food Processing 87 27.58% 23.57% 22.79% 23.53% 20.12% 19.45% 19.55%
Food Wholesalers 16 24.87% 22.77% 22.77% 21.94% 20.09% 20.09% 22.23%
Furn/Home Furnishings 30 32.28% 23.55% 21.22% 27.57% 20.12% 18.14% 15.93%
Green & Renewable Energy 25 7.12% 3.95% 3.95% 6.82% 3.78% 3.78% 0.70%
Healthcare Products 254 24.57% 21.90% 17.53% 23.07% 20.56% 16.50% 25.59%
Healthcare Support Services 121 72.53% 49.91% 48.81% 62.15% 42.77% 41.84% 46.03%
Heathcare Information and Technology 125 24.64% 21.00% 16.84% 23.08% 19.67% 15.81% 17.20%
Homebuilding 33 14.07% 11.97% 11.97% 10.23% 8.71% 8.71% 3.85%
Hospitals/Healthcare Facilities 38 21.88% 15.28% 15.28% 19.24% 13.44% 13.44% 14.14%
Hotel/Gaming 69 14.43% 12.12% 12.07% 12.81% 10.76% 10.71% 9.63%
Household Products 129 56.13% 38.64% 34.14% 51.04% 35.14% 31.04% 37.03%
Information Services 64 67.27% 47.70% 43.50% 56.25% 39.89% 36.41% 22.44%
Insurance (General) 19 5.61% 5.35% 5.35% 4.58% 4.37% 4.37% 7.28%
Insurance (Life) 22 12.38% 9.43% 9.43% 9.54% 7.27% 7.27% 8.88%
Insurance (Prop/Cas.) 50 12.57% 12.05% 12.05% 9.77% 9.36% 9.36% 11.38%
Investments & Asset Management 156 10.01% 6.35% 6.34% 9.24% 5.86% 5.85% 6.81%
Machinery 127 36.57% 31.27% 27.03% 32.28% 27.61% 23.85% 29.24%
Metals & Mining 97 3.92% 3.85% 3.77% 3.88% 3.81% 3.73% 27.49%
Office Equipment & Services 24 39.04% 30.85% 27.25% 32.53% 25.70% 22.72% 25.81%
Oil/Gas (Integrated) 7 -2.68% -2.24% -2.22% -2.65% -2.21% -2.19% 24.16%
Oil/Gas (Production and Exploration) 330 -7.92% -7.20% -7.20% -7.89% -7.18% -7.17% 16.42%
Oil/Gas Distribution 78 8.25% 7.60% 7.60% 8.01% 7.37% 7.37% 5.21%
Oilfield Svcs/Equip. 148 4.97% 4.80% 4.57% 4.76% 4.61% 4.38% 17.06%
Packaging & Container 26 22.34% 20.06% 19.51% 16.88% 15.15% 14.74% 17.50%
Paper/Forest Products 23 9.53% 8.66% 8.62% 8.15% 7.41% 7.37% 8.59%
Power 68 10.37% 9.09% 9.06% 8.37% 7.34% 7.32% 9.60%
Precious Metals 109 6.83% 6.59% 6.54% 6.71% 6.47% 6.43% 11.75%
Publishing & Newspapers 37 20.06% 15.92% 15.68% 17.19% 13.64% 13.42% 15.61%
R.E.I.T. 238 4.49% 3.06% 3.06% 4.41% 3.01% 3.01% 2.89%
Real Estate (Development) 18 2.19% 1.61% 1.61% 2.14% 1.58% 1.58% -0.02%
Real Estate (General/Diversified) 11 6.32% 6.06% 6.06% 5.35% 5.13% 5.13% 3.90%
Real Estate (Operations & Services) 54 17.98% 12.30% 12.30% 16.40% 11.22% 11.22% 9.71%
Recreation 66 25.51% 21.14% 18.91% 22.14% 18.35% 16.44% 16.90%
Reinsurance 3 11.85% 11.34% 11.34% 9.56% 9.15% 9.15% 3.46%
Restaurant/Dining 86 38.46% 19.04% 19.01% 32.12% 15.90% 15.88% 22.11%
Retail (Automotive) 25 30.76% 14.17% 14.17% 23.81% 10.97% 10.97% 12.88%
Retail (Building Supply) 6 43.59% 32.05% 32.05% 34.82% 25.61% 25.61% 24.49%
Retail (Distributors) 88 17.42% 15.47% 15.47% 14.47% 12.85% 12.84% 12.81%
Retail (General) 19 23.55% 14.88% 14.88% 18.31% 11.57% 11.57% 20.65%
Retail (Grocery and Food) 14 29.42% 10.67% 10.67% 22.33% 8.10% 8.10% 15.35%
Retail (Online) 57 40.21% 21.33% 19.42% 36.80% 19.53% 17.86% 10.94%
Retail (Special Lines) 108 35.03% 15.25% 15.21% 27.57% 12.00% 11.98% 19.17%
Rubber& Tires 4 25.74% 22.29% 19.58% 23.15% 20.04% 17.60% 15.85%
Semiconductor 80 22.95% 21.01% 13.91% 21.18% 19.39% 12.88% 19.68%
Semiconductor Equip 45 30.09% 27.70% 17.81% 26.74% 24.62% 15.89% 21.77%
Shipbuilding & Marine 11 4.12% 4.78% 4.78% 3.81% 4.43% 4.43% 9.57%
Shoe 10 36.19% 26.06% 25.88% 30.95% 22.29% 22.14% 26.61%
Software (Entertainment) 13 4362.48% 104.66% 26.14% 4317.20% 103.57% 25.89% 33.88%
Software (Internet) 297 23.32% 20.71% 15.50% 22.51% 19.99% 15.00% 12.56%
Software (System & Application) 236 36.71% 25.24% 16.06% 34.63% 23.81% 15.20% 35.25%
Steel 38 0.83% 1.11% 1.10% 0.77% 1.02% 1.02% 20.11%
Telecom (Wireless) 17 5.05% 2.69% 2.69% 4.59% 2.44% 2.44% 3.78%
Telecom. Equipment 107 26.30% 23.56% 16.52% 24.69% 22.11% 15.53% 20.11%
Telecom. Services 67 23.63% 18.56% 18.26% 20.47% 16.08% 15.82% 15.21%
Tobacco 22 82.72% 70.56% 66.62% 75.41% 64.32% 60.73% 54.83%
Transportation 17 53.37% 28.95% 28.91% 44.05% 23.89% 23.86% 23.80%
Transportation (Railroads) 7 17.48% 16.07% 16.07% 13.61% 12.51% 12.51% 16.66%
Trucking 30 14.26% 10.70% 10.70% 10.45% 7.84% 7.84% 8.47%
Utility (General) 18 10.15% 9.16% 9.15% 7.55% 6.81% 6.81% 9.55%
Utility (Water) 22 10.96% 9.92% 9.91% 9.65% 8.73% 8.73% 8.92%
Total Market 7330 8.76% 7.04% 6.81% 7.85% 6.31% 6.10% 7.94%
Total Market (without financials) 6100 17.37% 13.69% 12.63% 15.93% 12.55% 11.60% 15.65%