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000000Global Companies 000000Betas by Sector 000000January 2016

Date updated: 5-Jan-18 Notes


Created by: Aswath Damodaran, adamodar@stern.nyu.edu if you are looking for a pure-play beta, i.e., a beta for a business,
What is this data? Beta, Unlevered beta and other risk measures US companies unlevered beta corrected for cash is your best bet. Since even sec
Home Page: http://www.damodaran.com betas can move over time, I have also reported the average of the
sector beta across time in the last column. This number, for obvio
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html reasons, is less likely to be volatile over time.
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas? Marginal
If marginal tax rate, enter the marginal tax rate to use 24.00%

Effective
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Advertising 40 1.15 73.87% 6.38% 0.74 5.80% 0.78 0.6310
Aerospace/Defense 87 1.08 18.46% 11.59% 0.95 4.33% 0.99 0.4893
Air Transport 17 1.01 71.00% 24.57% 0.66 2.67% 0.67 0.4148
Apparel 51 1.02 34.18% 10.35% 0.81 5.16% 0.85 0.4998
Auto & Truck 18 1.20 148.09% 8.15% 0.56 4.88% 0.59 0.6051
Auto Parts 62 1.04 28.30% 7.71% 0.85 7.19% 0.92 0.5423
Bank (Money Center) 11 0.64 157.26% 27.31% 0.29 9.94% 0.32 0.1462
Banks (Regional) 612 0.50 58.68% 25.57% 0.35 10.04% 0.39 0.1809
Beverage (Alcoholic) 28 1.33 26.14% 10.12% 1.11 1.20% 1.12 0.5387
Beverage (Soft) 35 0.70 23.06% 6.41% 0.60 4.46% 0.63 0.5850
Broadcasting 27 1.12 112.17% 17.18% 0.60 7.16% 0.65 0.4085
Brokerage & Investment Banking 42 1.24 219.92% 14.56% 0.46 14.84% 0.54 0.4586
Building Materials 39 1.11 21.46% 23.34% 0.95 3.30% 0.99 0.3135
Business & Consumer Services 169 1.17 27.44% 11.09% 0.97 3.94% 1.01 0.5442
Cable TV 14 0.92 53.05% 22.23% 0.66 1.67% 0.67 0.4154
Chemical (Basic) 38 1.20 41.28% 9.76% 0.91 5.52% 0.96 0.5297
Chemical (Diversified) 7 2.03 27.19% 11.66% 1.69 6.07% 1.79 0.3952
Chemical (Specialty) 99 1.11 29.00% 9.64% 0.91 3.71% 0.95 0.4598
Coal & Related Energy 30 1.25 45.41% 4.94% 0.93 10.94% 1.04 0.5930
Computer Services 111 1.10 30.83% 9.40% 0.89 5.49% 0.94 0.5432
Computers/Peripherals 58 1.01 18.17% 5.03% 0.89 4.44% 0.93 0.5296
Construction Supplies 49 1.12 32.47% 17.36% 0.90 5.64% 0.95 0.3347
Diversified 24 1.19 32.49% 12.09% 0.96 5.48% 1.01 0.4370
Drugs (Biotechnology) 459 1.44 15.83% 1.36% 1.29 5.27% 1.36 0.5569
Drugs (Pharmaceutical) 185 1.21 14.63% 2.11% 1.09 3.65% 1.13 0.5754
Education 34 1.15 38.83% 8.24% 0.89 7.06% 0.96 0.4730
Electrical Equipment 118 1.08 15.85% 5.06% 0.97 5.49% 1.02 0.6021
Electronics (Consumer & Office) 24 1.09 6.94% 5.98% 1.04 3.85% 1.08 0.5949
Electronics (General) 167 0.94 14.97% 8.34% 0.84 7.80% 0.91 0.5125
Engineering/Construction 49 1.27 29.72% 13.37% 1.04 8.14% 1.13 0.4130
Entertainment 90 1.15 33.74% 5.45% 0.92 4.23% 0.96 0.6323
Environmental & Waste Services 87 0.88 34.87% 4.45% 0.69 0.93% 0.70 0.6050
Farming/Agriculture 34 0.74 55.54% 7.69% 0.52 6.02% 0.56 0.4842
Financial Svcs. (Non-bank & Insuranc 264 0.61 1032.19% 19.89% 0.07 2.38% 0.07 0.2561
Food Processing 87 0.68 30.82% 15.13% 0.55 1.58% 0.56 0.4234
Food Wholesalers 15 1.79 37.46% 11.91% 1.39 1.76% 1.41 0.4729
Furn/Home Furnishings 31 0.79 27.86% 12.56% 0.65 3.22% 0.67 0.4142
Green & Renewable Energy 22 1.20 98.23% 2.41% 0.69 4.47% 0.72 0.6613
Healthcare Products 251 0.94 17.08% 4.79% 0.83 5.87% 0.89 0.5371
Healthcare Support Services 115 0.90 24.83% 13.69% 0.76 8.35% 0.82 0.4877
Heathcare Information and Technolo 112 0.98 19.30% 5.96% 0.85 3.37% 0.88 0.5393
000000Global Companies 000000Betas by Sector 000000January 2016

Effective
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Homebuilding 32 1.11 39.65% 23.86% 0.85 4.82% 0.89 0.3080
Hospitals/Healthcare Facilities 35 1.18 176.51% 10.57% 0.50 1.75% 0.51 0.4592
Hotel/Gaming 70 0.94 39.91% 14.01% 0.72 3.22% 0.74 0.4199
Household Products 131 1.00 21.03% 7.35% 0.86 2.31% 0.88 0.6009
Information Services 61 0.88 15.71% 15.90% 0.79 4.07% 0.82 0.3503
Insurance (General) 21 0.78 38.50% 14.71% 0.61 3.99% 0.63 0.2871
Insurance (Life) 25 1.01 57.06% 15.32% 0.70 12.71% 0.81 0.2369
Insurance (Prop/Cas.) 50 0.84 26.43% 18.50% 0.70 4.06% 0.73 0.2254
Investments & Asset Management 165 0.99 42.08% 8.30% 0.75 13.70% 0.87 0.3629
Machinery 126 1.15 19.75% 14.05% 1.00 3.69% 1.04 0.4209
Metals & Mining 102 1.10 30.54% 1.66% 0.90 6.75% 0.96 0.6862
Office Equipment & Services 24 1.37 51.65% 18.37% 0.99 10.21% 1.10 0.4977
Oil/Gas (Integrated) 5 1.37 15.29% 10.96% 1.23 1.70% 1.25 0.3307
Oil/Gas (Production and Exploration) 311 1.26 41.91% 2.18% 0.95 4.89% 1.00 0.5978
Oil/Gas Distribution 16 1.21 93.43% 4.84% 0.71 1.53% 0.72 0.4481
Oilfield Svcs/Equip. 130 1.23 30.98% 5.27% 0.99 5.93% 1.06 0.5501
Packaging & Container 25 0.74 50.22% 22.37% 0.53 3.01% 0.55 0.2952
Paper/Forest Products 21 1.20 40.01% 14.18% 0.92 5.94% 0.98 0.4787
Power 61 0.50 76.36% 20.31% 0.32 1.75% 0.32 0.2477
Precious Metals 111 0.96 17.85% 2.16% 0.85 10.39% 0.95 0.6903
Publishing & Newspapers 41 1.02 44.49% 11.92% 0.76 7.84% 0.83 0.3562
R.E.I.T. 244 0.66 78.50% 1.96% 0.41 2.00% 0.42 0.1817
Real Estate (Development) 20 0.75 45.30% 5.80% 0.56 9.13% 0.61 0.6155
Real Estate (General/Diversified) 10 0.75 23.60% 12.77% 0.63 13.84% 0.73 0.4356
Real Estate (Operations & Services) 60 1.02 46.71% 8.82% 0.75 5.89% 0.80 0.5502
Recreation 70 0.85 29.59% 10.16% 0.69 4.48% 0.73 0.5329
Reinsurance 3 0.52 27.73% 10.92% 0.43 7.80% 0.47 0.2463
Restaurant/Dining 81 0.85 32.21% 14.99% 0.68 1.85% 0.70 0.4220
Retail (Automotive) 25 1.01 75.96% 19.04% 0.64 0.99% 0.65 0.4279
Retail (Building Supply) 8 0.86 17.86% 15.36% 0.75 1.21% 0.76 0.4310
Retail (Distributors) 92 1.15 45.58% 14.20% 0.85 2.07% 0.87 0.4930
Retail (General) 18 1.05 31.15% 22.96% 0.85 2.88% 0.87 0.3620
Retail (Grocery and Food) 14 0.71 83.68% 21.04% 0.43 1.61% 0.44 0.4397
Retail (Online) 61 1.18 11.41% 7.57% 1.09 3.21% 1.12 0.5386
Retail (Special Lines) 106 1.11 53.00% 22.01% 0.79 3.41% 0.82 0.4805
Rubber& Tires 4 0.95 77.99% 7.91% 0.60 6.12% 0.64 0.4488
Semiconductor 72 1.17 13.10% 8.04% 1.07 7.82% 1.16 0.3870
Semiconductor Equip 45 0.98 11.53% 8.51% 0.90 8.36% 0.99 0.4202
Shipbuilding & Marine 9 1.34 46.95% 8.31% 0.99 2.51% 1.01 0.5144
Shoe 11 0.88 9.65% 16.75% 0.82 4.64% 0.86 0.3897
Software (Entertainment) 13 0.89 6.45% 2.21% 0.85 6.76% 0.91 0.4776
Software (Internet) 305 1.20 3.32% 2.50% 1.17 2.12% 1.20 0.6170
Software (System & Application) 255 1.09 14.14% 3.98% 0.98 3.75% 1.02 0.5575
Steel 37 1.82 36.23% 7.05% 1.42 7.06% 1.53 0.4324
Telecom (Wireless) 18 1.30 119.97% 7.95% 0.68 3.88% 0.71 0.6051
Telecom. Equipment 104 1.03 20.73% 8.12% 0.89 6.81% 0.96 0.4608
Telecom. Services 66 1.08 79.53% 8.05% 0.68 6.13% 0.72 0.6037
Tobacco 24 1.26 17.14% 5.25% 1.12 3.05% 1.15 0.6586
Transportation 18 0.95 30.02% 21.92% 0.77 3.00% 0.80 0.3657
Transportation (Railroads) 8 1.01 22.66% 23.82% 0.86 1.28% 0.87 0.3136
000000Global Companies 000000Betas by Sector 000000January 2016

Effective
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
Trucking 30 1.20 69.80% 20.56% 0.78 2.99% 0.81 0.4038
Utility (General) 18 0.29 67.24% 30.89% 0.19 0.58% 0.20 0.1233
Utility (Water) 23 0.34 38.14% 15.09% 0.27 0.74% 0.27 0.3992
Total Market 7247 1.00 59.01% 10.04% 0.69 4.73% 0.72 0.4635
Total Market (without financials) 6057 1.07 30.74% 7.92% 0.87 3.95% 0.90 0.5079
000000Global Companies 000000Betas by Sector 000000January 2016

Notes
if you are looking for a pure-play beta, i.e., a beta for a business, the
unlevered beta corrected for cash is your best bet. Since even sector
betas can move over time, I have also reported the average of the this
sector beta across time in the last column. This number, for obvious
reasons, is less likely to be volatile over time.

Unlevered beta corrected for cash - Over time

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2015 2016 2017 (2015-18)
80.95% 15.30% 0.83 0.74 0.91 0.81
49.06% 12.87% 1.06 1.20 0.94 1.05
40.20% 92.29% 0.61 0.85 0.76 0.72
59.71% 22.55% 0.86 0.88 0.71 0.82
38.59% 209.62% 0.59 0.47 0.38 0.51
56.74% 53.93% 1.14 1.08 0.94 1.02
33.37% NA 0.34 0.47 0.41 0.38
32.08% NA 0.37 0.36 0.36 0.37
50.14% 32.58% 0.89 0.82 0.71 0.89
45.33% 13.03% 0.98 0.99 0.78 0.84
52.30% 20.47% 0.83 0.75 0.70 0.73
42.48% 36.49% 0.41 0.46 0.42 0.46
41.01% 55.46% 0.93 0.98 0.87 0.94
49.45% 19.49% 1.00 0.95 0.85 0.95
36.33% 35.61% 0.70 0.89 0.82 0.77
59.39% 40.60% 0.75 0.81 0.68 0.80
68.62% 36.93% 0.99 1.27 1.22 1.32
59.69% 20.92% 0.91 1.01 0.98 0.96
90.61% 226.93% 0.83 0.39 0.61 0.72
48.53% 12.54% 0.99 1.00 0.83 0.94
61.38% 44.58% 1.17 1.22 0.94 1.07
45.67% 28.97% 1.22 1.18 1.02 1.09
26.82% 22.28% 0.70 0.74 0.63 0.77
94.78% 59.98% 1.06 1.19 1.25 1.21
85.70% 9.32% 0.95 0.94 0.93 0.99
53.59% 25.37% 0.95 0.86 1.05 0.95
66.17% 15.61% 1.14 1.03 1.04 1.06
70.22% 257.32% 1.38 1.16 0.97 1.15
60.25% 28.33% 1.01 0.98 0.83 0.93
53.02% 11.78% 1.19 1.07 1.01 1.10
54.94% 20.36% 0.99 0.98 0.97 0.97
65.74% 12.70% 0.94 0.82 0.63 0.77
42.57% 25.17% 0.58 0.77 0.62 0.63
36.63% 53.82% 0.06 0.06 0.07 0.06
41.18% 25.40% 0.82 0.74 0.63 0.69
55.42% 15.90% 1.26 0.61 0.93 1.05
51.26% 34.05% 0.92 1.00 0.69 0.82
60.29% 93.85% 0.68 0.84 0.47 0.68
66.92% 10.87% 0.90 0.92 0.92 0.91
57.44% 24.22% 0.91 0.89 0.82 0.86
58.64% 30.64% 0.84 0.99 0.83 0.88
000000Global Companies 000000Betas by Sector 000000January 2016

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2015 2016 2017 (2015-18)
44.70% 128.07% 0.92 0.81 0.77 0.85
60.63% 30.20% 0.59 0.44 0.45 0.50
45.51% 26.64% 0.83 0.68 0.67 0.73
56.30% 6.39% 0.91 0.91 0.69 0.85
41.35% 34.44% 1.04 0.92 0.87 0.91
37.21% 76.79% 0.80 0.82 0.71 0.74
37.34% 36.74% 0.75 0.91 0.80 0.82
34.65% 57.83% 0.69 0.75 0.70 0.72
41.00% 27.10% 0.73 0.81 0.68 0.77
43.17% 20.89% 1.11 1.23 0.93 1.08
82.33% 40.51% 0.91 0.87 0.89 0.91
49.66% 18.32% 1.00 1.29 1.09 1.12
20.21% 61.70% 0.76 1.38 0.95 1.08
78.88% 109.36% 0.91 0.95 0.99 0.96
62.79% 30.48% 0.67 0.65 0.69 0.68
73.29% 42.07% 1.32 1.41 1.11 1.22
27.67% 17.89% 0.70 0.91 0.60 0.69
56.81% 34.50% 0.59 0.89 0.83 0.82
31.23% 8.37% 0.53 0.50 0.33 0.42
91.35% 72.71% 1.05 1.03 1.10 1.03
54.14% 13.55% 0.88 1.07 0.96 0.94
32.14% 30.62% 0.43 0.41 0.41 0.42
44.27% 136.76% 0.82 0.93 0.47 0.71
41.07% 204.05% 1.47 1.03 1.09 1.08
54.01% 42.66% 0.89 0.99 0.62 0.83
50.85% 47.63% 0.99 0.75 0.76 0.81
18.99% 52.13% 1.12 0.89 0.65 0.78
48.41% 18.74% 0.74 0.64 0.61 0.67
42.62% 35.82% 0.85 0.76 0.63 0.72
53.44% 28.48% 1.29 1.31 1.12 1.12
49.24% 35.40% 0.81 0.83 0.77 0.82
49.94% 6.34% 0.85 0.92 0.82 0.87
45.73% 17.63% 0.75 0.77 0.46 0.61
60.64% 49.32% 1.39 1.53 1.17 1.30
59.68% 22.09% 0.85 0.81 0.76 0.81
56.24% 42.44% 0.65 1.18 0.89 0.84
52.68% 30.35% 1.17 1.32 1.11 1.19
61.04% 52.85% 1.17 1.22 1.10 1.12
94.40% 29.81% 0.94 0.84 0.85 0.91
44.39% 25.36% 0.82 0.81 0.83 0.83
49.61% 103.93% 1.13 1.46 0.96 1.12
65.60% 49.78% 1.29 1.33 1.12 1.23
53.27% 13.17% 1.06 1.25 0.99 1.08
70.40% 73.59% 0.90 0.86 1.19 1.12
54.46% 38.36% 0.51 0.65 0.58 0.61
57.87% 20.11% 1.20 1.17 0.86 1.05
52.57% 34.87% 0.69 0.57 0.68 0.66
45.16% 13.92% 0.94 1.66 1.13 1.22
46.36% 25.07% 0.77 1.19 0.83 0.90
29.77% 24.46% 0.92 0.93 0.66 0.84
000000Global Companies 000000Betas by Sector 000000January 2016

Standard deviation in
operating income Average
Standard deviation of equity (last 10 years) 2015 2016 2017 (2015-18)
54.25% 34.40% 0.92 1.03 0.76 0.88
20.67% 7.02% 0.42 0.36 0.25 0.31
53.52% 24.03% 0.77 0.33 0.47 0.46
53.52% 15.92% 0.70 0.73 0.65 0.70
57.16% 15.06% 0.87 0.9 0.85 0.88
Effective
Marginal