Beta & Leverage

Industry betas (US, Global and Emerging Markets), leverage, and effective tax rates — the bottom-up inputs for a cost-of-capital build. NYU Stern (Damodaran), January 2026.

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Regional Market Averages

As ofJanuary 2026

Regions8

BasisWhole-market (all firms)

SourceNYU Stern (Damodaran)

Region	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
United States	5994	0.91	35.17%	8.30%	0.72	4.50%	0.76
Global	48156	1.04	51.48%	13.31%	0.75	9.70%	0.83
Emerging Markets	27360	1.08	57.56%	13.91%	0.75	11.02%	0.85
Europe	6560	0.91	67.53%	13.06%	0.60	12.83%	0.69
Japan	3965	1.13	94.32%	25.61%	0.68	30.85%	0.98
China	6307	1.75	73.11%	10.95%	1.13	12.00%	1.28
India	5170	0.77	30.27%	17.75%	0.63	5.75%	0.67
Australia, NZ & Canada	4278	1.06	67.67%	5.49%	0.71	5.35%	0.75

Whole-market aggregates (every listed firm, financials included) — the “Total Market” row of each region’s dataset. D/E is inflated by banks/insurers; the unlevered β is the capital-structure-neutral, cross-region-comparable number. Levered β shading — green < 0.80 · unshaded 0.80–1.20 · amber 1.20–1.50 · red > 1.50.

Betas by Industry

As of2026

Industries94

RegionUnited States

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	52	1.21	40.20%	5.02%	0.93	7.73%	1.01
Aerospace/Defense	79	0.95	15.56%	11.58%	0.85	2.61%	0.87
Air Transport	23	1.19	91.17%	8.29%	0.70	7.11%	0.76
Apparel	35	0.94	31.29%	9.61%	0.76	4.60%	0.79
Auto & Truck	33	1.46	19.70%	3.74%	1.27	2.99%	1.31
Auto Parts	35	1.34	41.46%	15.00%	1.02	9.45%	1.13
B
Bank (Money Center)	15	0.76	164.19%	18.43%	0.34	23.17%	0.44
Banks (Regional)	568	0.40	52.10%	17.61%	0.29	23.48%	0.37
Beverage (Alcoholic)	14	0.81	43.34%	12.35%	0.61	2.37%	0.63
Beverage (Soft)	27	0.64	20.59%	6.85%	0.56	3.44%	0.58
Broadcasting	24	0.47	85.85%	7.73%	0.29	9.18%	0.32
Brokerage & Investment Banking	32	1.17	135.57%	15.27%	0.58	14.51%	0.68
Building Materials	41	1.11	26.00%	18.02%	0.93	3.16%	0.96
Business & Consumer Services	155	0.89	19.72%	10.38%	0.77	4.02%	0.81
C
Cable TV	9	0.74	146.94%	10.64%	0.35	2.89%	0.36
Chemical (Basic)	29	1.01	99.35%	7.68%	0.58	8.91%	0.64
Chemical (Diversified)	4	0.85	176.11%	0.00%	0.37	9.75%	0.41
Chemical (Specialty)	59	0.97	29.88%	13.68%	0.79	3.91%	0.82
Coal & Related Energy	16	1.07	7.14%	3.13%	1.02	14.03%	1.18
Computer Services	64	1.09	25.10%	10.53%	0.92	4.80%	0.96
Computers/Peripherals	36	1.35	4.62%	5.91%	1.31	1.47%	1.32
Construction Supplies	40	1.15	17.62%	16.04%	1.02	2.94%	1.05
D
Diversified	20	0.88	15.55%	2.76%	0.79	6.42%	0.84
Drugs (Biotechnology)	496	1.14	13.04%	1.08%	1.03	4.20%	1.08
Drugs (Pharmaceutical)	228	0.98	14.54%	2.99%	0.89	3.16%	0.92
E
Education	32	0.78	24.38%	15.54%	0.66	8.26%	0.72
Electrical Equipment	112	1.25	12.00%	4.82%	1.15	3.53%	1.19
Electronics (Consumer & Office)	8	0.87	5.80%	0.00%	0.83	10.52%	0.93
Electronics (General)	114	0.97	11.01%	8.04%	0.90	4.28%	0.94
Engineering/Construction	48	1.21	14.01%	13.64%	1.09	3.74%	1.14
Entertainment	92	0.83	15.91%	3.30%	0.74	3.36%	0.76
Environmental & Waste Services	53	0.95	21.45%	4.27%	0.81	1.25%	0.82
F
Farming/Agriculture	35	1.13	51.85%	6.29%	0.81	3.87%	0.85
Financial Svcs. (Non-bank & Insurance)	176	0.97	272.13%	12.06%	0.32	2.69%	0.33
Food Processing	78	0.61	43.73%	10.37%	0.46	2.56%	0.47
Food Wholesalers	13	0.87	46.97%	9.15%	0.64	1.06%	0.65
Furn/Home Furnishings	27	0.82	42.33%	11.38%	0.62	4.19%	0.65
G
Green & Renewable Energy	15	0.86	113.11%	0.00%	0.46	1.90%	0.47
H
Healthcare Products	204	0.91	12.79%	4.85%	0.83	3.25%	0.86
Healthcare Support Services	104	0.87	35.43%	9.80%	0.69	7.51%	0.74
Healthcare Information and Technology	115	1.11	15.74%	6.38%	0.99	2.46%	1.02
Homebuilding	30	0.91	21.34%	16.99%	0.78	8.00%	0.85
Hospitals/Healthcare Facilities	31	0.80	59.92%	11.35%	0.55	2.32%	0.56
Hotel/Gaming	63	1.08	39.75%	8.31%	0.83	4.96%	0.88
Household Products	110	0.82	18.15%	6.50%	0.72	3.14%	0.74
I
Information Services	15	0.92	33.17%	18.16%	0.74	2.54%	0.76
Insurance (General)	21	0.67	25.63%	12.77%	0.56	2.50%	0.58
Insurance (Life)	20	0.64	67.84%	15.19%	0.43	19.67%	0.53
Insurance (Prop/Cas.)	57	0.48	14.83%	18.37%	0.44	4.68%	0.46
Investments & Asset Management	283	0.66	32.69%	3.53%	0.53	9.92%	0.59
M
Machinery	105	0.96	14.69%	13.37%	0.87	2.91%	0.89
Metals & Mining	73	1.04	10.98%	2.52%	0.96	4.63%	1.01
O
Office Equipment & Services	14	1.33	48.10%	12.30%	0.98	5.55%	1.04
Oil/Gas (Integrated)	4	0.30	13.85%	28.24%	0.27	2.44%	0.28
Oil/Gas (Production and Exploration)	142	0.72	37.59%	6.66%	0.56	2.73%	0.58
Oil/Gas Distribution	23	0.67	58.53%	9.17%	0.47	0.89%	0.47
Oilfield Svcs/Equip.	97	0.95	37.36%	8.75%	0.74	5.59%	0.79
P
Packaging & Container	19	1.02	55.11%	15.57%	0.72	3.46%	0.75
Paper/Forest Products	6	0.96	43.69%	8.60%	0.72	6.25%	0.77
Power	46	0.48	74.15%	12.75%	0.31	1.45%	0.31
Precious Metals	56	0.84	7.28%	5.97%	0.79	4.53%	0.83
Publishing & Newspapers	19	0.56	23.94%	10.21%	0.48	6.75%	0.51
R
R.E.I.T.	190	0.64	84.46%	1.58%	0.39	1.91%	0.40
Real Estate (Development)	14	0.84	101.83%	4.91%	0.48	15.21%	0.56
Real Estate (General/Diversified)	12	0.81	53.56%	4.65%	0.58	7.83%	0.63
Real Estate (Operations & Services)	54	0.97	24.64%	8.70%	0.81	4.98%	0.86
Recreation	49	1.02	62.99%	11.45%	0.70	5.62%	0.74
Reinsurance	1	0.58	43.47%	30.36%	0.44	24.11%	0.58
Restaurant/Dining	64	0.92	27.22%	9.92%	0.77	1.99%	0.78
Retail (Automotive)	34	0.94	45.36%	10.77%	0.70	2.08%	0.71
Retail (Building Supply)	14	1.54	23.29%	11.84%	1.31	0.81%	1.32
Retail (Distributors)	62	0.95	28.24%	14.59%	0.78	2.36%	0.80
Retail (General)	23	0.81	7.94%	19.10%	0.76	2.68%	0.78
Retail (Grocery and Food)	15	1.12	51.95%	12.22%	0.80	5.14%	0.85
Retail (REITs)	26	0.62	56.42%	1.60%	0.44	1.48%	0.44
Retail (Special Lines)	94	1.09	19.76%	10.07%	0.95	5.30%	1.00
Rubber& Tires	3	0.53	358.47%	0.00%	0.14	7.01%	0.15
S
Semiconductor	66	1.52	2.59%	5.11%	1.49	1.02%	1.50
Semiconductor Equip	31	1.40	4.86%	9.96%	1.35	3.13%	1.39
Shipbuilding & Marine	8	0.75	22.55%	5.26%	0.64	2.54%	0.66
Shoe	11	1.02	11.94%	11.86%	0.93	6.65%	1.00
Software (Entertainment)	77	1.03	2.04%	5.29%	1.01	0.78%	1.02
Software (Internet)	29	1.69	12.30%	3.05%	1.55	2.80%	1.59
Software (System & Application)	309	1.28	5.58%	5.51%	1.23	1.83%	1.25
Steel	19	1.06	23.51%	9.28%	0.90	4.38%	0.94
T
Telecom (Wireless)	12	0.54	51.95%	4.02%	0.39	1.32%	0.39
Telecom. Equipment	57	0.92	9.22%	7.06%	0.86	2.68%	0.89
Telecom. Services	39	0.63	96.06%	3.40%	0.37	4.21%	0.38
Tobacco	10	0.79	22.97%	14.77%	0.68	1.84%	0.69
Transportation	19	0.86	36.45%	8.54%	0.68	5.09%	0.71
Transportation (Railroads)	4	0.98	27.79%	16.98%	0.81	0.83%	0.81
Trucking	26	1.01	25.23%	12.60%	0.85	2.12%	0.87
U
Utility (General)	14	0.24	81.48%	12.77%	0.15	0.33%	0.15
Utility (Water)	14	0.41	62.36%	11.19%	0.28	0.46%	0.28
Market aggregates
Total Market	5994	0.91	35.17%	8.30%	0.72	4.50%	0.76
Total Market (without financials)	4822	0.99	17.29%	7.10%	0.88	2.60%	0.90

Regression betas de-levered at each industry’s median D/E and marginal tax rate; cash-adjusted column strips out cash holdings. Levered β shading — green < 0.80 · unshaded 0.80–1.20 · amber 1.20–1.50 · red > 1.50.

Betas by Industry — Global

As of2026

Industries94

RegionGlobal (developed + emerging)

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	419	1.27	40.55%	13.47%	0.98	10.04%	1.09
Aerospace/Defense	319	1.23	13.00%	10.93%	1.12	3.82%	1.17
Air Transport	150	0.99	78.89%	14.62%	0.62	8.85%	0.68
Apparel	1207	0.76	18.70%	15.24%	0.67	5.14%	0.71
Auto & Truck	165	1.41	47.81%	11.57%	1.04	9.53%	1.15
Auto Parts	797	1.45	27.80%	17.28%	1.20	11.29%	1.35
B
Bank (Money Center)	604	0.70	211.72%	21.59%	0.27	25.48%	0.36
Banks (Regional)	825	0.51	202.28%	18.36%	0.20	31.88%	0.30
Beverage (Alcoholic)	217	0.79	20.29%	17.62%	0.69	5.05%	0.73
Beverage (Soft)	94	0.59	18.72%	13.30%	0.52	4.03%	0.54
Broadcasting	127	0.83	56.77%	15.20%	0.58	10.87%	0.66
Brokerage & Investment Banking	623	0.98	179.14%	15.37%	0.42	13.94%	0.49
Building Materials	469	1.00	22.78%	16.72%	0.86	4.86%	0.90
Business & Consumer Services	994	0.99	20.61%	15.82%	0.86	5.33%	0.91
C
Cable TV	42	1.10	124.17%	10.02%	0.57	3.63%	0.59
Chemical (Basic)	909	1.26	50.48%	14.72%	0.91	8.96%	1.00
Chemical (Diversified)	63	1.17	52.52%	21.13%	0.84	7.70%	0.91
Chemical (Specialty)	952	1.15	23.52%	15.73%	0.98	5.89%	1.04
Coal & Related Energy	212	1.14	19.90%	10.66%	1.00	12.17%	1.13
Computer Services	1225	1.12	15.01%	16.58%	1.00	6.29%	1.07
Computers/Peripherals	343	1.49	6.19%	12.93%	1.42	3.25%	1.47
Construction Supplies	804	1.03	30.27%	16.72%	0.84	7.95%	0.92
D
Diversified	329	0.80	48.50%	15.18%	0.59	10.28%	0.65
Drugs (Biotechnology)	1193	1.23	12.35%	2.08%	1.13	4.56%	1.18
Drugs (Pharmaceutical)	1260	1.06	14.94%	10.35%	0.96	4.28%	1.00
E
Education	281	0.81	28.61%	14.55%	0.67	10.16%	0.74
Electrical Equipment	1158	1.37	13.74%	12.20%	1.25	7.08%	1.34
Electronics (Consumer & Office)	122	1.20	16.33%	13.28%	1.07	10.53%	1.19
Electronics (General)	1481	1.60	14.17%	11.89%	1.45	7.85%	1.57
Engineering/Construction	1390	1.00	76.55%	17.66%	0.64	16.10%	0.76
Entertainment	733	1.01	12.73%	8.03%	0.92	5.83%	0.98
Environmental & Waste Services	397	1.10	35.70%	12.80%	0.87	4.18%	0.91
F
Farming/Agriculture	428	0.67	59.04%	15.63%	0.47	5.62%	0.49
Financial Svcs. (Non-bank & Insurance)	1138	0.82	264.81%	15.91%	0.28	6.25%	0.30
Food Processing	1450	0.67	37.10%	16.35%	0.53	5.82%	0.56
Food Wholesalers	183	0.68	58.24%	17.44%	0.48	4.32%	0.50
Furn/Home Furnishings	383	0.97	25.73%	15.39%	0.81	13.50%	0.94
G
Green & Renewable Energy	258	0.84	71.43%	11.00%	0.55	3.72%	0.57
H
Healthcare Products	842	1.18	13.86%	8.45%	1.07	4.06%	1.12
Healthcare Support Services	478	0.92	38.13%	14.62%	0.71	8.37%	0.78
Healthcare Information and Technology	430	1.29	13.96%	7.86%	1.17	3.23%	1.21
Homebuilding	160	0.96	39.90%	19.73%	0.74	10.03%	0.82
Hospitals/Healthcare Facilities	249	0.76	46.58%	18.46%	0.56	3.39%	0.58
Hotel/Gaming	656	0.80	40.24%	15.06%	0.61	6.43%	0.66
Household Products	588	0.83	15.67%	13.11%	0.74	4.00%	0.77
I
Information Services	86	1.02	31.98%	19.82%	0.83	5.41%	0.87
Insurance (General)	204	0.51	30.06%	15.38%	0.42	11.91%	0.47
Insurance (Life)	143	0.80	75.13%	17.25%	0.52	35.21%	0.79
Insurance (Prop/Cas.)	248	0.43	16.34%	19.38%	0.38	6.66%	0.41
Investments & Asset Management	1315	0.75	60.34%	7.28%	0.52	8.79%	0.57
M
Machinery	1553	1.37	13.56%	15.99%	1.24	6.47%	1.33
Metals & Mining	1874	1.24	23.04%	4.37%	1.05	6.28%	1.13
O
Office Equipment & Services	139	0.76	28.57%	16.19%	0.63	12.08%	0.71
Oil/Gas (Integrated)	34	0.69	21.60%	28.27%	0.59	6.22%	0.63
Oil/Gas (Production and Exploration)	539	0.89	35.82%	8.96%	0.70	6.38%	0.75
Oil/Gas Distribution	186	0.65	61.54%	12.14%	0.45	2.89%	0.46
Oilfield Svcs/Equip.	431	0.95	39.66%	13.73%	0.73	8.50%	0.80
P
Packaging & Container	438	0.76	52.65%	16.67%	0.55	5.31%	0.58
Paper/Forest Products	271	0.89	78.08%	12.51%	0.56	8.05%	0.61
Power	486	0.71	85.87%	17.86%	0.43	4.55%	0.46
Precious Metals	777	1.40	9.06%	5.11%	1.31	4.72%	1.37
Publishing & Newspapers	307	0.82	27.99%	15.03%	0.68	13.26%	0.78
R
R.E.I.T.	643	0.56	80.07%	3.97%	0.35	2.24%	0.36
Real Estate (Development)	895	0.93	191.18%	14.52%	0.38	14.47%	0.45
Real Estate (General/Diversified)	312	0.93	88.56%	14.29%	0.56	6.53%	0.60
Real Estate (Operations & Services)	752	0.78	82.50%	14.27%	0.48	5.89%	0.51
Recreation	332	1.01	33.37%	14.77%	0.81	9.47%	0.89
Reinsurance	32	0.99	20.28%	17.74%	0.86	9.79%	0.95
Restaurant/Dining	410	0.75	26.01%	15.21%	0.63	4.33%	0.66
Retail (Automotive)	212	0.83	52.75%	16.93%	0.60	4.92%	0.63
Retail (Building Supply)	121	0.94	25.95%	18.44%	0.79	1.63%	0.80
Retail (Distributors)	1079	0.81	48.34%	17.48%	0.60	6.98%	0.64
Retail (General)	252	0.98	13.04%	17.67%	0.90	4.47%	0.94
Retail (Grocery and Food)	215	0.87	45.96%	20.81%	0.65	5.81%	0.69
Retail (REITs)	113	0.61	71.13%	6.82%	0.40	2.52%	0.41
Retail (Special Lines)	649	0.96	18.36%	16.92%	0.84	6.53%	0.90
Rubber& Tires	91	0.94	44.12%	18.04%	0.71	9.35%	0.78
S
Semiconductor	675	1.88	4.13%	8.46%	1.82	2.58%	1.87
Semiconductor Equip	391	2.13	5.61%	12.19%	2.04	3.63%	2.12
Shipbuilding & Marine	359	0.87	41.69%	15.06%	0.67	15.28%	0.79
Shoe	84	0.92	14.29%	15.07%	0.83	7.16%	0.89
Software (Entertainment)	298	1.25	3.14%	10.87%	1.22	1.36%	1.23
Software (Internet)	150	1.39	10.01%	11.32%	1.30	3.12%	1.34
Software (System & Application)	1532	1.35	5.84%	9.04%	1.30	2.52%	1.33
Steel	719	1.13	47.34%	14.55%	0.83	10.24%	0.93
T
Telecom (Wireless)	101	0.78	49.97%	17.67%	0.57	5.46%	0.60
Telecom. Equipment	437	1.33	9.62%	8.27%	1.24	4.55%	1.30
Telecom. Services	283	0.73	73.18%	15.40%	0.47	4.99%	0.50
Tobacco	48	0.43	23.66%	20.13%	0.36	2.98%	0.37
Transportation	451	0.96	53.47%	17.59%	0.69	7.83%	0.75
Transportation (Railroads)	54	0.72	47.44%	24.19%	0.53	4.08%	0.55
Trucking	130	0.85	39.87%	20.03%	0.65	3.30%	0.68
U
Utility (General)	52	0.50	76.23%	18.54%	0.32	3.95%	0.33
Utility (Water)	106	0.70	91.27%	16.09%	0.42	5.89%	0.45
Market aggregates
Total Market	48156	1.04	51.48%	13.31%	0.75	9.70%	0.83
Total Market (without financials)	43056	1.08	25.95%	13.13%	0.90	5.52%	0.96

Betas by Industry — Emerging Markets

As of2026

Industries94

RegionEmerging markets

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	184	1.44	31.59%	10.28%	1.16	9.19%	1.28
Aerospace/Defense	151	1.28	12.03%	10.74%	1.18	6.39%	1.26
Air Transport	79	0.87	80.02%	13.74%	0.54	7.99%	0.59
Apparel	993	0.73	25.98%	14.50%	0.61	8.04%	0.67
Auto & Truck	89	1.35	40.22%	13.91%	1.04	14.83%	1.22
Auto Parts	592	1.52	18.45%	16.19%	1.34	8.73%	1.47
B
Bank (Money Center)	455	0.59	178.99%	21.55%	0.25	18.01%	0.30
Banks (Regional)	104	0.60	540.13%	15.30%	0.12	12.79%	0.14
Beverage (Alcoholic)	132	0.91	2.59%	19.23%	0.89	6.78%	0.95
Beverage (Soft)	40	0.57	5.01%	16.59%	0.55	5.08%	0.58
Broadcasting	63	0.90	33.04%	12.38%	0.72	15.52%	0.86
Brokerage & Investment Banking	468	0.97	206.38%	14.26%	0.38	10.69%	0.42
Building Materials	281	1.01	28.82%	14.79%	0.83	7.27%	0.89
Business & Consumer Services	379	1.10	15.29%	12.16%	0.98	11.42%	1.11
C
Cable TV	29	1.10	23.37%	9.17%	0.94	8.68%	1.03
Chemical (Basic)	741	1.31	46.23%	14.56%	0.97	8.63%	1.06
Chemical (Diversified)	29	0.98	31.93%	21.36%	0.79	7.76%	0.86
Chemical (Specialty)	687	1.18	20.06%	16.01%	1.03	7.14%	1.11
Coal & Related Energy	96	0.99	23.03%	20.22%	0.84	12.96%	0.97
Computer Services	693	1.10	10.19%	13.78%	1.02	5.49%	1.08
Computers/Peripherals	244	1.59	10.52%	13.39%	1.47	8.90%	1.62
Construction Supplies	580	1.00	32.65%	15.29%	0.80	11.66%	0.91
D
Diversified	215	0.70	122.28%	15.02%	0.36	15.57%	0.43
Drugs (Biotechnology)	382	1.42	8.45%	3.27%	1.34	5.30%	1.41
Drugs (Pharmaceutical)	753	1.05	10.59%	13.95%	0.97	7.33%	1.05
E
Education	182	0.85	33.95%	11.94%	0.67	12.38%	0.77
Electrical Equipment	810	1.48	16.06%	12.96%	1.32	9.27%	1.45
Electronics (Consumer & Office)	81	1.21	28.16%	13.57%	1.00	17.05%	1.21
Electronics (General)	1050	1.77	16.02%	11.17%	1.58	8.60%	1.72
Engineering/Construction	999	1.02	144.49%	15.92%	0.49	20.29%	0.61
Entertainment	343	1.19	8.16%	7.97%	1.12	7.98%	1.22
Environmental & Waste Services	223	1.24	67.55%	12.63%	0.82	7.50%	0.89
F
Farming/Agriculture	312	0.66	57.80%	16.18%	0.46	7.51%	0.50
Financial Svcs. (Non-bank & Insurance)	697	0.70	116.64%	17.08%	0.37	7.92%	0.40
Food Processing	1030	0.72	38.00%	16.36%	0.56	7.92%	0.61
Food Wholesalers	121	0.64	80.09%	15.17%	0.40	7.57%	0.43
Furn/Home Furnishings	278	1.06	17.22%	14.49%	0.94	15.26%	1.11
G
Green & Renewable Energy	154	0.86	66.22%	13.18%	0.57	3.38%	0.59
H
Healthcare Products	380	1.38	9.22%	8.75%	1.29	9.92%	1.43
Healthcare Support Services	256	0.97	61.63%	14.26%	0.66	15.02%	0.78
Healthcare Information and Technology	146	1.56	6.59%	8.20%	1.49	4.92%	1.56
Homebuilding	46	0.71	70.41%	10.93%	0.47	8.07%	0.51
Hospitals/Healthcare Facilities	164	0.72	20.80%	18.45%	0.62	4.06%	0.65
Hotel/Gaming	427	0.70	45.37%	15.63%	0.53	9.44%	0.58
Household Products	339	0.85	13.41%	14.01%	0.77	6.28%	0.82
I
Information Services	49	1.07	14.12%	17.98%	0.96	6.39%	1.03
Insurance (General)	140	0.37	30.88%	14.38%	0.30	16.56%	0.36
Insurance (Life)	92	0.82	59.06%	16.20%	0.57	19.11%	0.70
Insurance (Prop/Cas.)	158	0.36	21.02%	19.04%	0.31	6.41%	0.33
Investments & Asset Management	486	0.67	89.44%	8.88%	0.40	3.61%	0.41
M
Machinery	987	1.51	12.20%	14.08%	1.38	7.44%	1.50
Metals & Mining	358	1.55	25.06%	15.14%	1.30	7.17%	1.40
O
Office Equipment & Services	78	0.75	17.75%	14.16%	0.66	15.19%	0.78
Oil/Gas (Integrated)	15	0.79	15.89%	23.50%	0.70	5.16%	0.74
Oil/Gas (Production and Exploration)	105	0.87	31.54%	14.13%	0.71	13.08%	0.81
Oil/Gas Distribution	120	0.63	53.89%	12.88%	0.45	8.92%	0.49
Oilfield Svcs/Equip.	228	0.92	37.70%	15.58%	0.72	8.83%	0.79
P
Packaging & Container	341	0.74	42.05%	16.08%	0.56	8.26%	0.61
Paper/Forest Products	197	0.90	101.15%	12.41%	0.51	9.01%	0.56
Power	328	0.77	104.43%	17.36%	0.43	6.04%	0.46
Precious Metals	64	1.58	14.94%	15.93%	1.42	5.43%	1.50
Publishing & Newspapers	171	0.90	10.69%	11.62%	0.83	17.52%	1.01
R
R.E.I.T.	208	0.45	57.27%	2.47%	0.31	2.72%	0.32
Real Estate (Development)	786	0.96	196.74%	14.20%	0.39	14.53%	0.45
Real Estate (General/Diversified)	205	1.01	71.39%	11.89%	0.66	8.36%	0.72
Real Estate (Operations & Services)	406	0.79	61.32%	14.09%	0.54	8.17%	0.59
Recreation	158	1.04	23.55%	11.83%	0.88	11.27%	0.99
Reinsurance	27	0.98	32.15%	16.39%	0.79	13.03%	0.90
Restaurant/Dining	184	0.82	13.43%	12.31%	0.74	9.02%	0.82
Retail (Automotive)	122	0.82	74.49%	16.58%	0.52	10.07%	0.58
Retail (Building Supply)	55	0.78	34.61%	14.47%	0.62	6.26%	0.66
Retail (Distributors)	731	0.76	87.90%	15.45%	0.46	14.40%	0.53
Retail (General)	147	1.03	36.65%	16.01%	0.81	8.93%	0.89
Retail (Grocery and Food)	97	1.01	37.79%	17.53%	0.79	7.81%	0.86
Retail (REITs)	39	0.61	60.73%	5.70%	0.42	2.52%	0.43
Retail (Special Lines)	282	0.90	19.45%	16.12%	0.78	8.38%	0.85
Rubber& Tires	72	0.92	38.04%	17.82%	0.72	9.05%	0.79
S
Semiconductor	546	1.94	6.58%	8.65%	1.85	6.25%	1.98
Semiconductor Equip	300	2.18	14.23%	10.73%	1.97	5.65%	2.09
Shipbuilding & Marine	252	0.88	36.94%	15.85%	0.69	18.26%	0.84
Shoe	60	0.81	20.59%	16.61%	0.70	10.65%	0.79
Software (Entertainment)	67	1.54	8.49%	10.62%	1.45	4.02%	1.51
Software (Internet)	49	1.42	15.84%	12.26%	1.27	4.69%	1.33
Software (System & Application)	548	1.58	5.27%	8.21%	1.52	7.04%	1.64
Steel	555	1.16	50.90%	14.33%	0.84	10.00%	0.93
T
Telecom (Wireless)	68	0.78	30.04%	19.55%	0.64	4.31%	0.67
Telecom. Equipment	296	1.53	9.40%	8.40%	1.43	5.91%	1.51
Telecom. Services	142	0.71	32.64%	15.85%	0.57	6.62%	0.61
Tobacco	30	0.23	4.58%	22.88%	0.23	2.13%	0.23
Transportation	330	1.03	58.81%	17.18%	0.71	10.28%	0.79
Transportation (Railroads)	18	0.96	37.64%	25.73%	0.75	15.81%	0.89
Trucking	76	0.81	175.17%	19.17%	0.35	5.20%	0.37
U
Utility (General)	14	0.70	36.57%	16.57%	0.55	4.28%	0.57
Utility (Water)	76	0.74	93.24%	17.11%	0.44	7.57%	0.47
Market aggregates
Total Market	27360	1.08	57.56%	13.91%	0.75	11.02%	0.85
Total Market (without financials)	24760	1.12	32.78%	13.72%	0.90	8.81%	0.99

Betas by Industry — Europe

As of2026

Industries94

RegionEurope

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	83	0.92	52.90%	14.46%	0.66	9.41%	0.72
Aerospace/Defense	67	1.26	8.41%	12.74%	1.18	4.77%	1.24
Air Transport	33	1.13	67.76%	20.36%	0.75	9.13%	0.82
Apparel	109	0.83	15.90%	17.63%	0.74	4.18%	0.78
Auto & Truck	31	1.52	144.90%	9.22%	0.73	14.86%	0.85
Auto Parts	58	1.09	79.68%	14.36%	0.68	14.97%	0.80
B
Bank (Money Center)	113	1.08	288.89%	21.70%	0.34	27.64%	0.47
Banks (Regional)	69	0.39	274.27%	17.75%	0.13	28.03%	0.18
Beverage (Alcoholic)	52	0.61	59.37%	14.68%	0.42	2.64%	0.43
Beverage (Soft)	14	0.42	31.01%	17.29%	0.34	5.75%	0.36
Broadcasting	18	0.97	36.20%	22.30%	0.76	11.83%	0.86
Brokerage & Investment Banking	69	0.73	74.92%	19.04%	0.47	18.75%	0.57
Building Materials	84	1.03	17.93%	15.38%	0.91	3.28%	0.94
Business & Consumer Services	176	0.84	30.91%	17.21%	0.68	4.19%	0.71
C
Cable TV	2	2.64	381.42%	0.00%	0.68	9.75%	0.76
Chemical (Basic)	58	0.74	81.38%	9.14%	0.46	8.19%	0.50
Chemical (Diversified)	7	1.47	63.11%	13.55%	1.00	4.12%	1.04
Chemical (Specialty)	92	1.13	21.61%	12.95%	0.97	4.07%	1.01
Coal & Related Energy	15	0.66	11.80%	7.46%	0.61	12.90%	0.70
Computer Services	210	0.94	15.50%	15.88%	0.84	7.10%	0.90
Computers/Peripherals	38	1.12	8.09%	10.50%	1.05	10.82%	1.18
Construction Supplies	119	1.03	38.22%	19.34%	0.80	6.56%	0.86
D
Diversified	72	0.99	33.40%	16.17%	0.79	6.86%	0.85
Drugs (Biotechnology)	199	1.18	13.01%	2.68%	1.07	6.03%	1.14
Drugs (Pharmaceutical)	115	1.17	15.87%	7.84%	1.05	3.45%	1.09
E
Education	18	0.53	20.62%	15.85%	0.46	4.61%	0.48
Electrical Equipment	146	1.09	11.16%	10.55%	1.01	4.67%	1.05
Electronics (Consumer & Office)	17	1.27	6.07%	17.30%	1.21	5.33%	1.28
Electronics (General)	142	1.10	12.98%	10.37%	1.00	3.93%	1.04
Engineering/Construction	160	0.93	49.07%	16.79%	0.68	14.99%	0.80
Entertainment	199	0.73	11.54%	5.01%	0.67	7.44%	0.73
Environmental & Waste Services	48	1.06	62.58%	14.90%	0.72	10.44%	0.80
F
Farming/Agriculture	46	0.49	96.80%	17.42%	0.28	6.71%	0.30
Financial Svcs. (Non-bank & Insurance)	146	1.02	301.58%	14.53%	0.31	24.34%	0.41
Food Processing	173	0.46	35.13%	13.49%	0.37	3.76%	0.38
Food Wholesalers	11	0.61	110.52%	15.90%	0.33	10.63%	0.37
Furn/Home Furnishings	53	0.68	129.57%	17.84%	0.34	13.14%	0.40
G
Green & Renewable Energy	60	0.72	86.26%	9.82%	0.44	5.37%	0.46
H
Healthcare Products	163	1.26	18.96%	9.24%	1.10	2.62%	1.13
Healthcare Support Services	47	0.84	51.97%	13.95%	0.61	5.28%	0.64
Healthcare Information and Technology	89	1.19	18.60%	8.26%	1.04	3.85%	1.08
Homebuilding	36	1.47	22.75%	17.57%	1.25	11.50%	1.42
Hospitals/Healthcare Facilities	29	0.71	193.64%	22.43%	0.29	5.31%	0.30
Hotel/Gaming	103	0.92	38.88%	16.06%	0.71	7.68%	0.77
Household Products	65	0.77	14.42%	14.70%	0.69	2.74%	0.71
I
Information Services	6	0.82	157.93%	19.53%	0.38	15.03%	0.44
Insurance (General)	34	0.77	31.11%	20.55%	0.63	13.27%	0.72
Insurance (Life)	15	0.80	91.01%	18.78%	0.48	26.71%	0.65
Insurance (Prop/Cas.)	19	0.56	17.81%	20.04%	0.50	3.35%	0.51
Investments & Asset Management	338	0.78	69.53%	7.49%	0.51	12.20%	0.59
M
Machinery	210	1.12	11.36%	15.50%	1.03	5.14%	1.08
Metals & Mining	118	1.12	30.62%	6.99%	0.91	5.28%	0.96
O
Office Equipment & Services	20	0.61	30.72%	12.32%	0.49	9.77%	0.55
Oil/Gas (Integrated)	12	0.43	19.36%	40.26%	0.38	6.86%	0.41
Oil/Gas (Production and Exploration)	83	0.95	86.47%	10.57%	0.58	11.67%	0.65
Oil/Gas Distribution	30	0.67	68.30%	8.37%	0.44	7.05%	0.48
Oilfield Svcs/Equip.	58	0.90	40.03%	11.71%	0.69	14.47%	0.81
P
Packaging & Container	42	0.77	63.16%	14.73%	0.52	4.05%	0.54
Paper/Forest Products	36	0.67	39.50%	10.41%	0.52	6.03%	0.55
Power	69	0.62	60.38%	22.28%	0.42	6.37%	0.45
Precious Metals	39	0.97	8.40%	6.74%	0.92	3.85%	0.95
Publishing & Newspapers	59	0.76	77.58%	13.37%	0.48	6.71%	0.51
R
R.E.I.T.	138	0.60	75.29%	11.72%	0.38	4.47%	0.40
Real Estate (Development)	61	0.54	79.76%	14.69%	0.34	14.50%	0.40
Real Estate (General/Diversified)	45	0.58	92.58%	12.40%	0.34	3.29%	0.35
Real Estate (Operations & Services)	219	0.66	141.65%	13.37%	0.32	4.30%	0.34
Recreation	59	1.02	26.09%	15.60%	0.85	4.82%	0.89
Reinsurance	4	1.17	14.89%	23.76%	1.06	7.30%	1.14
Restaurant/Dining	38	0.71	39.03%	12.74%	0.55	6.73%	0.59
Retail (Automotive)	22	1.04	38.96%	12.42%	0.81	7.75%	0.87
Retail (Building Supply)	26	1.21	62.29%	20.47%	0.82	6.56%	0.88
Retail (Distributors)	117	0.89	57.35%	16.37%	0.62	3.85%	0.64
Retail (General)	31	0.98	30.56%	13.46%	0.79	10.45%	0.89
Retail (Grocery and Food)	34	0.98	53.17%	23.46%	0.70	6.64%	0.75
Retail (REITs)	28	0.62	115.03%	14.40%	0.33	7.00%	0.36
Retail (Special Lines)	105	1.16	19.49%	14.30%	1.01	4.95%	1.06
Rubber& Tires	10	0.81	50.46%	21.88%	0.58	9.36%	0.65
S
Semiconductor	36	1.32	19.55%	6.44%	1.15	5.26%	1.22
Semiconductor Equip	21	1.68	1.55%	13.81%	1.66	2.07%	1.69
Shipbuilding & Marine	65	0.88	46.55%	7.83%	0.65	11.53%	0.74
Shoe	9	1.21	22.67%	9.96%	1.04	5.99%	1.10
Software (Entertainment)	51	1.07	9.70%	8.32%	1.00	2.65%	1.02
Software (Internet)	23	0.84	47.51%	13.37%	0.62	2.14%	0.63
Software (System & Application)	290	0.96	6.74%	9.40%	0.91	5.45%	0.96
Steel	57	0.91	40.97%	13.95%	0.69	19.00%	0.85
T
Telecom (Wireless)	11	0.61	104.12%	18.19%	0.34	8.15%	0.37
Telecom. Equipment	50	0.74	14.10%	8.98%	0.67	12.16%	0.76
Telecom. Services	62	0.73	91.75%	18.24%	0.43	3.53%	0.45
Tobacco	5	0.19	39.10%	21.06%	0.15	3.88%	0.15
Transportation	56	0.78	77.13%	18.17%	0.49	8.01%	0.54
Transportation (Railroads)	8	0.66	41.17%	12.74%	0.51	15.79%	0.60
Trucking	7	0.96	76.26%	18.56%	0.61	6.74%	0.65
U
Utility (General)	18	0.64	91.79%	20.86%	0.38	8.51%	0.41
Utility (Water)	12	0.86	135.18%	18.17%	0.43	7.92%	0.46
Market aggregates
Total Market	6560	0.91	67.53%	13.06%	0.60	12.83%	0.69
Total Market (without financials)	5757	0.92	32.97%	12.97%	0.74	5.98%	0.79

Betas by Industry — Japan

As of2026

Industries94

RegionJapan

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	87	1.38	32.16%	24.73%	1.13	23.08%	1.46
Aerospace/Defense	5	2.96	21.36%	0.00%	2.57	18.86%	3.17
Air Transport	5	1.16	95.95%	10.02%	0.70	28.02%	0.97
Apparel	60	1.03	28.56%	25.61%	0.86	19.31%	1.06
Auto & Truck	10	1.38	111.98%	26.16%	0.77	14.69%	0.91
Auto Parts	98	1.33	25.29%	25.77%	1.13	19.06%	1.39
B
Bank (Money Center)	7	1.48	387.70%	22.00%	0.40	93.23%	5.87
Banks (Regional)	76	1.32	282.26%	26.96%	0.44	99.56%	99.24
Beverage (Alcoholic)	7	0.67	53.76%	33.36%	0.49	3.69%	0.51
Beverage (Soft)	6	0.13	12.86%	26.69%	0.12	12.34%	0.14
Broadcasting	11	0.90	16.39%	34.47%	0.80	12.70%	0.92
Brokerage & Investment Banking	39	1.46	735.07%	24.15%	0.24	22.47%	0.31
Building Materials	56	0.98	27.74%	28.19%	0.82	13.22%	0.94
Business & Consumer Services	224	1.15	7.56%	25.70%	1.09	11.38%	1.24
C
Cable TV	1	1.24	7.62%	30.38%	1.17	14.10%	1.36
Chemical (Basic)	65	1.25	56.49%	26.28%	0.89	14.21%	1.04
Chemical (Diversified)	22	1.41	63.82%	27.11%	0.97	11.99%	1.10
Chemical (Specialty)	69	1.29	21.85%	25.56%	1.12	14.32%	1.30
Coal & Related Energy	1	1.78	200.90%	0.00%	0.74	6.80%	0.79
Computer Services	240	1.37	8.99%	27.36%	1.29	11.16%	1.45
Computers/Peripherals	24	1.32	31.60%	23.22%	1.08	12.09%	1.23
Construction Supplies	51	1.40	39.69%	28.49%	1.09	9.69%	1.21
D
Diversified	16	1.18	13.41%	30.91%	1.07	6.85%	1.15
Drugs (Biotechnology)	33	1.63	11.63%	3.52%	1.50	15.22%	1.77
Drugs (Pharmaceutical)	40	1.11	17.93%	15.55%	0.98	8.07%	1.07
E
Education	35	0.94	29.37%	27.44%	0.78	25.18%	1.04
Electrical Equipment	53	1.36	10.05%	26.04%	1.27	9.65%	1.41
Electronics (Consumer & Office)	10	1.47	13.99%	22.61%	1.34	8.66%	1.47
Electronics (General)	132	1.53	10.17%	25.02%	1.42	12.75%	1.63
Engineering/Construction	153	0.93	31.54%	30.18%	0.76	14.24%	0.89
Entertainment	74	0.97	2.35%	22.66%	0.96	16.04%	1.14
Environmental & Waste Services	38	1.05	32.06%	32.32%	0.85	18.89%	1.05
F
Farming/Agriculture	11	0.96	83.23%	34.19%	0.60	6.10%	0.64
Financial Svcs. (Non-bank & Insurance)	50	1.35	1062.91%	23.67%	0.16	3.68%	0.17
Food Processing	118	0.49	24.18%	27.10%	0.42	12.05%	0.48
Food Wholesalers	34	0.78	52.48%	29.12%	0.57	16.25%	0.68
Furn/Home Furnishings	19	0.69	8.19%	29.19%	0.65	27.31%	0.90
G
Green & Renewable Energy	6	1.59	83.51%	20.69%	1.00	34.51%	1.53
H
Healthcare Products	39	1.03	9.34%	29.91%	0.96	9.15%	1.06
Healthcare Support Services	48	0.91	21.63%	27.57%	0.79	29.56%	1.12
Healthcare Information and Technology	35	1.43	11.42%	16.70%	1.32	11.49%	1.50
Homebuilding	45	0.84	122.26%	31.32%	0.45	14.19%	0.53
Hospitals/Healthcare Facilities	11	1.39	94.68%	27.97%	0.83	14.80%	0.98
Hotel/Gaming	35	1.08	63.55%	15.64%	0.75	12.61%	0.85
Household Products	42	0.89	11.95%	28.02%	0.83	13.55%	0.95
I
Information Services	13	1.14	16.22%	31.55%	1.02	19.70%	1.27
Insurance (General)	6	1.40	8.38%	15.37%	1.33	38.99%	2.17
Insurance (Life)	5	1.26	360.52%	21.66%	0.36	123.69%	-1.51
Insurance (Prop/Cas.)	6	1.43	8.85%	27.95%	1.34	18.79%	1.66
Investments & Asset Management	14	1.41	26.02%	22.79%	1.20	22.40%	1.54
M
Machinery	221	1.24	17.67%	27.21%	1.11	12.71%	1.27
Metals & Mining	21	1.58	43.90%	19.65%	1.21	6.12%	1.29
O
Office Equipment & Services	27	0.57	12.18%	26.96%	0.52	23.02%	0.68
Oil/Gas (Integrated)	0	—	—	—	—	—	—
Oil/Gas (Production and Exploration)	2	0.72	30.32%	36.88%	0.59	7.81%	0.64
Oil/Gas Distribution	3	1.29	68.31%	27.63%	0.87	5.96%	0.93
Oilfield Svcs/Equip.	19	0.85	77.04%	29.82%	0.55	13.21%	0.64
P
Packaging & Container	28	0.81	66.50%	25.92%	0.56	14.62%	0.65
Paper/Forest Products	15	1.12	191.66%	28.81%	0.48	10.65%	0.53
Power	26	0.84	248.31%	24.25%	0.31	9.68%	0.34
Precious Metals	2	1.11	155.37%	22.11%	0.53	2.26%	0.54
Publishing & Newspapers	51	0.77	28.74%	30.83%	0.64	22.37%	0.83
R
R.E.I.T.	54	0.49	61.19%	0.11%	0.34	2.84%	0.35
Real Estate (Development)	20	1.09	124.08%	31.55%	0.58	13.70%	0.67
Real Estate (General/Diversified)	48	0.93	123.94%	28.74%	0.50	4.00%	0.52
Real Estate (Operations & Services)	42	1.04	125.21%	30.92%	0.55	8.23%	0.60
Recreation	52	0.91	18.48%	27.18%	0.81	15.15%	0.95
Reinsurance	0	—	—	—	—	—	—
Restaurant/Dining	107	0.62	22.75%	23.45%	0.53	10.93%	0.60
Retail (Automotive)	23	0.73	31.50%	29.11%	0.60	13.98%	0.70
Retail (Building Supply)	17	0.64	56.20%	31.38%	0.46	9.97%	0.51
Retail (Distributors)	139	0.98	43.92%	30.45%	0.75	7.19%	0.81
Retail (General)	42	0.95	75.48%	27.14%	0.62	25.90%	0.84
Retail (Grocery and Food)	55	0.57	61.30%	27.76%	0.40	11.05%	0.44
Retail (REITs)	4	0.35	68.61%	0.01%	0.24	3.81%	0.25
Retail (Special Lines)	131	0.87	12.58%	25.46%	0.80	9.84%	0.89
Rubber& Tires	6	1.69	28.35%	23.25%	1.41	10.34%	1.57
S
Semiconductor	21	2.23	31.11%	19.91%	1.83	7.87%	1.99
Semiconductor Equip	37	2.73	1.61%	25.61%	2.70	4.19%	2.82
Shipbuilding & Marine	26	0.96	72.60%	24.62%	0.64	10.53%	0.71
Shoe	3	1.59	3.96%	16.34%	1.54	4.88%	1.62
Software (Entertainment)	76	1.29	53.34%	21.00%	0.94	22.07%	1.20
Software (Internet)	26	1.49	78.85%	22.14%	0.96	41.54%	1.64
Software (System & Application)	185	1.57	3.22%	21.22%	1.53	18.03%	1.87
Steel	40	1.26	112.04%	27.00%	0.71	10.41%	0.79
T
Telecom (Wireless)	8	1.38	72.79%	24.78%	0.91	9.92%	1.01
Telecom. Equipment	13	1.17	15.71%	14.85%	1.06	47.15%	2.00
Telecom. Services	20	1.04	119.10%	27.64%	0.57	11.99%	0.65
Tobacco	1	0.52	17.65%	26.95%	0.46	7.98%	0.50
Transportation	31	0.81	80.07%	29.57%	0.52	12.13%	0.59
Transportation (Railroads)	21	0.50	120.13%	28.26%	0.27	3.87%	0.28
Trucking	17	0.71	50.54%	35.58%	0.52	12.34%	0.59
U
Utility (General)	0	—	—	—	—	—	—
Utility (Water)	0	—	—	—	—	—	—
Market aggregates
Total Market	3965	1.13	94.32%	25.61%	0.68	30.85%	0.98
Total Market (without financials)	3762	1.11	43.30%	25.66%	0.85	11.13%	0.96

Betas by Industry — China

As of2026

Industries94

RegionChina

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	60	1.65	36.12%	6.41%	1.30	7.24%	1.40
Aerospace/Defense	68	1.56	6.56%	7.68%	1.48	5.42%	1.57
Air Transport	15	1.30	112.88%	15.85%	0.70	6.68%	0.75
Apparel	128	1.41	20.37%	12.52%	1.23	9.58%	1.36
Auto & Truck	34	1.70	16.72%	10.58%	1.51	25.75%	2.03
Auto Parts	220	2.19	14.89%	11.28%	1.97	8.57%	2.15
B
Bank (Money Center)	21	0.96	319.43%	12.94%	0.28	15.88%	0.34
Banks (Regional)	37	0.64	667.02%	8.17%	0.11	12.22%	0.12
Beverage (Alcoholic)	39	1.53	0.84%	20.15%	1.52	10.22%	1.69
Beverage (Soft)	3	1.37	1.88%	22.16%	1.35	4.29%	1.41
Broadcasting	4	1.55	21.80%	10.68%	1.34	18.70%	1.64
Brokerage & Investment Banking	59	2.03	191.21%	18.64%	0.83	10.87%	0.94
Building Materials	62	1.82	24.26%	6.98%	1.54	8.65%	1.68
Business & Consumer Services	91	1.78	14.35%	10.41%	1.61	15.25%	1.89
C
Cable TV	11	2.11	9.18%	4.06%	1.98	8.47%	2.16
Chemical (Basic)	290	1.88	44.99%	11.52%	1.40	8.26%	1.53
Chemical (Diversified)	5	1.45	26.87%	19.47%	1.21	7.35%	1.30
Chemical (Specialty)	244	1.77	21.54%	12.13%	1.52	8.02%	1.66
Coal & Related Energy	29	1.28	30.22%	22.64%	1.05	15.78%	1.24
Computer Services	116	1.95	10.76%	8.10%	1.81	7.78%	1.96
Computers/Peripherals	55	2.09	15.88%	6.45%	1.87	8.78%	2.05
Construction Supplies	152	1.62	38.21%	11.71%	1.26	18.15%	1.54
D
Diversified	7	1.39	53.09%	10.91%	0.99	13.57%	1.15
Drugs (Biotechnology)	140	1.70	6.27%	4.76%	1.63	6.52%	1.74
Drugs (Pharmaceutical)	246	1.45	8.72%	11.81%	1.36	9.12%	1.50
E
Education	44	1.28	36.39%	11.49%	1.01	18.86%	1.24
Electrical Equipment	344	1.87	15.11%	8.90%	1.68	11.47%	1.90
Electronics (Consumer & Office)	24	1.93	17.61%	8.23%	1.71	12.28%	1.95
Electronics (General)	404	2.20	13.55%	7.84%	2.00	7.02%	2.15
Engineering/Construction	135	1.49	234.39%	14.24%	0.54	24.16%	0.71
Entertainment	88	1.82	3.77%	7.26%	1.77	7.04%	1.90
Environmental & Waste Services	105	1.53	59.06%	10.26%	1.06	6.81%	1.14
F
Farming/Agriculture	43	1.40	52.02%	6.23%	1.01	9.34%	1.11
Financial Svcs. (Non-bank & Insurance)	33	1.48	48.03%	16.82%	1.09	18.24%	1.33
Food Processing	167	1.18	20.72%	14.60%	1.02	9.26%	1.12
Food Wholesalers	1	—	—	—	—	—	—
Furn/Home Furnishings	85	1.75	15.48%	12.46%	1.57	16.87%	1.89
G
Green & Renewable Energy	32	1.08	86.52%	16.40%	0.65	2.85%	0.67
H
Healthcare Products	138	1.73	8.39%	9.00%	1.63	10.17%	1.82
Healthcare Support Services	57	1.31	58.60%	16.10%	0.91	19.31%	1.13
Healthcare Information and Technology	54	2.21	10.56%	6.55%	2.05	7.21%	2.21
Homebuilding	2	1.83	33.36%	0.00%	1.46	11.41%	1.65
Hospitals/Healthcare Facilities	21	1.47	15.25%	21.05%	1.32	6.30%	1.41
Hotel/Gaming	28	1.24	25.62%	17.15%	1.04	10.28%	1.16
Household Products	72	1.47	12.59%	13.31%	1.34	10.74%	1.50
I
Information Services	2	2.37	0.29%	0.00%	2.36	1.68%	2.40
Insurance (General)	9	1.90	53.48%	10.48%	1.35	7.43%	1.46
Insurance (Life)	4	2.08	92.47%	10.43%	1.23	21.64%	1.56
Insurance (Prop/Cas.)	2	0.97	29.15%	17.17%	0.80	3.57%	0.83
Investments & Asset Management	13	0.99	514.16%	7.88%	0.20	2.16%	0.21
M
Machinery	422	2.03	11.37%	10.05%	1.87	7.54%	2.02
Metals & Mining	125	2.14	28.15%	14.64%	1.77	8.55%	1.94
O
Office Equipment & Services	12	1.25	19.77%	10.47%	1.09	17.85%	1.33
Oil/Gas (Integrated)	4	1.29	36.24%	17.03%	1.02	9.47%	1.12
Oil/Gas (Production and Exploration)	5	0.89	29.18%	17.45%	0.73	7.29%	0.79
Oil/Gas Distribution	14	0.94	68.44%	16.06%	0.62	7.63%	0.68
Oilfield Svcs/Equip.	51	1.24	25.93%	14.04%	1.04	19.17%	1.29
P
Packaging & Container	57	1.65	25.09%	10.81%	1.39	8.61%	1.52
Paper/Forest Products	37	1.73	73.61%	10.26%	1.11	7.81%	1.21
Power	82	1.15	152.82%	22.29%	0.54	7.40%	0.58
Precious Metals	15	1.68	23.43%	16.34%	1.43	6.59%	1.53
Publishing & Newspapers	39	1.66	7.69%	12.37%	1.57	17.92%	1.91
R
R.E.I.T.	2	—	—	—	—	—	—
Real Estate (Development)	126	2.18	458.73%	10.45%	0.49	14.19%	0.57
Real Estate (General/Diversified)	24	1.88	106.43%	13.47%	1.05	7.40%	1.13
Real Estate (Operations & Services)	71	1.51	25.19%	19.71%	1.27	25.31%	1.70
Recreation	46	1.59	8.98%	11.51%	1.49	11.09%	1.67
Reinsurance	1	2.00	109.68%	19.08%	1.10	9.16%	1.21
Restaurant/Dining	21	1.52	8.65%	15.41%	1.42	11.82%	1.61
Retail (Automotive)	23	1.71	86.64%	12.37%	1.04	17.54%	1.26
Retail (Building Supply)	3	0.46	26.66%	10.97%	0.38	7.49%	0.41
Retail (Distributors)	72	1.82	109.33%	15.61%	1.00	20.09%	1.25
Retail (General)	48	1.24	46.33%	20.59%	0.92	12.20%	1.05
Retail (Grocery and Food)	22	1.75	27.77%	16.92%	1.45	15.66%	1.72
Retail (REITs)	0	—	—	—	—	—	—
Retail (Special Lines)	45	1.48	11.20%	12.35%	1.37	13.50%	1.58
Rubber& Tires	16	1.40	29.66%	11.36%	1.14	8.66%	1.25
S
Semiconductor	178	1.88	10.65%	4.36%	1.74	6.51%	1.86
Semiconductor Equip	65	1.85	11.44%	8.50%	1.70	5.14%	1.79
Shipbuilding & Marine	39	0.98	38.79%	21.73%	0.76	26.11%	1.03
Shoe	10	1.26	6.69%	5.42%	1.20	12.99%	1.38
Software (Entertainment)	27	1.71	8.16%	7.76%	1.61	3.26%	1.67
Software (Internet)	20	2.11	19.84%	8.75%	1.83	6.14%	1.95
Software (System & Application)	181	2.23	4.67%	3.10%	2.16	7.08%	2.32
Steel	101	1.69	55.55%	9.63%	1.19	12.85%	1.37
T
Telecom (Wireless)	6	1.74	7.42%	13.66%	1.65	7.68%	1.78
Telecom. Equipment	111	1.94	8.70%	5.14%	1.83	5.31%	1.93
Telecom. Services	9	1.74	18.98%	8.65%	1.52	8.67%	1.67
Tobacco	2	1.37	1.29%	14.09%	1.36	1.05%	1.37
Transportation	79	1.39	46.45%	18.03%	1.03	11.31%	1.16
Transportation (Railroads)	9	0.85	16.12%	21.27%	0.76	16.75%	0.91
Trucking	9	1.56	35.12%	15.81%	1.23	5.03%	1.30
U
Utility (General)	3	1.36	72.34%	13.44%	0.88	3.62%	0.92
Utility (Water)	32	1.14	121.25%	18.98%	0.60	9.56%	0.66
Market aggregates
Total Market	6307	1.75	73.11%	10.95%	1.13	12.00%	1.28
Total Market (without financials)	6129	1.76	30.78%	10.86%	1.43	10.27%	1.59

Betas by Industry — India

As of2026

Industries94

RegionIndia

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	24	1.40	4.88%	22.15%	1.36	6.49%	1.45
Aerospace/Defense	23	1.40	3.93%	22.71%	1.37	8.73%	1.50
Air Transport	5	1.00	39.13%	21.89%	0.79	5.26%	0.83
Apparel	386	0.55	16.93%	16.76%	0.49	1.91%	0.50
Auto & Truck	19	1.35	35.69%	21.01%	1.08	2.47%	1.11
Auto Parts	120	0.95	11.76%	23.95%	0.88	2.20%	0.90
B
Bank (Money Center)	35	1.21	49.39%	15.85%	0.90	22.93%	1.16
Banks (Regional)	6	0.74	36.75%	11.91%	0.59	12.44%	0.67
Beverage (Alcoholic)	22	0.95	3.87%	19.28%	0.92	1.36%	0.94
Beverage (Soft)	5	0.59	1.43%	15.41%	0.58	0.00%	0.58
Broadcasting	19	0.96	11.61%	12.21%	0.89	3.10%	0.92
Brokerage & Investment Banking	186	0.60	21.33%	14.26%	0.53	18.22%	0.64
Building Materials	67	0.82	10.16%	18.97%	0.77	1.86%	0.78
Business & Consumer Services	75	0.71	14.52%	14.94%	0.64	4.59%	0.68
C
Cable TV	8	0.59	21.19%	15.64%	0.52	29.73%	0.74
Chemical (Basic)	152	0.77	10.99%	19.99%	0.72	2.04%	0.73
Chemical (Diversified)	8	0.74	3.38%	28.88%	0.72	0.98%	0.73
Chemical (Specialty)	202	0.68	10.05%	21.46%	0.63	2.27%	0.65
Coal & Related Energy	5	1.03	5.03%	20.57%	1.00	11.29%	1.12
Computer Services	196	0.73	2.73%	17.95%	0.72	2.54%	0.74
Computers/Peripherals	12	1.00	2.60%	16.58%	0.99	3.97%	1.03
Construction Supplies	109	0.91	24.31%	17.68%	0.78	1.56%	0.79
D
Diversified	13	0.90	18.68%	20.21%	0.79	4.28%	0.83
Drugs (Biotechnology)	9	0.63	29.91%	9.67%	0.52	6.48%	0.55
Drugs (Pharmaceutical)	188	0.77	4.84%	19.23%	0.74	2.61%	0.76
E
Education	40	0.61	9.25%	13.94%	0.57	2.16%	0.59
Electrical Equipment	139	0.97	3.09%	21.20%	0.95	2.33%	0.98
Electronics (Consumer & Office)	9	0.53	2.59%	16.65%	0.52	0.89%	0.52
Electronics (General)	37	0.55	5.01%	17.88%	0.53	5.09%	0.56
Engineering/Construction	219	1.04	23.72%	19.99%	0.89	4.15%	0.93
Entertainment	66	0.48	22.19%	10.58%	0.42	2.13%	0.43
Environmental & Waste Services	20	1.06	14.19%	21.03%	0.97	6.33%	1.03
F
Farming/Agriculture	75	0.66	10.05%	16.83%	0.62	2.83%	0.64
Financial Svcs. (Non-bank & Insurance)	291	0.60	146.51%	16.75%	0.30	2.41%	0.31
Food Processing	220	0.80	7.28%	15.74%	0.77	1.51%	0.78
Food Wholesalers	41	0.53	16.13%	13.67%	0.48	3.44%	0.49
Furn/Home Furnishings	52	0.69	5.60%	21.46%	0.66	3.89%	0.69
G
Green & Renewable Energy	18	1.28	49.87%	12.03%	0.95	2.23%	0.97
H
Healthcare Products	19	2.00	1.64%	18.13%	1.98	1.46%	2.01
Healthcare Support Services	45	0.50	8.11%	19.48%	0.47	2.08%	0.48
Healthcare Information and Technology	25	1.18	1.27%	15.27%	1.17	2.36%	1.20
Homebuilding	1	-1.87	0.00%	33.33%	-1.87	12.17%	-2.13
Hospitals/Healthcare Facilities	42	0.53	6.15%	21.96%	0.51	1.48%	0.51
Hotel/Gaming	80	0.78	9.75%	18.53%	0.73	3.38%	0.76
Household Products	43	0.51	1.89%	20.45%	0.50	0.97%	0.51
I
Information Services	26	1.06	10.62%	22.62%	0.98	3.73%	1.02
Insurance (General)	2	0.70	0.45%	19.42%	0.70	0.46%	0.70
Insurance (Life)	9	0.86	0.77%	19.21%	0.86	5.39%	0.91
Insurance (Prop/Cas.)	3	1.30	0.55%	10.70%	1.30	10.33%	1.45
Investments & Asset Management	115	0.51	8.32%	12.91%	0.48	1.36%	0.49
M
Machinery	187	0.83	9.10%	21.52%	0.78	2.83%	0.80
Metals & Mining	51	1.48	23.65%	22.17%	1.27	3.29%	1.31
O
Office Equipment & Services	20	0.69	2.28%	22.03%	0.68	1.81%	0.70
Oil/Gas (Integrated)	1	0.76	58.88%	27.82%	0.54	9.90%	0.60
Oil/Gas (Production and Exploration)	7	0.66	67.86%	6.45%	0.44	7.41%	0.48
Oil/Gas Distribution	12	1.10	14.11%	15.59%	1.00	14.77%	1.18
Oilfield Svcs/Equip.	30	0.97	24.62%	19.32%	0.83	3.93%	0.86
P
Packaging & Container	101	0.56	38.85%	17.27%	0.44	3.74%	0.46
Paper/Forest Products	55	0.57	25.16%	16.56%	0.49	2.13%	0.50
Power	33	1.19	48.63%	16.96%	0.89	3.13%	0.92
Precious Metals	1	1.34	16.07%	0.00%	1.20	0.33%	1.21
Publishing & Newspapers	25	0.60	14.46%	12.97%	0.54	8.07%	0.59
R
R.E.I.T.	5	0.28	16.98%	27.79%	0.25	3.38%	0.26
Real Estate (Development)	156	0.76	21.27%	13.26%	0.66	4.43%	0.69
Real Estate (General/Diversified)	16	1.17	6.55%	17.29%	1.12	2.24%	1.15
Real Estate (Operations & Services)	42	0.34	68.09%	13.70%	0.23	2.36%	0.24
Recreation	15	0.10	5.25%	10.12%	0.10	3.82%	0.10
Reinsurance	1	0.94	0.00%	20.35%	0.94	38.32%	1.52
Restaurant/Dining	19	0.59	6.79%	16.74%	0.56	0.70%	0.57
Retail (Automotive)	10	0.79	16.77%	15.37%	0.71	1.23%	0.71
Retail (Building Supply)	3	1.19	21.13%	8.33%	1.04	14.26%	1.21
Retail (Distributors)	276	0.56	32.25%	14.91%	0.46	3.21%	0.47
Retail (General)	11	1.10	5.56%	10.34%	1.06	0.54%	1.06
Retail (Grocery and Food)	13	0.99	0.79%	20.92%	0.98	0.14%	0.98
Retail (REITs)	1	0.51	25.19%	33.25%	0.44	0.06%	0.44
Retail (Special Lines)	61	0.64	8.08%	21.71%	0.61	1.59%	0.62
Rubber& Tires	18	0.72	12.05%	23.98%	0.66	1.22%	0.67
S
Semiconductor	18	1.92	4.58%	22.90%	1.86	6.48%	1.99
Semiconductor Equip	2	1.32	2.60%	12.40%	1.30	0.85%	1.31
Shipbuilding & Marine	28	1.16	17.65%	17.19%	1.04	3.04%	1.07
Shoe	13	0.28	7.64%	19.14%	0.26	1.88%	0.27
Software (Entertainment)	4	0.61	0.57%	21.91%	0.61	0.52%	0.61
Software (Internet)	6	0.46	11.86%	15.95%	0.43	7.67%	0.46
Software (System & Application)	82	0.86	1.56%	17.41%	0.86	6.05%	0.91
Steel	185	1.06	26.26%	18.51%	0.90	3.05%	0.92
T
Telecom (Wireless)	4	0.96	33.97%	7.91%	0.78	1.16%	0.79
Telecom. Equipment	22	0.94	26.35%	15.09%	0.79	1.44%	0.80
Telecom. Services	11	0.86	48.94%	14.01%	0.64	1.12%	0.65
Tobacco	7	0.16	1.47%	12.94%	0.16	0.74%	0.16
Transportation	59	1.13	21.29%	16.94%	0.98	3.15%	1.01
Transportation (Railroads)	3	1.34	2.29%	25.10%	1.32	9.89%	1.46
Trucking	24	0.34	28.34%	25.08%	0.28	1.70%	0.29
U
Utility (General)	0	—	—	—	—	—	—
Utility (Water)	1	1.37	3.00%	23.73%	1.34	9.65%	1.49
Market aggregates
Total Market	5170	0.77	30.27%	17.75%	0.63	5.75%	0.67
Total Market (without financials)	4523	0.79	17.30%	18.11%	0.70	2.98%	0.72

Betas by Industry — Australia, NZ & Canada (Rest of Markets)

As of2026

Industries94

RegionAustralia, NZ & Canada

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Levered β	D/E	Tax rate	Unlevered β	Cash/Firm	Unlev. β (cash-adj)
A
Advertising	13	0.87	106.36%	10.80%	0.49	4.76%	0.52
Aerospace/Defense	17	1.39	25.22%	5.56%	1.18	4.86%	1.24
Air Transport	10	0.96	74.48%	19.49%	0.62	10.87%	0.70
Apparel	10	0.84	11.66%	20.37%	0.77	3.18%	0.80
Auto & Truck	2	1.60	49.70%	0.00%	1.18	77.96%	5.36
Auto Parts	14	0.98	45.97%	22.00%	0.73	7.39%	0.79
B
Bank (Money Center)	14	0.87	192.82%	25.27%	0.36	7.05%	0.39
Banks (Regional)	8	0.57	298.85%	35.24%	0.18	9.08%	0.20
Beverage (Alcoholic)	12	0.32	47.00%	9.57%	0.24	5.16%	0.25
Beverage (Soft)	7	1.43	86.75%	0.00%	0.88	2.81%	0.91
Broadcasting	11	0.79	122.46%	16.74%	0.42	5.55%	0.45
Brokerage & Investment Banking	15	1.04	16.87%	10.43%	0.93	16.80%	1.11
Building Materials	7	0.36	63.88%	10.53%	0.25	3.44%	0.26
Business & Consumer Services	60	0.48	21.20%	11.96%	0.42	1.93%	0.43
C
Cable TV	1	0.17	16.38%	28.75%	0.15	6.29%	0.16
Chemical (Basic)	16	1.13	49.22%	8.25%	0.83	5.25%	0.88
Chemical (Diversified)	1	0.70	34.84%	20.37%	0.56	8.29%	0.61
Chemical (Specialty)	45	0.82	45.60%	4.68%	0.62	2.49%	0.63
Coal & Related Energy	84	1.43	5.22%	1.87%	1.38	5.93%	1.47
Computer Services	18	0.56	16.02%	10.41%	0.50	3.98%	0.53
Computers/Peripherals	1	—	—	—	—	—	—
Construction Supplies	14	0.90	90.08%	12.79%	0.55	4.39%	0.57
D
Diversified	6	0.75	30.73%	8.48%	0.62	1.41%	0.62
Drugs (Biotechnology)	83	0.94	16.73%	0.58%	0.84	4.17%	0.88
Drugs (Pharmaceutical)	124	1.14	182.15%	2.70%	0.49	9.66%	0.55
E
Education	14	0.49	47.31%	12.25%	0.37	8.50%	0.40
Electrical Equipment	37	0.64	7.57%	4.60%	0.61	16.46%	0.73
Electronics (Consumer & Office)	6	0.76	9.75%	0.07%	0.71	4.14%	0.74
Electronics (General)	43	0.99	3.23%	4.15%	0.97	1.48%	0.99
Engineering/Construction	30	0.80	16.02%	22.86%	0.72	4.37%	0.75
Entertainment	25	1.28	61.98%	6.96%	0.89	4.83%	0.93
Environmental & Waste Services	35	0.52	24.68%	2.74%	0.44	0.57%	0.45
F
Farming/Agriculture	24	0.38	56.37%	10.11%	0.27	4.65%	0.28
Financial Svcs. (Non-bank & Insurance)	69	0.93	215.99%	11.10%	0.37	7.97%	0.40
Food Processing	51	0.94	33.52%	10.15%	0.76	2.69%	0.78
Food Wholesalers	4	0.73	56.33%	17.92%	0.52	7.35%	0.56
Furn/Home Furnishings	6	0.85	20.34%	10.09%	0.74	6.70%	0.79
G
Green & Renewable Energy	23	0.86	67.85%	4.19%	0.58	4.19%	0.60
H
Healthcare Products	56	0.72	17.16%	2.34%	0.64	2.69%	0.66
Healthcare Support Services	23	0.69	20.50%	14.84%	0.60	1.76%	0.61
Healthcare Information and Technology	45	1.04	2.44%	2.86%	1.03	1.82%	1.05
Homebuilding	3	0.60	14.88%	33.90%	0.54	27.05%	0.74
Hospitals/Healthcare Facilities	14	0.76	76.52%	18.59%	0.49	3.43%	0.50
Hotel/Gaming	28	0.83	14.15%	17.28%	0.76	5.66%	0.80
Household Products	32	0.74	29.11%	3.58%	0.62	4.73%	0.65
I
Information Services	3	0.56	16.31%	7.80%	0.50	8.19%	0.55
Insurance (General)	3	0.56	26.85%	21.94%	0.47	5.83%	0.50
Insurance (Life)	11	0.72	24.71%	25.71%	0.61	17.96%	0.74
Insurance (Prop/Cas.)	8	0.42	20.06%	25.25%	0.37	9.33%	0.41
Investments & Asset Management	194	0.90	161.48%	7.26%	0.41	4.79%	0.44
M
Machinery	30	0.79	28.58%	8.88%	0.65	3.43%	0.68
Metals & Mining	1304	1.16	15.99%	1.04%	1.04	5.97%	1.11
O
Office Equipment & Services	0	—	—	—	—	—	—
Oil/Gas (Integrated)	4	1.35	16.44%	15.43%	1.21	3.22%	1.25
Oil/Gas (Production and Exploration)	207	0.96	26.05%	6.99%	0.81	3.48%	0.84
Oil/Gas Distribution	10	0.67	69.61%	16.81%	0.44	1.48%	0.45
Oilfield Svcs/Equip.	29	1.29	53.54%	9.31%	0.93	1.96%	0.95
P
Packaging & Container	8	0.71	25.94%	22.18%	0.60	6.63%	0.64
Paper/Forest Products	17	0.94	46.81%	5.07%	0.70	5.67%	0.74
Power	17	0.40	69.29%	13.73%	0.27	0.91%	0.27
Precious Metals	616	1.45	5.26%	3.75%	1.39	4.31%	1.46
Publishing & Newspapers	7	0.38	117.89%	10.60%	0.20	2.53%	0.21
R
R.E.I.T.	53	0.72	102.52%	2.19%	0.41	1.75%	0.42
Real Estate (Development)	14	0.47	78.28%	17.28%	0.30	2.76%	0.31
Real Estate (General/Diversified)	2	0.47	123.98%	13.48%	0.25	1.24%	0.25
Real Estate (Operations & Services)	31	0.82	55.14%	10.15%	0.59	3.75%	0.61
Recreation	14	0.89	37.61%	9.91%	0.70	3.88%	0.73
Reinsurance	0	—	—	—	—	—	—
Restaurant/Dining	17	0.43	67.52%	20.25%	0.29	3.03%	0.30
Retail (Automotive)	11	0.56	74.34%	23.42%	0.37	3.79%	0.38
Retail (Building Supply)	9	0.71	19.46%	22.63%	0.63	6.81%	0.67
Retail (Distributors)	30	0.79	24.61%	17.33%	0.67	3.18%	0.69
Retail (General)	9	0.70	18.03%	11.55%	0.62	0.62%	0.63
Retail (Grocery and Food)	14	0.58	38.40%	19.00%	0.46	2.14%	0.47
Retail (REITs)	16	0.64	102.21%	6.48%	0.37	0.52%	0.37
Retail (Special Lines)	37	0.93	14.23%	17.67%	0.85	3.22%	0.87
Rubber& Tires	0	—	—	—	—	—	—
S
Semiconductor	6	1.43	165.73%	0.00%	0.65	17.37%	0.79
Semiconductor Equip	2	-0.23	22.50%	0.00%	-0.20	14.82%	-0.23
Shipbuilding & Marine	8	0.45	36.68%	27.86%	0.35	1.25%	0.36
Shoe	1	—	—	—	—	—	—
Software (Entertainment)	27	1.28	6.48%	3.73%	1.22	2.19%	1.25
Software (Internet)	23	1.46	1.31%	5.49%	1.45	1.24%	1.47
Software (System & Application)	200	1.22	15.42%	4.95%	1.10	5.61%	1.16
Steel	48	0.98	14.71%	9.47%	0.89	7.79%	0.96
T
Telecom (Wireless)	2	0.37	157.39%	4.32%	0.17	2.06%	0.18
Telecom. Equipment	21	1.07	14.58%	3.98%	0.97	8.68%	1.06
Telecom. Services	20	0.71	81.46%	14.53%	0.45	1.69%	0.46
Tobacco	2	2.05	13.99%	0.00%	1.86	82.78%	10.79
Transportation	15	0.73	30.94%	10.96%	0.60	3.04%	0.61
Transportation (Railroads)	3	0.74	27.93%	26.58%	0.62	0.29%	0.62
Trucking	4	1.05	41.43%	21.17%	0.81	1.54%	0.82
U
Utility (General)	6	0.27	112.39%	29.62%	0.15	2.75%	0.15
Utility (Water)	4	0.48	10.20%	7.61%	0.45	2.71%	0.46
Market aggregates
Total Market	4278	1.06	67.67%	5.49%	0.71	5.35%	0.75
Total Market (without financials)	3956	1.08	28.39%	5.05%	0.89	3.38%	0.93

Leverage & Taxes

As of2026

Industries94

RegionUnited States

SourceNYU Stern (Damodaran)

A B C D E F G H I M O P R S T U

Industry	Firms	Market D/E	Market D/Cap	Book D/Cap	Effective tax	Cash eff. tax
A
Advertising	52	40.20%	28.67%	64.03%	35.67%	146.01%
Aerospace/Defense	79	15.56%	13.47%	54.79%	17.11%	22.99%
Air Transport	23	91.17%	47.69%	71.38%	22.63%	1.71%
Apparel	35	31.29%	23.83%	56.25%	22.11%	41.69%
Auto & Truck	33	19.70%	16.45%	60.31%	21.93%	40.44%
Auto Parts	35	41.46%	29.31%	43.47%	31.65%	73.56%
B
Bank (Money Center)	15	164.19%	62.15%	72.69%	17.38%	11.46%
Banks (Regional)	568	52.10%	34.25%	36.63%	20.78%	12.95%
Beverage (Alcoholic)	14	43.34%	30.24%	44.45%	24.73%	132.02%
Beverage (Soft)	27	20.59%	17.07%	57.20%	19.57%	25.67%
Broadcasting	24	85.85%	46.19%	60.77%	25.54%	55.38%
Brokerage & Investment Banking	32	135.57%	57.55%	79.15%	20.45%	15.67%
Building Materials	41	26.00%	20.63%	46.45%	28.36%	45.22%
Business & Consumer Services	155	19.72%	16.47%	51.40%	22.46%	26.59%
C
Cable TV	9	146.94%	59.50%	65.24%	18.96%	26.49%
Chemical (Basic)	29	99.35%	49.84%	52.40%	35.15%	—
Chemical (Diversified)	4	176.11%	63.78%	65.79%	—	—
Chemical (Specialty)	59	29.88%	23.01%	42.13%	24.74%	50.86%
Coal & Related Energy	16	7.14%	6.67%	20.64%	9.67%	—
Computer Services	64	25.10%	20.06%	54.06%	22.56%	27.59%
Computers/Peripherals	36	4.62%	4.42%	61.31%	15.35%	32.86%
Construction Supplies	40	17.62%	14.98%	49.67%	22.55%	25.70%
D
Diversified	20	15.55%	13.46%	21.21%	17.56%	24.74%
Drugs (Biotechnology)	496	13.04%	11.54%	50.58%	15.75%	—
Drugs (Pharmaceutical)	228	14.54%	12.69%	48.10%	16.80%	36.18%
E
Education	32	24.38%	19.60%	38.29%	30.44%	23.61%
Electrical Equipment	112	12.00%	10.72%	43.14%	25.18%	266.89%
Electronics (Consumer & Office)	8	5.80%	5.49%	32.40%	—	—
Electronics (General)	114	11.01%	9.92%	33.97%	20.32%	27.34%
Engineering/Construction	48	14.01%	12.29%	43.72%	23.95%	15.27%
Entertainment	92	15.91%	13.73%	42.85%	12.60%	46.92%
Environmental & Waste Services	53	21.45%	17.66%	58.30%	20.92%	19.76%
F
Farming/Agriculture	35	51.85%	34.14%	55.21%	20.34%	32.17%
Financial Svcs. (Non-bank & Insurance)	176	272.13%	73.13%	90.88%	19.31%	19.68%
Food Processing	78	43.73%	30.43%	44.29%	22.81%	58.26%
Food Wholesalers	13	46.97%	31.96%	69.33%	23.68%	26.83%
Furn/Home Furnishings	27	42.33%	29.74%	51.89%	29.08%	67.71%
G
Green & Renewable Energy	15	113.11%	53.08%	58.95%	0.00%	—
H
Healthcare Products	204	12.79%	11.34%	35.70%	12.77%	35.49%
Healthcare Support Services	104	35.43%	26.16%	49.23%	23.00%	25.60%
Healthcare Information and Technology	115	15.74%	13.60%	38.29%	15.10%	42.74%
Homebuilding	30	21.34%	17.59%	25.82%	23.67%	19.75%
Hospitals/Healthcare Facilities	31	59.92%	37.47%	76.47%	21.33%	18.65%
Hotel/Gaming	63	39.75%	28.44%	82.27%	16.62%	19.14%
Household Products	110	18.15%	15.36%	51.06%	20.73%	27.00%
I
Information Services	15	33.17%	24.91%	55.76%	21.74%	37.14%
Insurance (General)	21	25.63%	20.40%	47.10%	22.32%	21.07%
Insurance (Life)	20	67.84%	40.42%	48.99%	18.68%	19.48%
Insurance (Prop/Cas.)	57	14.83%	12.91%	22.30%	21.59%	13.58%
Investments & Asset Management	283	32.69%	24.64%	44.34%	18.51%	17.85%
M
Machinery	105	14.69%	12.81%	39.33%	21.21%	30.85%
Metals & Mining	73	10.98%	9.90%	30.69%	34.46%	32.16%
O
Office Equipment & Services	14	48.10%	32.48%	58.13%	23.76%	37.79%
Oil/Gas (Integrated)	4	13.85%	12.16%	17.53%	31.44%	28.05%
Oil/Gas (Production and Exploration)	142	37.59%	27.32%	33.22%	25.34%	22.24%
Oil/Gas Distribution	23	58.53%	36.92%	62.67%	20.39%	3.34%
Oilfield Svcs/Equip.	97	37.36%	27.20%	40.92%	18.55%	27.24%
P
Packaging & Container	19	55.11%	35.53%	54.40%	23.58%	56.58%
Paper/Forest Products	6	43.69%	30.40%	44.22%	25.84%	79.87%
Power	46	74.15%	42.58%	62.71%	13.01%	4.70%
Precious Metals	56	7.28%	6.79%	15.39%	28.75%	11.04%
Publishing & Newspapers	19	23.94%	19.32%	34.71%	26.80%	29.02%
R
R.E.I.T.	190	84.46%	45.79%	63.18%	3.51%	4.73%
Real Estate (Development)	14	101.83%	50.45%	50.04%	25.29%	10.03%
Real Estate (General/Diversified)	12	53.56%	34.88%	25.63%	17.03%	10.60%
Real Estate (Operations & Services)	54	24.64%	19.77%	42.99%	19.58%	49.91%
Recreation	49	62.99%	38.65%	72.01%	25.98%	—
Reinsurance	1	43.47%	30.30%	30.50%	30.36%	16.89%
Restaurant/Dining	64	27.22%	21.40%	95.29%	21.31%	25.61%
Retail (Automotive)	34	45.36%	31.20%	76.96%	22.52%	22.05%
Retail (Building Supply)	14	23.29%	18.89%	96.90%	24.09%	24.03%
Retail (Distributors)	62	28.24%	22.02%	55.48%	23.40%	21.21%
Retail (General)	23	7.94%	7.36%	36.90%	19.93%	16.36%
Retail (Grocery and Food)	15	51.95%	34.19%	66.69%	16.83%	27.04%
Retail (REITs)	26	56.42%	36.07%	53.70%	1.53%	3.45%
Retail (Special Lines)	94	19.76%	16.50%	60.23%	24.41%	26.61%
Rubber& Tires	3	358.47%	78.19%	74.12%	—	—
S
Semiconductor	66	2.59%	2.53%	25.54%	15.79%	16.09%
Semiconductor Equip	31	4.86%	4.64%	31.86%	17.07%	17.29%
Shipbuilding & Marine	8	22.55%	18.40%	25.42%	20.58%	22.36%
Shoe	11	11.94%	10.67%	43.18%	18.95%	38.08%
Software (Entertainment)	77	2.04%	2.00%	15.98%	22.50%	15.43%
Software (Internet)	29	12.30%	10.95%	59.87%	17.15%	228.94%
Software (System & Application)	309	5.58%	5.28%	34.14%	18.01%	21.16%
Steel	19	23.51%	19.04%	30.29%	20.55%	37.14%
T
Telecom (Wireless)	12	51.95%	34.19%	64.69%	22.93%	3.49%
Telecom. Equipment	57	9.22%	8.44%	43.64%	16.54%	31.96%
Telecom. Services	39	96.06%	49.00%	60.95%	18.49%	16.02%
Tobacco	10	22.97%	18.68%	113.80%	20.90%	22.10%
Transportation	19	36.45%	26.71%	63.61%	15.91%	22.49%
Transportation (Railroads)	4	27.79%	21.75%	61.55%	22.44%	15.24%
Trucking	26	25.23%	20.15%	42.43%	24.56%	23.69%
U
Utility (General)	14	81.48%	44.90%	57.87%	14.47%	6.10%
Utility (Water)	14	62.36%	38.41%	55.40%	15.94%	2.99%
Market aggregates
Total Market	5994	35.17%	26.02%	61.72%	19.38%	21.91%
Total Market (without financials)	4822	17.29%	14.74%	48.24%	19.42%	23.74%

Debt includes capitalised leases; ratios are lease-adjusted market values. Effective tax = aggregate for money-making firms; cash eff. tax = cash taxes paid / pre-tax income (can exceed 100% in a single year). — = not meaningful.