Industry Betas in the US

As of January 2007
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage (Alcoholic)
Beverage (Soft Drink)
Biotechnology
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings
Grocery
Healthcare Information
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.

No. of Average Market

Unlevered Cash/Firm
Firms
Beta
Beta D/E Ratio Tax Rate
Value
36
73
56
64
31
64
550
7
37
27
21
105
47
23
14
13
24
36
94
16
425
148
134
334
60
37
24
29
16
94
186
101
31
96
269
123
21
10
38
19
34
14
41
84
31
35
230
41
40
97
329
20

0.99
0.92
1.38
0.93
1.29
0.99
0.59
0.72
0.79
0.66
0.71
1.56
0.98
1.76
0.73
1.02
0.98
0.97
0.98
1.75
1.84
1.99
0.87
1.59
2.23
1.09
0.94
0.87
0.97
1.52
1.49
1.30
2.18
0.87
0.89
0.72
0.72
1.03
0.87
1.04
1.22
0.84
0.98
0.77
0.79
1.22
1.01
1.02
0.93
0.83
2.30
0.75

22.25 %
20.81
42.16
13.39
125.80
52.49
54.59
10.07
61.47
23.56
13.63
4.39
33.54
38.89
14.27
26.35
27.64
16.32
21.54
15.96
3.56
6.68
22.60
9.36
3.86
2.65
69.87
56.29
58.80
72.60
14.54
26.12
3.38
48.22
132.40
22.39
29.15
23.76
30.22
39.11
10.30
18.39
61.74
33.19
18.46
7.87
19.71
8.15
13.15
12.40
2.28
103.83

11.96 %
21.77
19.40
21.60
18.90
18.93
27.81
24.41
29.14
15.30
17.74
4.41
23.55
13.90
30.19
26.29
13.31
25.87
19.08
11.64
10.36
7.84
18.87
6.09
9.38
20.95
26.93
28.01
28.87
15.47
13.04
16.69
10.21
9.45
19.72
19.60
23.66
41.66
26.93
23.54
10.07
14.69
23.77
14.22
24.86
25.27
16.91
18.42
23.66
18.73
4.76
0.00

0.83
0.79
1.03
0.84
0.64
0.69
0.43
0.67
0.55
0.55
0.63
1.50
0.78
1.31
0.66
0.85
0.79
0.86
0.84
1.53
1.79
1.88
0.74
1.46
2.15
1.06
0.62
0.62
0.68
0.94
1.33
1.07
2.12
0.60
0.43
0.61
0.59
0.90
0.71
0.80
1.12
0.73
0.67
0.60
0.69
1.15
0.86
0.95
0.85
0.75
2.25
0.37

6.85 %
6.35
11.95
5.46
11.63
9.69
10.20
4.78
8.86
1.67
3.75
6.65
14.48
2.42
1.28
2.61
5.08
3.74
3.25
4.11
10.49
12.11
5.95
8.53
14.00
8.99
1.66
1.26
3.26
7.73
14.11
4.53
16.90
2.14
6.92
2.53
5.02
15.59
4.45
5.43
8.50
11.22
5.51
2.99
2.74
8.29
6.02
3.80
13.06
14.33
8.55
5.64

R.C. Ybaez UP College of Business Administration

Industry Name
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Other
Market

Unlevered Cash/Firm
No. of Average Market
Beta
Beta D/E Ratio Tax Rate
Value
Firms
15
139
19
46
186
279
37
82
30
34
18
26
110
36
42
30
178
20
41
67
104
50
143
20
84
81
164
15
9
51
32
124
14
24
30
16
136
173
248
10
11
21
38
6
16
73
1
7,657

1.21
1.01
0.99
0.86
0.94
1.11
1.01
1.04
0.73
1.01
0.76
1.02
1.05
0.87
0.84
0.96
0.88
0.93
2.39
0.90
1.71
0.89
0.77
0.96
1.12
0.80
0.98
1.04
0.95
0.94
1.29
2.92
2.95
1.08
1.16
1.50
2.35
1.43
0.56
0.96
0.79
0.83
0.98
1.00
0.73
2.41
1.06
1.14

4.09
31.26
19.00
60.09
17.47
6.47
15.88
8.74
60.93
40.33
30.08
24.34
11.72
55.22
56.50
9.00
13.69
9.04
17.83
7.10
8.97
32.54
63.99
29.86
20.04
15.21
8.43
34.98
5.82
16.61
155.35
4.97
7.53
3.64
14.62
23.62
5.28
32.64
22.62
14.18
17.06
18.06
40.58
62.76
48.86
17.70
2.45
32.11 %

2.49
20.52
19.77
5.91
17.17
13.16
24.89
7.81
30.18
22.04
24.85
29.99
21.42
25.40
15.72
29.47
14.79
27.16
6.84
6.54
17.07
18.02
1.41
23.61
18.03
19.13
23.42
34.85
27.35
21.10
21.27
10.47
21.31
28.93
29.85
18.09
10.38
12.90
25.14
5.94
26.74
20.95
30.50
11.52
29.78
9.93
0.00
16.40 %

1.16
0.81
0.86
0.55
0.82
1.05
0.91
0.96
0.51
0.77
0.62
0.87
0.96
0.61
0.57
0.90
0.79
0.88
2.05
0.84
1.59
0.70
0.47
0.78
0.96
0.71
0.92
0.84
0.91
0.83
0.58
2.79
2.78
1.05
1.05
1.26
2.24
1.11
0.48
0.85
0.70
0.72
0.77
0.64
0.54
2.08
1.03
0.90

2.53
4.62
11.03
4.39
11.80
6.74
3.46
3.22
2.60
3.91
1.53
6.01
4.33
3.60
5.38
5.16
1.71
3.59
1.76
4.65
13.52
3.76
4.65
1.98
4.94
4.14
9.15
4.60
1.26
4.47
25.89
12.37
18.08
8.36
7.35
9.77
14.60
3.55
11.25
6.11
4.02
4.94
5.40
3.70
0.70
6.50
1.44
7.53 %

Source: Aswath Damoraran, based on Value Line database

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html

Note: Beta from regression of weekly stock returns against NYSE Composite, past 5 years.
Tax rate is tax/taxable income, in the absence of info on the more appropriate
measure, the marginal income tax rate.
2

R.C. Ybaez UP College of Business Administration