End Game
Variable
Number of firms
ROE (unadjusted)
ROE (adjusted for R&D)
To estimate ratios of market values (equity and firm) to book value (equity and firm), with compan
Explanation
Number of firms in the industry grouping.
Aggregated net income divided by aggregated book value of equity,
across all firms in the group.
Aggregate net income, adjusted for R&D, divided by aggregated book
value of equity, adjusted for capitalized R&D, across companies in group.
o book value (equity and firm), with companion variables (ROE and ROC)
Why?
Law of large numbers?
Measure of returns to equity investors, based upon stated net income
Measure of returns to equity investors, based upon stated net income, adjusted for R&D being capitalized.
Date updated: 5-Jan-22
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Return on equity
Home Page: http://www.damodaran.com
Data website: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: https://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/varia
Industry Name Number of firms ROE (unadjusted)
Advertising 49 20.18%
Aerospace/Defense 73 9.09%
Air Transport 21 -27.28%
Apparel 39 20.78%
Auto & Truck 26 13.68%
Auto Parts 38 6.72%
Bank (Money Center) 7 14.97%
Banks (Regional) 563 12.53%
Beverage (Alcoholic) 21 4.39%
Beverage (Soft) 32 32.80%
Broadcasting 28 19.35%
Brokerage & Investment Banking 31 21.61%
Building Materials 44 31.26%
Business & Consumer Services 160 13.67%
Cable TV 11 16.38%
Chemical (Basic) 35 47.24%
Chemical (Diversified) 4 28.12%
Chemical (Specialty) 81 16.00%
Coal & Related Energy 18 -14.40%
Computer Services 83 14.61%
Computers/Peripherals 46 0.61%
Construction Supplies 48 17.17%
Diversified 22 19.92%
Drugs (Biotechnology) 581 -0.76%
Drugs (Pharmaceutical) 298 14.55%
Education 35 8.61%
Electrical Equipment 104 16.80%
Electronics (Consumer & Office) 16 43.57%
Electronics (General) 137 14.72%
Engineering/Construction 48 6.48%
Entertainment 108 4.28%
Environmental & Waste Services 58 13.95%
Farming/Agriculture 36 26.60%
Financial Svcs. (Non-bank & Insurance) 223 0.28%
Food Processing 92 13.44%
Food Wholesalers 15 11.18%
Furn/Home Furnishings 32 25.40%
Green & Renewable Energy 20 -24.12%
Healthcare Products 244 14.18%
Healthcare Support Services 131 14.68%
Heathcare Information and Technology 142 19.74%
Homebuilding 29 27.38%
Hospitals/Healthcare Facilities 31 95.71%
Hotel/Gaming 66 -40.21%
Household Products 118 35.95%
Information Services 79 17.51%
Insurance (General) 23 13.50%
Insurance (Life) 24 7.86%
Insurance (Prop/Cas.) 52 15.64%
Investments & Asset Management 687 23.77%
Machinery 111 21.13%
Metals & Mining 74 28.96%
Office Equipment & Services 18 8.50%
Oil/Gas (Integrated) 4 1.15%
Oil/Gas (Production and Exploration) 183 3.30%
Oil/Gas Distribution 21 6.44%
Oilfield Svcs/Equip. 100 5.62%
Packaging & Container 26 21.02%
Paper/Forest Products 11 43.67%
Power 50 8.14%
Precious Metals 76 7.99%
Publishing & Newspapers 21 8.44%
R.E.I.T. 238 7.81%
Real Estate (Development) 19 -0.46%
Real Estate (General/Diversified) 10 6.29%
Real Estate (Operations & Services) 51 -10.81%
Recreation 60 22.76%
Reinsurance 2 5.83%
Restaurant/Dining 70 NA
Retail (Automotive) 32 47.18%
Retail (Building Supply) 16 0.97%
Retail (Distributors) 68 19.55%
Retail (General) 16 20.06%
Retail (Grocery and Food) 15 14.88%
Retail (Online) 60 44.11%
Retail (Special Lines) 76 35.23%
Rubber& Tires 2 9.59%
Semiconductor 67 31.91%
Semiconductor Equip 34 46.38%
Shipbuilding & Marine 8 10.29%
Shoe 12 47.91%
Software (Entertainment) 88 31.40%
Software (Internet) 36 -11.29%
Software (System & Application) 375 30.47%
Steel 28 40.05%
Telecom (Wireless) 17 5.93%
Telecom. Equipment 82 24.93%
Telecom. Services 42 10.41%
Tobacco 16 NA
Transportation 17 40.24%
Transportation (Railroads) 4 28.35%
Trucking 34 5.54%
Utility (General) 16 8.44%
Utility (Water) 14 10.42%
Total Market 7229 18.12%
Total Market (without financials) 5619 17.96%
tern.nyu.edu
US companies
modar/New_Home_Page/data.html
modar/pc/datasets/indname.xls
modar/New_Home_Page/datafile/variable.htm
ROE (adjusted for R&D)
18.40%
6.97%
-25.97%
20.54%
10.12%
6.01%
14.97%
12.53%
4.39%
31.60%
19.34%
21.81%
28.43%
13.57%
16.29%
42.71%
24.48%
14.72%
-13.85%
11.18%
57.75%
15.23%
18.88%
1.53%
11.04%
8.67%
14.65%
21.30%
11.51%
6.48%
4.37%
13.93%
23.22%
0.28%
13.09%
11.18%
22.51%
-24.05%
12.06%
14.64%
17.40%
27.38%
95.60%
-32.40%
31.29%
16.40%
13.47%
7.86%
15.64%
23.56%
19.08%
28.58%
7.34%
1.10%
3.29%
6.44%
5.28%
20.14%
42.93%
8.14%
7.92%
8.24%
7.81%
-0.46%
6.29%
-8.21%
18.40%
5.83%
NA
47.16%
0.97%
19.54%
20.05%
14.86%
20.06%
34.43%
6.39%
20.99%
30.90%
10.29%
47.42%
22.89%
-4.12%
19.27%
39.84%
5.99%
15.73%
10.25%
NA
40.18%
28.35%
4.19%
8.44%
10.42%
16.04%
15.34%
