Date updated:
5-Jan-22
Created by:
Aswath Damodaran, adamodar@stern.nyu.edu
What is this data?
Beta, Unlevered beta and other risk measures
Emerging Markets
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/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
0.00%
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
YouTube Video explaining estimation
choices and process.
Number of firms
Beta
D/E Ratio
Effective
Tax rate
Unlevered beta
Cash/Firm value
Unlevered beta corrected for
cash
HiLo Risk
125
117
75
934
80
510
469
100
127
37
62
436
244
296
33
674
37
599
93
499
213
544
211
278
680
144
658
85
937
876
320
168
282
636
925
89
250
122
306
1.27
1.22
1.61
0.91
1.40
1.55
0.98
0.82
1.07
0.69
1.12
0.87
1.17
0.89
1.13
1.12
1.42
1.12
1.09
1.06
1.43
1.15
1.03
1.44
1.06
1.13
1.01
1.32
1.35
1.16
1.20
0.91
0.99
0.82
0.93
0.80
1.16
0.92
1.18
8.74%
13.49%
120.44%
20.74%
37.99%
18.68%
176.11%
419.96%
2.00%
4.77%
19.20%
174.65%
18.34%
12.61%
32.41%
24.57%
21.91%
13.14%
44.55%
6.77%
14.51%
37.93%
146.18%
3.30%
9.82%
35.72%
11.02%
52.93%
15.42%
122.96%
13.05%
55.41%
46.83%
134.57%
25.20%
63.38%
15.23%
50.62%
3.25%
12.15%
10.89%
5.49%
13.52%
11.42%
15.28%
20.88%
16.50%
18.56%
15.26%
12.84%
14.54%
14.38%
12.92%
11.92%
15.84%
18.93%
15.85%
14.73%
13.57%
12.71%
14.25%
14.56%
5.82%
14.59%
10.97%
13.02%
12.58%
12.34%
13.18%
8.67%
13.56%
13.30%
15.29%
15.02%
11.91%
15.23%
10.08%
10.31%
1.16
1.08
0.73
0.75
1.02
1.31
0.36
0.16
1.05
0.66
0.94
0.32
0.99
0.79
0.86
0.90
1.16
0.99
0.75
0.99
1.25
0.83
0.42
1.40
0.96
0.83
0.91
0.86
1.17
0.52
1.06
0.58
0.68
0.35
0.74
0.49
1.01
0.61
1.14
8.52%
9.89%
7.80%
7.71%
13.38%
9.59%
24.31%
12.82%
4.32%
4.16%
7.94%
9.64%
7.03%
9.35%
12.43%
7.82%
4.77%
5.52%
22.61%
4.10%
11.22%
13.53%
11.59%
6.17%
7.46%
12.03%
7.18%
14.64%
11.10%
19.98%
8.62%
8.30%
6.72%
8.84%
7.51%
10.68%
13.29%
3.65%
7.82%
1.27
1.20
0.79
0.82
1.17
1.45
0.47
0.18
1.09
0.69
1.02
0.35
1.06
0.87
0.98
0.98
1.22
1.05
0.97
1.04
1.40
0.96
0.47
1.49
1.04
0.94
0.98
1.01
1.32
0.65
1.16
0.64
0.72
0.39
0.80
0.55
1.16
0.64
1.24
0.4280
0.3261
0.2769
0.4211
0.2993
0.3496
0.2346
0.2753
0.3296
0.2778
0.3929
0.4113
0.3608
0.4148
0.2874
0.3766
0.3696
0.3796
0.4604
0.3883
0.3361
0.3375
0.2930
0.4030
0.3359
0.3924
0.3767
0.3564
0.3457
0.3815
0.4336
0.3521
0.3569
0.3842
0.3322
0.3854
0.3559
0.3339
0.3925
Industry Name
Healthcare Support Services
Heathcare Information and Technology
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Investments & Asset Management
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publishing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Number of firms
Beta
D/E Ratio
Effective
Tax rate
Unlevered beta
Cash/Firm value
Unlevered beta corrected for
cash
HiLo Risk
178
107
40
131
418
292
93
141
82
149
445
825
325
72
23
114
105
231
301
187
372
81
176
261
776
222
369
137
31
143
102
36
630
130
73
96
186
73
449
232
238
60
58
40
462
521
61
290
0.95
1.47
1.89
0.88
1.04
1.12
1.40
0.69
1.00
0.90
0.79
1.09
1.31
1.06
1.11
1.87
1.21
1.31
0.96
1.17
0.88
1.34
0.81
0.91
1.01
0.96
0.96
1.02
1.56
1.08
0.95
1.34
0.78
1.05
0.75
1.74
1.17
1.27
1.63
2.07
1.18
1.11
1.44
1.13
1.43
1.30
1.03
1.22
33.33%
2.23%
51.17%
18.03%
69.13%
7.16%
8.94%
35.64%
80.18%
31.44%
166.25%
12.45%
29.91%
9.49%
18.46%
49.82%
81.49%
45.85%
18.24%
65.83%
95.85%
21.44%
11.22%
50.75%
212.20%
89.32%
56.04%
44.43%
39.01%
23.69%
47.92%
23.16%
104.02%
62.62%
44.09%
9.21%
28.63%
32.76%
6.39%
6.43%
41.52%
13.08%
8.24%
15.22%
4.43%
44.55%
41.96%
12.62%
15.43%
9.55%
12.49%
16.82%
4.46%
13.34%
17.00%
13.05%
15.53%
15.69%
7.29%
13.83%
13.92%
10.01%
22.35%
13.70%
13.60%
13.11%
16.09%
12.93%
16.45%
11.84%
10.75%
4.52%
17.87%
10.94%
14.42%
11.79%
8.71%
8.08%
17.05%
15.88%
13.59%
17.77%
16.61%
10.18%
14.59%
15.01%
10.75%
12.62%
11.94%
13.91%
9.21%
13.23%
9.02%
16.09%
17.63%
9.08%
0.71
1.44
1.25
0.75
0.62
1.05
1.29
0.51
0.55
0.68
0.30
0.97
1.01
0.97
0.93
1.25
0.67
0.90
0.81
0.70
0.45
1.10
0.73
0.60
0.32
0.51
0.61
0.71
1.12
0.87
0.64
1.09
0.38
0.65
0.52
1.60
0.91
0.96
1.53
1.94
0.83
0.98
1.33
0.98
1.37
0.90
0.73
1.08
11.16%
4.00%
9.96%
3.99%
10.57%
5.21%
6.75%
22.15%
18.36%
9.94%
3.25%
7.50%
9.38%
8.42%
5.97%
8.98%
8.81%
6.38%
5.57%
8.98%
6.34%
8.90%
19.14%
2.39%
23.42%
10.89%
10.40%
12.63%
20.72%
6.60%
8.93%
3.52%
13.38%
9.18%
5.51%
5.96%
7.37%
8.29%
6.34%
5.15%
15.62%
6.98%
4.92%
6.55%
6.42%
10.99%
11.56%
10.18%
0.80
1.50
1.39
0.78
0.69
1.10
1.38
0.65
0.68
0.76
0.30
1.05
1.12
1.06
0.99
1.37
0.73
0.96
0.86
0.77
0.48
1.21
0.90
0.62
0.42
0.57
0.69
0.81
1.41
0.93
0.71
1.13
0.44
0.71
0.55
1.70
0.98
1.04
1.63
2.05
0.99
1.05
1.39
1.05
1.46
1.01
0.82
1.21
0.3517
0.3952
0.3931
0.3139
0.3372
0.3434
0.3991
0.2720
0.2808
0.3045
0.3260
0.3642
0.4148
0.3903
0.2913
0.4083
0.3015
0.3487
0.3534
0.3641
0.3065
0.4043
0.3759
0.1616
0.3466
0.3136
0.3329
0.3369
0.2933
0.3599
0.3433
0.3510
0.4251
0.2661
0.2929
0.5088
0.3588
0.3154
0.4002
0.3543
0.3645
0.3859
0.4995
0.3828
0.4157
0.4298
0.2702
0.3570
Industry Name
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Utility (General)
Utility (Water)
Total Market
Total Market (without financials)
Number of firms
Beta
D/E Ratio
Effective
Tax rate
Unlevered beta
Cash/Firm value
Unlevered beta corrected for
cash
HiLo Risk
140
29
213
16
118
12
72
24435
21977
0.91
0.80
1.08
0.97
1.12
0.79
0.72
1.11
1.13
33.30%
0.79%
52.37%
31.66%
63.76%
84.54%
88.42%
55.19%
33.31%
15.69%
20.60%
16.05%
24.55%
12.64%
24.29%
16.37%
13.47%
13.33%
0.68
0.80
0.71
0.74
0.68
0.43
0.38
0.71
0.85
7.40%
5.06%
10.10%
10.71%
10.32%
6.26%
9.73%
12.28%
9.40%
0.74
0.84
0.79
0.82
0.76
0.45
0.42
0.81
0.94
0.3142
0.3276
0.3572
0.2126
0.3465
0.1705
0.2719
0.3607
0.3641
Average Beta over time
Standard deviation of equity
Standard deviation in operating income (last 10
years)
2018
2019
2020
2021
Average
(2018-21)
37.70%
30.86%
27.25%
31.45%
27.15%
30.59%
20.12%
21.57%
27.53%
21.33%
31.56%
29.15%
29.87%
33.58%
29.66%
29.00%
27.73%
30.45%
33.72%
32.11%
31.88%
27.56%
23.87%
39.06%
29.93%
32.03%
30.26%
29.86%
29.55%
31.68%
35.36%
28.24%
28.77%
30.03%
27.39%
31.96%
28.06%
26.79%
35.95%
24.51%
25.79%
129.66%
14.77%
17.49%
11.87%
53.44%
NA
25.29%
44.66%
23.68%
89.36%
25.82%
28.10%
43.18%
21.03%
20.69%
22.24%
33.76%
24.73%
33.67%
33.98%
26.13%
50.16%
23.51%
45.72%
30.35%
35.98%
41.12%
32.28%
45.31%
55.24%
22.88%
39.55%
30.27%
23.35%
35.81%
38.92%
111.43%
1.52
1.04
0.59
0.82
1.42
1.30
0.52
0.27
0.74
0.41
1.08
0.59
0.87
1.02
1.17
1.07
1.42
1.08
1.22
1.18
1.39
1.08
0.57
1.10
1.06
0.95
1.14
1.11
1.43
0.97
1.18
1.60
0.77
0.52
0.78
0.65
1.03
0.78
1.14
1.39
1.14
0.57
0.72
1.28
1.16
0.42
0.35
1.05
0.53
0.78
0.51
0.82
1.18
1.06
0.96
0.86
1.03
1.13
1.06
1.53
0.96
0.47
1.45
1.14
1.32
1.06
1.15
1.49
0.89
1.40
1.06
0.63
0.42
0.73
0.67
1.11
0.68
1.34
1.46
1.10
0.59
0.64
1.13
1.11
0.43
0.26
1.06
0.36
0.70
0.54
0.79
0.94
1.21
0.92
0.73
0.93
1.39
1.04
1.40
0.97
0.41
1.50
1.13
1.14
1.08
1.31
1.47
0.72
1.26
1.10
0.64
0.34
0.69
0.61
1.07
0.59
1.42
1.27
1.20
0.79
0.82
1.17
1.45
0.47
0.18
1.09
0.69
1.02
0.35
1.06
0.87
0.98
0.98
1.22
1.05
0.97
1.04
1.40
0.96
0.47
1.49
1.04
0.94
0.98
1.01
1.32
0.65
1.16
0.64
0.72
0.39
0.80
0.55
1.16
0.64
1.24
1.38
1.13
0.67
0.76
1.24
1.29
0.46
0.25
1.01
0.54
0.92
0.47
0.92
0.98
1.08
0.98
1.09
1.03
1.14
1.07
1.43
0.99
0.48
1.40
1.08
1.06
1.05
1.12
1.40
0.78
1.23
1.01
0.70
0.41
0.76
0.60
1.11
0.66
1.28
Standard deviation of equity
Standard deviation in operating income (last 10
years)
2018
2019
2020
2021
Average
(2018-21)
27.95%
36.01%
34.44%
25.64%
29.18%
29.08%
32.94%
21.84%
21.30%
25.62%
29.55%
28.94%
32.62%
33.14%
20.65%
38.38%
24.88%
31.91%
29.36%
30.13%
22.80%
36.84%
27.47%
16.96%
26.76%
24.72%
27.86%
29.27%
25.00%
29.13%
28.07%
28.87%
31.55%
24.46%
25.57%
40.61%
29.08%
26.09%
33.64%
33.55%
29.67%
30.27%
37.46%
32.13%
35.13%
31.19%
22.17%
30.69%
44.50%
102.78%
77.26%
19.57%
73.41%
20.20%
21.71%
25.18%
46.41%
20.95%
43.25%
26.21%
27.85%
25.84%
48.83%
40.24%
26.04%
38.25%
20.03%
37.80%
17.45%
48.65%
10.37%
40.01%
47.79%
17.90%
16.57%
32.02%
48.27%
46.00%
26.43%
19.12%
26.83%
12.10%
11.42%
NA
17.02%
23.85%
51.33%
56.50%
39.85%
19.96%
64.66%
71.61%
31.85%
43.61%
19.97%
38.20%
1.03
1.27
1.18
0.82
0.93
0.96
1.57
0.58
0.73
0.58
0.29
1.23
1.24
0.88
0.94
1.69
1.23
1.19
0.67
0.72
0.63
1.57
0.99
0.52
0.80
0.91
0.82
0.87
1.32
1.10
0.81
0.88
0.66
1.12
1.11
1.46
1.05
0.75
1.48
1.25
0.96
1.09
1.58
1.59
1.50
0.97
1.01
1.39
1.04
1.80
0.76
0.78
0.82
0.98
1.19
0.47
0.72
0.44
0.21
1.14
1.10
0.80
0.96
1.32
0.86
1.10
0.67
0.69
0.52
1.21
1.14
0.33
0.69
0.79
0.63
0.82
0.96
1.01
0.72
1.14
0.62
0.90
0.73
1.46
1.00
0.70
1.73
1.66
0.69
0.91
1.78
0.85
1.46
0.89
0.76
1.45
0.90
1.65
0.57
0.58
0.67
1.04
1.10
0.47
0.73
0.43
0.17
1.15
0.98
0.84
1.11
1.14
0.89
0.98
0.65
0.64
0.52
0.97
1.12
0.31
0.65
0.74
0.59
0.92
0.96
0.88
0.72
1.26
0.60
0.91
0.65
1.49
0.83
0.70
1.58
1.82
0.67
0.77
1.38
1.18
1.59
0.77
0.66
1.47
0.80
1.50
1.39
0.78
0.69
1.10
1.38
0.65
0.68
0.76
0.30
1.05
1.12
1.06
0.99
1.37
0.73
0.96
0.86
0.77
0.48
1.21
0.90
0.62
0.42
0.57
0.69
0.81
1.41
0.93
0.71
1.13
0.44
0.71
0.55
1.70
0.98
1.04
1.63
2.05
0.99
1.05
1.39
1.05
1.46
1.01
0.82
1.21
0.91
1.55
1.06
0.75
0.76
1.04
1.32
0.56
0.71
0.59
0.26
1.12
1.11
0.93
1.00
1.38
0.89
1.04
0.74
0.72
0.53
1.23
1.01
0.48
0.60
0.72
0.68
0.84
1.21
0.97
0.73
1.11
0.55
0.87
0.72
1.56
0.97
0.85
1.61
1.77
0.86
0.98
1.51
1.14
1.49
0.93
0.81
1.34
Standard deviation of equity
Standard deviation in operating income (last 10
years)
2018
2019
2020
2021
Average
(2018-21)
27.27%
24.98%
28.94%
21.25%
30.93%
18.41%
29.55%
29.55%
29.88%
4.47%
28.52%
14.47%
26.31%
17.73%
18.00%
22.67%
22.91%
22.42%
0.78
0.32
1.10
1.40
0.79
0.48
1.12
0.90
1.00
0.81
0.83
0.87
1.30
0.72
0.41
0.82
0.84
0.93
0.64
0.77
0.87
1.14
0.65
0.44
0.81
0.82
0.91
0.74
0.84
0.79
0.82
0.76
0.45
0.42
0.81
0.94
0.74
0.72
0.88
1.10
0.74
0.45
0.72
0.84
0.94