| SIC Code | Industry | Beta | D/(D+E) | D/E | Unlevered Beta | Cost of Debt | Cost of Capital |
| 1 | Agricultural - Crops | 0.61 | 17.88% | 21.78% | 0.54 | 8.23% | 9.99% |
| 2 | Agricultural Production | 0.60 | 29.44% | 41.72% | 0.48 | 8.20% | 9.68% |
| 8 | Forestry | 0.63 | 47.65% | 91.02% | 0.41 | 8.27% | 9.43% |
| 10 | Fishing, Hunting and Trappin | 0.80 | 17.01% | 20.49% | 0.71 | 8.60% | 10.93% |
| 12 | Coal Mining | 0.93 | 39.59% | 65.53% | 0.67 | 8.87% | 10.84% |
| 13 | Oil and Gas Extraction | 0.66 | 24.70% | 32.81% | 0.55 | 8.31% | 10.04% |
| 14 | Mining of Non-metals | 0.54 | 17.23% | 20.81% | 0.48 | 8.08% | 9.63% |
| 15 | Building Contractors | 1.14 | 34.77% | 53.29% | 0.86 | 9.28% | 11.89% |
| 16 | Heavy Construction | 0.74 | 20.38% | 25.60% | 0.64 | 8.48% | 10.54% |
| 17 | Construction- Special Trade | 0.38 | 19.70% | 24.53% | 0.33 | 7.75% | 8.80% |
| 20 | Food and Kindred Products | 0.82 | 24.51% | 32.46% | 0.69 | 8.64% | 10.82% |
| 21 | Tobacco Products | 1.27 | 31.16% | 45.27% | 1.00 | 9.54% | 12.61% |
| 22 | Textile Mill Products | 0.64 | 39.83% | 66.19% | 0.46 | 8.28% | 9.62% |
| 23 | Apparel & Other Finished Products | 0.83 | 19.44% | 24.14% | 0.73 | 8.66% | 11.00% |
| 24 | Lumber & Wood Products | 1.07 | 23.35% | 30.46% | 0.91 | 9.14% | 12.02% |
| 25 | Furniture & Fixtures | 0.93 | 23.75% | 31.15% | 0.78 | 8.85% | 11.32% |
| 26 | Paper & Allied Products | 0.88 | 31.95% | 46.96% | 0.68 | 8.75% | 10.83% |
| 27 | Printing & Publishing | 0.92 | 19.80% | 24.68% | 0.80 | 8.84% | 11.42% |
| 28 | Chemicals & Allied Products | 1.28 | 11.01% | 12.38% | 1.19 | 9.56% | 13.55% |
| 29 | Petroleum Refining | 0.62 | 33.95% | 51.39% | 0.47 | 8.24% | 9.66% |
| 30 | Rubber & Plastic Products | 0.92 | 25.33% | 33.93% | 0.76 | 8.83% | 11.22% |
| 31 | Leather & Leather Products | 0.97 | 17.13% | 20.67% | 0.86 | 8.94% | 11.75% |
| 32 | Stone, Clay, Glass & Concrete | 0.67 | 30.44% | 43.76% | 0.53 | 8.34% | 9.97% |
| 33 | Primary Metal Industries | 0.96 | 34.91% | 53.64% | 0.73 | 8.92% | 11.10% |
| 34 | Fabricated Metal Products | 0.76 | 24.13% | 31.81% | 0.64 | 8.52% | 10.54% |
| 35 | Industrial & Commercial Machinery | 1.06 | 16.54% | 19.82% | 0.95 | 9.12% | 12.22% |
| 36 | Electronic and Electrical Equipment | 1.18 | 12.25% | 13.96% | 1.09 | 9.36% | 12.99% |
| 37 | Transportation Equipment | 0.90 | 31.42% | 45.81% | 0.71 | 8.80% | 10.96% |
| 38 | Measuring, Analyzing & Controlling Instruments | 1.13 | 10.25% | 11.42% | 1.06 | 9.26% | 12.80% |
| 39 | Miscellaneous Manufacturing | 0.95 | 18.62% | 22.88% | 0.84 | 8.90% | 11.61% |
| 40 | Railroad Transportation | 1.10 | 37.77% | 60.70% | 0.81 | 9.20% | 11.60% |
| 41 | Suburban Transit and Highway Transportation | 1.30 | 26.49% | 36.04% | 1.07 | 9.60% | 12.94% |
| 42 | Motor Freigth Transportation | 0.72 | 39.21% | 64.50% | 0.52 | 8.44% | 9.97% |
| 44 | Water Transportation | 1.07 | 41.35% | 70.49% | 0.75 | 9.14% | 11.35% |
| 45 | Air Transportation | 1.44 | 37.31% | 59.51% | 1.06 | 9.87% | 13.02% |
| 46 | Pipelines | 0.37 | 41.41% | 70.67% | 0.26 | 7.73% | 8.49% |
| 47 | Transportation Services | 0.85 | 21.23% | 26.96% | 0.73 | 8.70% | 11.04% |
| 48 | Communications | 1.13 | 25.60% | 34.40% | 0.94 | 9.26% | 12.21% |
| 49 | Electric, Gas & Sanitary Services | 0.52 | 44.87% | 81.38% | 0.35 | 8.03% | 9.03% |
| 50 | Wholesale trade - Durable goods | 1.01 | 22.16% | 28.46% | 0.87 | 9.03% | 11.79% |
| 51 | Wholesale trade-Nondurable goods | 0.98 | 26.43% | 35.93% | 0.81 | 8.97% | 11.50% |
| 52 | Building materials, hardware & Garden Dealers | 0.85 | 38.42% | 62.39% | 0.62 | 8.71% | 10.55% |
| 53 | General Merchandise | 0.95 | 37.40% | 59.74% | 0.70 | 8.89% | 10.96% |
| 54 | Food Stores | 0.68 | 30.12% | 43.09% | 0.54 | 8.35% | 10.01% |
| 55 | Auto Dealers & Gas Service Stations | 1.01 | 23.86% | 31.33% | 0.85 | 9.02% | 11.70% |
| 56 | Apparel & Accessory Stores | 1.11 | 22.22% | 28.57% | 0.95 | 9.22% | 12.25% |
| 57 | Home Furniture, Furnishings & Equip Stores | 1.06 | 33.65% | 50.73% | 0.81 | 9.12% | 11.59% |
| 58 | Eating & Drinking Establishments | 1.06 | 21.96% | 28.14% | 0.91 | 9.13% | 12.03% |
| 59 | Miscellaneous Retail | 0.99 | 17.50% | 21.22% | 0.88 | 8.99% | 11.86% |
| 60 | Depository Institutions | 1.20 | 40.00% | 66.67% | 0.86 | 9.40% | 11.92% |
| 61 | Non-depository Institutions | 1.15 | 25.00% | 33.33% | 0.96 | 9.30% | 12.32% |
| 62 | Security & Commodity Brokers, Dealers .. | 1.37 | 19.15% | 23.69% | 1.20 | 9.73% | 13.60% |
| 63 | Insurance Carriers | 0.78 | 23.69% | 31.04% | 0.66 | 8.56% | 10.64% |
| 64 | Insurance Agents, Brokers & Services | 0.50 | 10.83% | 12.15% | 0.47 | 8.00% | 9.56% |
| 65 | Real Estate | 0.50 | 21.34% | 27.12% | 0.43 | 8.00% | 9.38% |
| 67 | Holding & Other Investment Services | 1.03 | 15.99% | 19.03% | 0.93 | 9.06% | 12.09% |
| 70 | Hotels, Rooming Houses & Lodging Places | 1.22 | 39.64% | 65.68% | 0.87 | 9.44% | 12.01% |
| 72 | Personal Services | 1.08 | 17.44% | 21.12% | 0.96 | 9.16% | 12.28% |
| 73 | Business Schools | 1.36 | 9.03% | 9.92% | 1.28 | 9.72% | 14.04% |
| 75 | Auto Repair, Services & parking | 0.92 | 38.93% | 63.75% | 0.67 | 8.84% | 10.81% |
| 76 | Miscellaneous Repair Services | 1.30 | 45.48% | 83.43% | 0.87 | 9.60% | 12.08% |
| 78 | Motion Pictures | 0.94 | 27.63% | 38.17% | 0.76 | 8.87% | 11.25% |
| 79 | Amusement & Recreation Services | 1.13 | 29.23% | 41.30% | 0.91 | 9.27% | 12.07% |
| 80 | Health Services | 1.29 | 19.85% | 24.76% | 1.13 | 9.59% | 13.22% |
| 82 | Educational Services | 0.67 | 10.53% | 11.77% | 0.62 | 8.33% | 10.42% |
| 83 | Social Services | 1.30 | 17.49% | 21.19% | 1.15 | 9.60% | 13.35% |
| 87 | Engineering, Accounting, Research Services | 1.28 | 14.55% | 17.03% | 1.16 | 9.56% | 13.39% |
| 89 | Services not listed elsewhere | 0.45 | 34.19% | 51.96% | 0.34 | 7.90% | 8.94% |
| Average | 0.93 | 26.43% | 38.50% | 0.77 | 8.87% | 11.28% |
Last Update: 10/22/96
Name: Aswath Damodaran
Email: adamodar@stern.nyu.edu