STATISTICS FOR SIC CODE 3

Manufacturing

This Industry Comprises 1085 Companies***

 

Industry Description
Rubber, leather, stone, clay, glass, concrete, primary metal, fabricated metal, industrial machinery, computer equipment, electronic equipment, transportation, optical goods, and photographic equipment products.

 

Sales (million$)

Total 1,397,011
Average 1,287.6

Three Largest Companies
GENERAL MOTORS CORP 165,370.0
FORD MOTOR CO 146,991.0
INTL BUSINESS MACHINES CORP 71,940.0

Three Smallest Companies
BIOMAGNETIC TECHNOLOGIES 0.7
MILLENIA INC 0.6
BIOCONTROL TECHNOLOGY INC 0.5

 

Total Capital (million$)
Total 1,889,467
Average 1,741.4

Three Largest Companies
FORD MOTOR CO 195,665.9
GENERAL MOTORS CORP 125,845.7
INTEL CORP 115,637.0

Three Smallest Companies
COMTREX SYSTEMS CORP 1.4
CIRCUIT RESEARCH LABS INC 1.4
EIP MICROWAVE INC 1.2

 

Distribution of Sales (million$)
Lastest 5Yr. Avg.
90th Percentile 2,036.9 1,640.3
75th Percentile 460.7 357.0
Median 117.9 97.8
25th Percentile 33.1 29.1
10th Percentile 11.7 10.4

 

Distribution of Total Capital (million$)
Lastest 5Yr. Avg.
90th Percentile 2,735.7 2,032.7
75th Percentile 559.6 450.6
Median 130.8 117.1
25th Percentile 37.6 35.0
10th Percentile 13.9 14.5

 

Annualized Statistics for Last 10 Years (%)

Average Return Standard Deviation
S&P 500 14.53 16.07
Ind. Composite 12.47 19.73
Lg. Composite 13.03 19.26
Sm. Composite -5.45 25.63

 

Industry Sales and Income (billion$)
Sales Operating Income Net Income
Current Yr. 1,397.0 210.3 67.5
Last Yr. 1,275.8 188.4 60.3
2 Yrs. Ago 1,165.4 160.0 37.3
3 Yrs. Ago 1,064.4 133.7 16.5
4 Yrs. Ago 1,013.0 116.0 13.6

 

Industry Market Capitalization (billion$)

Equity Debt
Current Yr. 1,407.0 482.5
Last Yr. 1,185.6 442.5
2 Yrs. Ago 909.2 418.5
3 Yrs. Ago 782.8 414.1
4 Yrs. Ago 666.1 415.8

 

Growth Over Last 5 Years (%)

Net Sales Operating Income Net Income
75th Percentile 18.44 28.06 39.08
Median 10.56 13.75 16.35
25th Percentile 2.61 -2.63 -11.74
Ind. Composite 8.28 15.04 38.83
Lg. Composite 7.95 14.83 39.61
Sm. Composite 2.53 -25.92 -19.32

 

Compound Annual Equity Return (%)

5Yrs. 10 Yrs.
75th Percentile 20.64 12.87
Median 7.73 5.11
25th Percentile -5.43 -3.76
Ind. Composite 17.99 10.70
Lg. Composite 19.79 11.35
Sm. Composite -13.00 -8.85

 

Betas
Unleavered Asset Beta Levered Equity Beta
75th Percentile 1.35 1.54
Median 0.84 1.05
25th Percentile 0.44 0.58
Ind. Composite 0.88 1.15
Lg. Composite 0.80 1.10
Sm. Composite 1.39 1.44

 

Number of Companies & Total Capital (billion$)

Large Cap

Mid Cap

Low Cap

Micro Cap

Total Cap

AAA, AA, A*
45 17 3 1 66
1150.7 45.6 2.4 0.1 1198.8

BBB*
19 28 5 0 52
205.5 63.1 2.8 0.0 271.4

BB, B, CCC, CC, D*
10 18 26 27 81
61.6 35.9 20.4 8.2 126.0

Not Rated*
9 59 173 644 885
77.5 94.5 76.9 44.2 293.2

Totals*
83 122 207 672 1084
1495.3 239.1 102.6 52.5 1889.5
* S&P Debt Rating

 

Margins (%)

Operating Margin

Net Margin

Return On Assets

Return On Equity
Latest 5yr. Avg. Latest 5yr. Avg. Latest 5yr. Avg. Latest 5yr. Avg.
75th Percentile 15.32 13.78 7.63 5.79 9.68 7.63 7.14 5.78
Median 10.39 9.61 3.90 2.81 5.31 3.50 4.33 3.49
25th Percentile 5.24 4.90 -0.29 -1.21 -0.30 -1.46 -0.33 -1.54
Ind. Composite 15.05 13.66 4.83 3.30 4.67 3.02 5.06 4.23
Lg. Composite 15.47 14.00 4.89 3.29 4.54 2.88 5.50 4.62
Sm. Composite -29.44 -18.44 -37.38 -26.12 -24.74 -20.78 -6.68 -5.84

 

Capital Structure Ratios (%)

Debt/Total Capital

Debt/MV Equity
Latest 5Yr. Avg. Latest 5Yr. Avg.
75th Percentile 29.26 27.92 41.36 38.73
Median 11.82 12.77 13.40 14.64
25th Percentile 2.25 3.28 2.30 3.40
Ind. Composite 25.54 32.00 34.29 47.05
Lg. Composite 28.41 36.03 39.68 56.31
Sm. Composite 6.41 4.69 6.85 4.92

 

Equity Value Ratios (Multiples)

Price/Earnings

Market/Book

Price/Sales
Latest 5 Yr. Avg. Latest 5 Yr. Avg. Latest 5 Yr. Avg.
75th Percentile NMF NMF 3.28 3.30 1.65 1.66
Median 22.52 28.65 1.99 2.09 0.87 0.85
25th. Percentile 13.99 17.30 1.18 1.36 0.46 0.50
Ind. Composite 20.83 23.64 3.11 2.52 1.01 0.78
Lg. Composite 19.46 21.65 3.21 2.50 0.95 0.71
Sm. Composite NMF NMF 3.99 5.19 4.21 4.47

 

Analysts' Growth Rate (%)

75th Percentile 20.03
Median 16.55
25th. Percentile 14.05
Ind. Composite 15.42
Lg. Composite 14.56
Sm. Composite 45.96

 

Yields (% of Price)

Dividends

Cash Flow
Latest 5 Yr. Avg. Latest 5 Yr. Avg.
75th Percentile 1.01 1.14 6.31 4.71
Median 0.00 0.00 3.08 2.14
25th. Percentile 0.00 0.00 -2.98 -2.51
Ind. Composite 1.26 1.58 3.01 2.46
Lg. Composite 1.43 1.79 3.40 2.81
Sm. Composite 0.05 0.08 -9.05 -6.34

 

Cost of Equity Capital (%)***

Capital Asset Pricing Model

3-Factor

Discounted Cash Flow
OLS + Sz Prem Fama French Analysts 3 Stage
75th Percentile 18.71 21.35 26.90 21.00 19.09
Median 15.05 17.29 18.78 17.78 15.81
25th. Percentile 11.53 13.90 13.08 14.99 13.34
Ind. Composite 15.82 16.16 15.94 16.92 12.39
Lg. Composite 15.47 15.53 15.07 16.15 12.60
Sm. Composite 17.98 21.33 22.93 46.03 NMF

 

Cost of Debt (%)

75th Percentile 9.00
Median 7.84
25th. Percentile 6.78
Ind. Composite 6.86
Lg. Composite 6.76
Sm. Composite 9.08

 

Weighted Average Cost of Capital (%)***

Capital Asset Pricing Model

3-Factor

Discounted Cash Flow
OLS + Sz Prem Fama French Analysts 3 Stage
75th Percentile 16.64 18.93 22.17 19.42 16.82
Median 12.67 14.75 15.72 15.33 13.98
25th. Percentile 9.52 11.36 10.85 11.94 11.75
Ind. Composite 12.96 13.22 13.05 13.78 10.41
Lg. Composite 12.37 12.41 12.08 12.85 10.31
Sm. Composite 17.29 20.42 21.92 43.54 NMF
Copyright © 1997
Cost of Capital Quarterly
Ibbotson Associates
1997 Yearbook
http://valuation.ibbotson.com
Data updated through March 1997