Beta by industry

94 U.S. industries, highest first · January 2026

Median industry0.92half are above, half below

Highest1.69Software (Internet)

Lowest0.24Utility (General)

94 industries · tap one to see more

#	Beta	Cost of equity	Companies
1	1.69	11.5%	29
Beta 1.69 Rank 1 of 94 Median industry 0.92 Against the median 0.77 higher Cost of equity 11.5% Companies counted 29 Every figure for Software (Internet)
2	1.54	10.8%	14
Beta 1.54 Rank 2 of 94 Median industry 0.92 Against the median 0.61 higher Cost of equity 10.8% Companies counted 14 Every figure for Retail (Building Supply)
3	1.52	10.7%	66
Beta 1.52 Rank 3 of 94 Median industry 0.92 Against the median 0.59 higher Cost of equity 10.7% Companies counted 66 Every figure for Semiconductor
4	1.46	10.4%	33
Beta 1.46 Rank 4 of 94 Median industry 0.92 Against the median 0.53 higher Cost of equity 10.4% Companies counted 33 Every figure for Auto & Truck
5	1.40	10.2%	31
Beta 1.40 Rank 5 of 94 Median industry 0.92 Against the median 0.47 higher Cost of equity 10.2% Companies counted 31 Every figure for Semiconductor Equipment
6	1.35	10.0%	36
Beta 1.35 Rank 6 of 94 Median industry 0.92 Against the median 0.43 higher Cost of equity 10.0% Companies counted 36 Every figure for Computers/Peripherals
7	1.34	9.9%	35
Beta 1.34 Rank 7 of 94 Median industry 0.92 Against the median 0.42 higher Cost of equity 9.9% Companies counted 35 Every figure for Auto Parts
8	1.33	9.9%	14
Beta 1.33 Rank 8 of 94 Median industry 0.92 Against the median 0.41 higher Cost of equity 9.9% Companies counted 14 Every figure for Office Equipment & Services
9	1.28	9.6%	309
Beta 1.28 Rank 9 of 94 Median industry 0.92 Against the median 0.35 higher Cost of equity 9.6% Companies counted 309 Every figure for Software (System & Application)
10	1.25	9.5%	112
Beta 1.25 Rank 10 of 94 Median industry 0.92 Against the median 0.33 higher Cost of equity 9.5% Companies counted 112 Every figure for Electrical Equipment
11	1.21	9.3%	52
Beta 1.21 Rank 11 of 94 Median industry 0.92 Against the median 0.29 higher Cost of equity 9.3% Companies counted 52 Every figure for Advertising
12	1.21	9.3%	48
Beta 1.21 Rank 12 of 94 Median industry 0.92 Against the median 0.29 higher Cost of equity 9.3% Companies counted 48 Every figure for Engineering/Construction
13	1.19	9.2%	23
Beta 1.19 Rank 13 of 94 Median industry 0.92 Against the median 0.26 higher Cost of equity 9.2% Companies counted 23 Every figure for Air Transport
14	1.17	9.2%	32
Beta 1.17 Rank 14 of 94 Median industry 0.92 Against the median 0.25 higher Cost of equity 9.2% Companies counted 32 Every figure for Brokerage & Investment Banking
15	1.15	9.1%	40
Beta 1.15 Rank 15 of 94 Median industry 0.92 Against the median 0.23 higher Cost of equity 9.1% Companies counted 40 Every figure for Construction Supplies
16	1.14	9.0%	496
Beta 1.14 Rank 16 of 94 Median industry 0.92 Against the median 0.21 higher Cost of equity 9.0% Companies counted 496 Every figure for Drugs (Biotechnology)
17	1.13	9.0%	35
Beta 1.13 Rank 17 of 94 Median industry 0.92 Against the median 0.21 higher Cost of equity 9.0% Companies counted 35 Every figure for Farming/Agriculture
18	1.12	8.9%	15
Beta 1.12 Rank 18 of 94 Median industry 0.92 Against the median 0.19 higher Cost of equity 8.9% Companies counted 15 Every figure for Retail (Grocery and Food)
19	1.11	8.9%	41
Beta 1.11 Rank 19 of 94 Median industry 0.92 Against the median 0.19 higher Cost of equity 8.9% Companies counted 41 Every figure for Building Materials
20	1.11	8.9%	115
Beta 1.11 Rank 20 of 94 Median industry 0.92 Against the median 0.18 higher Cost of equity 8.9% Companies counted 115 Every figure for Healthcare Information and Technology
21	1.09	8.8%	94
Beta 1.09 Rank 21 of 94 Median industry 0.92 Against the median 0.17 higher Cost of equity 8.8% Companies counted 94 Every figure for Retail (Special Lines)
22	1.09	8.8%	64
Beta 1.09 Rank 22 of 94 Median industry 0.92 Against the median 0.16 higher Cost of equity 8.8% Companies counted 64 Every figure for Computer Services
23	1.08	8.8%	63
Beta 1.08 Rank 23 of 94 Median industry 0.92 Against the median 0.16 higher Cost of equity 8.8% Companies counted 63 Every figure for Hotel/Gaming
24	1.07	8.7%	16
Beta 1.07 Rank 24 of 94 Median industry 0.92 Against the median 0.15 higher Cost of equity 8.7% Companies counted 16 Every figure for Coal & Related Energy
25	1.06	8.7%	19
Beta 1.06 Rank 25 of 94 Median industry 0.92 Against the median 0.14 higher Cost of equity 8.7% Companies counted 19 Every figure for Steel
26	1.04	8.6%	73
Beta 1.04 Rank 26 of 94 Median industry 0.92 Against the median 0.12 higher Cost of equity 8.6% Companies counted 73 Every figure for Metals & Mining
27	1.03	8.5%	77
Beta 1.03 Rank 27 of 94 Median industry 0.92 Against the median 0.10 higher Cost of equity 8.5% Companies counted 77 Every figure for Software (Entertainment)
28	1.02	8.5%	49
Beta 1.02 Rank 28 of 94 Median industry 0.92 Against the median 0.10 higher Cost of equity 8.5% Companies counted 49 Every figure for Recreation
29	1.02	8.5%	19
Beta 1.02 Rank 29 of 94 Median industry 0.92 Against the median 0.10 higher Cost of equity 8.5% Companies counted 19 Every figure for Packaging & Container
30	1.02	8.5%	11
Beta 1.02 Rank 30 of 94 Median industry 0.92 Against the median 0.09 higher Cost of equity 8.5% Companies counted 11 Every figure for Shoe
31	1.01	8.5%	29
Beta 1.01 Rank 31 of 94 Median industry 0.92 Against the median 0.09 higher Cost of equity 8.5% Companies counted 29 Every figure for Chemical (Basic)
32	1.01	8.5%	26
Beta 1.01 Rank 32 of 94 Median industry 0.92 Against the median 0.09 higher Cost of equity 8.5% Companies counted 26 Every figure for Trucking
33	0.98	8.3%	228
Beta 0.98 Rank 33 of 94 Median industry 0.92 Against the median 0.06 higher Cost of equity 8.3% Companies counted 228 Every figure for Drugs (Pharmaceutical)
34	0.98	8.3%	4
Beta 0.98 Rank 34 of 94 Median industry 0.92 Against the median 0.05 higher Cost of equity 8.3% Companies counted 4 Every figure for Transportation (Railroads)
35	0.97	8.3%	114
Beta 0.97 Rank 35 of 94 Median industry 0.92 Against the median 0.05 higher Cost of equity 8.3% Companies counted 114 Every figure for Electronics (General)
36	0.97	8.3%	59
Beta 0.97 Rank 36 of 94 Median industry 0.92 Against the median 0.05 higher Cost of equity 8.3% Companies counted 59 Every figure for Chemical (Specialty)
37	0.97	8.3%	176
Beta 0.97 Rank 37 of 94 Median industry 0.92 Against the median 0.05 higher Cost of equity 8.3% Companies counted 176 Every figure for Financial Services (Non-bank & Insurance)
38	0.97	8.3%	54
Beta 0.97 Rank 38 of 94 Median industry 0.92 Against the median 0.04 higher Cost of equity 8.3% Companies counted 54 Every figure for Real Estate (Operations & Services)
39	0.96	8.3%	105
Beta 0.96 Rank 39 of 94 Median industry 0.92 Against the median 0.04 higher Cost of equity 8.3% Companies counted 105 Every figure for Machinery
40	0.96	8.2%	6
Beta 0.96 Rank 40 of 94 Median industry 0.92 Against the median 0.03 higher Cost of equity 8.2% Companies counted 6 Every figure for Paper/Forest Products
41	0.95	8.2%	97
Beta 0.95 Rank 41 of 94 Median industry 0.92 Against the median 0.03 higher Cost of equity 8.2% Companies counted 97 Every figure for Oilfield Services/Equipment
42	0.95	8.2%	62
Beta 0.95 Rank 42 of 94 Median industry 0.92 Against the median 0.02 higher Cost of equity 8.2% Companies counted 62 Every figure for Retail (Distributors)
43	0.95	8.2%	79
Beta 0.95 Rank 43 of 94 Median industry 0.92 Against the median 0.02 higher Cost of equity 8.2% Companies counted 79 Every figure for Aerospace/Defense
44	0.95	8.2%	53
Beta 0.95 Rank 44 of 94 Median industry 0.92 Against the median 0.02 higher Cost of equity 8.2% Companies counted 53 Every figure for Environmental & Waste Services
45	0.94	8.1%	34
Beta 0.94 Rank 45 of 94 Median industry 0.92 Against the median 0.01 higher Cost of equity 8.1% Companies counted 34 Every figure for Retail (Automotive)
46	0.94	8.1%	35
Beta 0.94 Rank 46 of 94 Median industry 0.92 Against the median 0.01 higher Cost of equity 8.1% Companies counted 35 Every figure for Apparel
47	0.92	8.1%	64
Beta 0.92 Rank 47 of 94 Median industry 0.92 Against the median About the same Cost of equity 8.1% Companies counted 64 Every figure for Restaurant/Dining
48	0.92	8.1%	57
Beta 0.92 Rank 48 of 94 Median industry 0.92 Against the median About the same Cost of equity 8.1% Companies counted 57 Every figure for Telecom Equipment
49	0.92	8.1%	15
Beta 0.92 Rank 49 of 94 Median industry 0.92 Against the median About the same Cost of equity 8.1% Companies counted 15 Every figure for Information Services
50	0.91	8.0%	30
Beta 0.91 Rank 50 of 94 Median industry 0.92 Against the median 0.01 lower Cost of equity 8.0% Companies counted 30 Every figure for Homebuilding
51	0.91	8.0%	204
Beta 0.91 Rank 51 of 94 Median industry 0.92 Against the median 0.02 lower Cost of equity 8.0% Companies counted 204 Every figure for Healthcare Products
52	0.89	7.9%	155
Beta 0.89 Rank 52 of 94 Median industry 0.92 Against the median 0.04 lower Cost of equity 7.9% Companies counted 155 Every figure for Business & Consumer Services
53	0.88	7.9%	20
Beta 0.88 Rank 53 of 94 Median industry 0.92 Against the median 0.04 lower Cost of equity 7.9% Companies counted 20 Every figure for Diversified
54	0.87	7.8%	104
Beta 0.87 Rank 54 of 94 Median industry 0.92 Against the median 0.05 lower Cost of equity 7.8% Companies counted 104 Every figure for Healthcare Support Services
55	0.87	7.8%	13
Beta 0.87 Rank 55 of 94 Median industry 0.92 Against the median 0.06 lower Cost of equity 7.8% Companies counted 13 Every figure for Food Wholesalers
56	0.87	7.8%	8
Beta 0.87 Rank 56 of 94 Median industry 0.92 Against the median 0.06 lower Cost of equity 7.8% Companies counted 8 Every figure for Electronics (Consumer & Office)
57	0.86	7.8%	19
Beta 0.86 Rank 57 of 94 Median industry 0.92 Against the median 0.06 lower Cost of equity 7.8% Companies counted 19 Every figure for Transportation
58	0.86	7.8%	15
Beta 0.86 Rank 58 of 94 Median industry 0.92 Against the median 0.07 lower Cost of equity 7.8% Companies counted 15 Every figure for Green & Renewable Energy
59	0.85	7.7%	4
Beta 0.85 Rank 59 of 94 Median industry 0.92 Against the median 0.07 lower Cost of equity 7.7% Companies counted 4 Every figure for Chemical (Diversified)
60	0.84	7.7%	14
Beta 0.84 Rank 60 of 94 Median industry 0.92 Against the median 0.08 lower Cost of equity 7.7% Companies counted 14 Every figure for Real Estate (Development)
61	0.84	7.7%	56
Beta 0.84 Rank 61 of 94 Median industry 0.92 Against the median 0.09 lower Cost of equity 7.7% Companies counted 56 Every figure for Precious Metals
62	0.83	7.6%	92
Beta 0.83 Rank 62 of 94 Median industry 0.92 Against the median 0.10 lower Cost of equity 7.6% Companies counted 92 Every figure for Entertainment
63	0.82	7.6%	27
Beta 0.82 Rank 63 of 94 Median industry 0.92 Against the median 0.10 lower Cost of equity 7.6% Companies counted 27 Every figure for Furn/Home Furnishings
64	0.82	7.6%	110
Beta 0.82 Rank 64 of 94 Median industry 0.92 Against the median 0.11 lower Cost of equity 7.6% Companies counted 110 Every figure for Household Products
65	0.81	7.6%	14
Beta 0.81 Rank 65 of 94 Median industry 0.92 Against the median 0.11 lower Cost of equity 7.6% Companies counted 14 Every figure for Beverage (Alcoholic)
66	0.81	7.6%	12
Beta 0.81 Rank 66 of 94 Median industry 0.92 Against the median 0.11 lower Cost of equity 7.6% Companies counted 12 Every figure for Real Estate (General/Diversified)
67	0.81	7.5%	23
Beta 0.81 Rank 67 of 94 Median industry 0.92 Against the median 0.12 lower Cost of equity 7.5% Companies counted 23 Every figure for Retail (General)
68	0.80	7.5%	31
Beta 0.80 Rank 68 of 94 Median industry 0.92 Against the median 0.12 lower Cost of equity 7.5% Companies counted 31 Every figure for Hospitals/Healthcare Facilities
69	0.79	7.5%	10
Beta 0.79 Rank 69 of 94 Median industry 0.92 Against the median 0.13 lower Cost of equity 7.5% Companies counted 10 Every figure for Tobacco
70	0.78	7.4%	32
Beta 0.78 Rank 70 of 94 Median industry 0.92 Against the median 0.14 lower Cost of equity 7.4% Companies counted 32 Every figure for Education
71	0.76	7.3%	15
Beta 0.76 Rank 71 of 94 Median industry 0.92 Against the median 0.16 lower Cost of equity 7.3% Companies counted 15 Every figure for Bank (Money Center)
72	0.75	7.3%	8
Beta 0.75 Rank 72 of 94 Median industry 0.92 Against the median 0.17 lower Cost of equity 7.3% Companies counted 8 Every figure for Shipbuilding & Marine
73	0.74	7.2%	9
Beta 0.74 Rank 73 of 94 Median industry 0.92 Against the median 0.18 lower Cost of equity 7.2% Companies counted 9 Every figure for Cable TV
74	0.72	7.2%	142
Beta 0.72 Rank 74 of 94 Median industry 0.92 Against the median 0.20 lower Cost of equity 7.2% Companies counted 142 Every figure for Oil/Gas (Production and Exploration)
75	0.67	7.0%	21
Beta 0.67 Rank 75 of 94 Median industry 0.92 Against the median 0.25 lower Cost of equity 7.0% Companies counted 21 Every figure for Insurance (General)
76	0.67	6.9%	23
Beta 0.67 Rank 76 of 94 Median industry 0.92 Against the median 0.25 lower Cost of equity 6.9% Companies counted 23 Every figure for Oil/Gas Distribution
77	0.66	6.9%	283
Beta 0.66 Rank 77 of 94 Median industry 0.92 Against the median 0.26 lower Cost of equity 6.9% Companies counted 283 Every figure for Investments & Asset Management
78	0.64	6.8%	20
Beta 0.64 Rank 78 of 94 Median industry 0.92 Against the median 0.28 lower Cost of equity 6.8% Companies counted 20 Every figure for Insurance (Life)
79	0.64	6.8%	190
Beta 0.64 Rank 79 of 94 Median industry 0.92 Against the median 0.28 lower Cost of equity 6.8% Companies counted 190 Every figure for REITs
80	0.64	6.8%	27
Beta 0.64 Rank 80 of 94 Median industry 0.92 Against the median 0.28 lower Cost of equity 6.8% Companies counted 27 Every figure for Beverage (Soft)
81	0.63	6.8%	39
Beta 0.63 Rank 81 of 94 Median industry 0.92 Against the median 0.29 lower Cost of equity 6.8% Companies counted 39 Every figure for Telecom Services
82	0.62	6.7%	26
Beta 0.62 Rank 82 of 94 Median industry 0.92 Against the median 0.30 lower Cost of equity 6.7% Companies counted 26 Every figure for Retail (REITs)
83	0.61	6.7%	78
Beta 0.61 Rank 83 of 94 Median industry 0.92 Against the median 0.32 lower Cost of equity 6.7% Companies counted 78 Every figure for Food Processing
84	0.58	6.5%	1
Beta 0.58 Rank 84 of 94 Median industry 0.92 Against the median 0.34 lower Cost of equity 6.5% Companies counted 1 Every figure for Reinsurance
85	0.56	6.5%	19
Beta 0.56 Rank 85 of 94 Median industry 0.92 Against the median 0.36 lower Cost of equity 6.5% Companies counted 19 Every figure for Publishing & Newspapers
86	0.54	6.3%	12
Beta 0.54 Rank 86 of 94 Median industry 0.92 Against the median 0.39 lower Cost of equity 6.3% Companies counted 12 Every figure for Telecom (Wireless)
87	0.53	6.3%	3
Beta 0.53 Rank 87 of 94 Median industry 0.92 Against the median 0.39 lower Cost of equity 6.3% Companies counted 3 Every figure for Rubber & Tires
88	0.48	6.1%	57
Beta 0.48 Rank 88 of 94 Median industry 0.92 Against the median 0.44 lower Cost of equity 6.1% Companies counted 57 Every figure for Insurance (Prop/Cas.)
89	0.48	6.1%	46
Beta 0.48 Rank 89 of 94 Median industry 0.92 Against the median 0.44 lower Cost of equity 6.1% Companies counted 46 Every figure for Power
90	0.47	6.0%	24
Beta 0.47 Rank 90 of 94 Median industry 0.92 Against the median 0.45 lower Cost of equity 6.0% Companies counted 24 Every figure for Broadcasting
91	0.41	5.8%	14
Beta 0.41 Rank 91 of 94 Median industry 0.92 Against the median 0.51 lower Cost of equity 5.8% Companies counted 14 Every figure for Utility (Water)
92	0.40	5.7%	568
Beta 0.40 Rank 92 of 94 Median industry 0.92 Against the median 0.53 lower Cost of equity 5.7% Companies counted 568 Every figure for Banks (Regional)
93	0.30	5.3%	4
Beta 0.30 Rank 93 of 94 Median industry 0.92 Against the median 0.62 lower Cost of equity 5.3% Companies counted 4 Every figure for Oil/Gas (Integrated)
94	0.24	5.0%	14
Beta 0.24 Rank 94 of 94 Median industry 0.92 Against the median 0.68 lower Cost of equity 5.0% Companies counted 14 Every figure for Utility (General)

Source: Aswath Damodaran, NYU Stern, January 2026. Aggregates over U.S. public companies.

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Citation

insytesBI. (2026). Beta by industry (January 2026). Data: Aswath Damodaran, NYU Stern, January 2026. https://www.insytesbi.com/benchmarks/betas/

Link<a href="https://www.insytesbi.com/benchmarks/betas/">Beta by industry (January 2026)</a>

Frequently asked questions

What is a good beta?

It depends on the industry: the median across these 94 industries is 0.92, from Utility (General) (0.24) to Software (Internet) (1.69). Compare a business with its own industry, not with the overall average.

How is the beta calculated?

How much an industry’s share prices move with the whole stock market: 1.00 moves with it, above 1 swings more, below 1 swings less. Beta sets the cost of equity in a valuation. Each figure is the industry beta in Damodaran’s cost of capital table, which reflects the industry’s own mix of debt and equity.

Where does the data come from?

Aswath Damodaran’s datasets at NYU Stern, January 2026, covering thousands of U.S. public companies in 94 industries. It is refreshed each January.