EBITDA margin by industry

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

Median industry15.7%half are above, half below

Highest67.2%Retail (REITs)

Lowest-2.6%Electronics (Consumer & Office)

#	Industry	EBITDA margin	EV/EBITDA	Companies
1	Retail (REITs)	67.2%	16.7×	26
2	Green & Renewable Energy	58.5%	13.4×	15
3	Transportation (Railroads)	49.2%	13.5×	4
4	Utility (Water)	45.7%	14.1×	14
5	REITs	43.8%	19.9×	190
6	Oil/Gas (Production and Exploration)	43.2%	5.1×	142
7	Tobacco	42.2%	13.5×	10
8	Semiconductor	36.8%	34.8×	66
9	Software (System & Application)	35.9%	24.5×	309
10	Power	35.3%	12.4×	46
11	Utility (General)	34.9%	13.7×	14
12	Software (Entertainment)	34.9%	22.0×	77
13	Telecom Services	34.7%	6.5×	39
14	Precious Metals	34.6%	10.7×	56
15	Telecom (Wireless)	34.6%	9.0×	12
16	Drugs (Pharmaceutical)	33.6%	15.2×	228
17	Oil/Gas Distribution	32.7%	11.6×	23
18	Cable TV	32.4%	6.2×	9
19	Diversified	31.3%	11.4×	20
20	Beverage (Alcoholic)	29.5%	8.6×	14
21	Metals & Mining	29.4%	11.4×	73
22	Semiconductor Equipment	29.1%	24.7×	31
23	Real Estate (General/Diversified)	27.2%	17.3×	12
24	Computers/Peripherals	25.3%	25.4×	36
25	Real Estate (Development)	24.9%	10.2×	14
26	Hotel/Gaming	24.4%	14.9×	63
27	Telecom Equipment	23.9%	24.1×	57
28	Insurance (General)	23.6%	15.8×	21
29	Beverage (Soft)	22.8%	16.9×	27
30	Household Products	22.3%	13.2×	110
31	Oil/Gas (Integrated)	21.7%	8.2×	4
32	Financial Services (Non-bank & Insurance)	21.0%	57.5×	176
33	Environmental & Waste Services	21.0%	15.6×	53
34	Healthcare Information and Technology	20.5%	21.3×	115
35	Shipbuilding & Marine	20.4%	8.0×	8
36	Healthcare Products	20.3%	19.8×	204
37	Machinery	19.6%	16.2×	105
38	Restaurant/Dining	19.5%	17.5×	64
39	Construction Supplies	19.5%	16.8×	40
40	Broadcasting	18.2%	7.8×	24
41	Chemical (Specialty)	18.0%	13.4×	59
42	Entertainment	17.8%	19.4×	92
43	Building Materials	17.3%	11.6×	41
44	Information Services	17.3%	11.5×	15
45	Recreation	16.6%	10.4×	49
46	Education	16.6%	9.3×	32
47	Hospitals/Healthcare Facilities	15.8%	8.9×	31
48	Business & Consumer Services	15.7%	14.3×	155
49	Trucking	15.6%	10.4×	26
50	Drugs (Biotechnology)	15.4%	15.8×	496
51	Food Processing	15.3%	10.0×	78
52	Insurance (Prop/Cas.)	14.7%	8.4×	57
53	Paper/Forest Products	14.6%	8.2×	6
54	Packaging & Container	14.4%	9.7×	19
55	Office Equipment & Services	14.3%	8.6×	14
56	Retail (Building Supply)	14.2%	14.4×	14
57	Homebuilding	14.1%	8.9×	30
58	Advertising	14.1%	12.0×	52
59	Publishing & Newspapers	13.2%	11.2×	19
60	Coal & Related Energy	13.0%	10.4×	16
61	Electrical Equipment	12.7%	24.6×	112
62	Electronics (General)	12.4%	20.0×	114
63	Chemical (Basic)	12.3%	8.6×	29
64	Shoe	11.9%	16.9×	11
65	Investments & Asset Management	11.7%	38.0×	283
66	Insurance (Life)	11.5%	12.5×	20
67	Apparel	11.5%	10.3×	35
68	Retail (Distributors)	11.4%	13.7×	62
69	Aerospace/Defense	10.7%	21.6×	79
70	Steel	10.6%	11.6×	19
71	Air Transport	10.3%	7.6×	23
72	Retail (General)	10.1%	17.4×	23
73	Retail (Special Lines)	9.8%	11.5×	94
74	Transportation	9.8%	12.6×	19
75	Furn/Home Furnishings	9.8%	11.3×	27
76	Chemical (Diversified)	9.7%	8.4×	4
77	Software (Internet)	9.5%	30.3×	29
78	Auto Parts	9.0%	6.4×	35
79	Computer Services	9.0%	14.1×	64
80	Rubber & Tires	8.7%	6.7×	3
81	Farming/Agriculture	8.0%	16.0×	35
82	Engineering/Construction	8.0%	17.2×	48
83	Oilfield Services/Equipment	7.8%	8.6×	97
84	Auto & Truck	7.5%	47.8×	33
85	Retail (Automotive)	7.2%	14.8×	34
86	Reinsurance	6.0%	8.7×	1
87	Retail (Grocery and Food)	5.4%	8.9×	15
88	Real Estate (Operations & Services)	4.0%	22.0×	54
89	Healthcare Support Services	3.9%	11.2×	104
90	Food Wholesalers	3.7%	11.1×	13
91	Bank (Money Center)	0.0%	—	15
92	Banks (Regional)	0.0%	—	568
93	Brokerage & Investment Banking	0.0%	—	32
94	Electronics (Consumer & Office)	-2.6%	30.7×	8

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

Frequently asked questions

What is a good EBITDA margin?

It depends on the industry: the median across these 94 industries is 15.7%, from Electronics (Consumer & Office) (-2.6%) to Retail (REITs) (67.2%). Compare a business with its own industry, not with the overall average.

How is the EBITDA margin worked out?

EBITDA divided by revenue: operating earnings before depreciation, amortization, interest and tax, per dollar of sales. Each figure is an aggregate: the total across every company in the industry, so larger companies weigh more than in a simple average.

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.