SG&A as a percent of sales by industry

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

Median industry14.1%half are above, half below

Highest57.1%Bank (Money Center)

Lowest-0.9%Utility (General)

#	Industry	SG&A share of sales	Operating margin	Companies
1	Bank (Money Center)	57.1%	0.0%	15
2	Banks (Regional)	52.4%	0.0%	568
3	Apparel	47.6%	9.1%	35
4	Shoe	34.6%	9.0%	11
5	Publishing & Newspapers	34.0%	10.0%	19
6	Beverage (Soft)	33.5%	20.5%	27
7	Software (Internet)	33.4%	3.7%	29
8	Real Estate (General/Diversified)	32.3%	21.4%	12
9	Household Products	32.0%	18.6%	110
10	Drugs (Biotechnology)	30.3%	9.0%	496
11	Financial Services (Non-bank & Insurance)	30.1%	18.5%	176
12	Healthcare Products	29.8%	15.3%	204
13	Brokerage & Investment Banking	29.5%	0.0%	32
14	Cable TV	29.5%	18.5%	9
15	Office Equipment & Services	28.4%	10.7%	14
16	Hotel/Gaming	28.2%	19.4%	63
17	Investments & Asset Management	27.8%	25.5%	283
18	Education	27.3%	14.0%	32
19	Retail (Special Lines)	26.9%	7.7%	94
20	Telecom (Wireless)	26.7%	21.0%	12
21	Electronics (Consumer & Office)	26.5%	-4.5%	8
22	Real Estate (Operations & Services)	26.3%	2.9%	54
23	Healthcare Information and Technology	24.5%	14.7%	115
24	Software (System & Application)	24.4%	33.0%	309
25	Recreation	23.8%	9.7%	49
26	Beverage (Alcoholic)	23.7%	22.8%	14
27	Furn/Home Furnishings	22.4%	6.6%	27
28	Telecom Services	22.4%	20.5%	39
29	Drugs (Pharmaceutical)	21.9%	29.5%	228
30	Retail (Grocery and Food)	21.7%	2.3%	15
31	Telecom Equipment	21.6%	20.7%	57
32	Entertainment	21.4%	10.6%	92
33	Broadcasting	21.3%	12.3%	24
34	Retail (General)	20.9%	6.8%	23
35	Tobacco	20.7%	43.5%	10
36	Retail (Building Supply)	20.5%	11.9%	14
37	Machinery	19.7%	15.9%	105
38	Advertising	19.0%	10.1%	52
39	Retail (Distributors)	18.7%	10.1%	62
40	Electrical Equipment	18.4%	9.5%	112
41	Business & Consumer Services	17.9%	12.3%	155
42	Information Services	17.7%	11.9%	15
43	Chemical (Specialty)	17.4%	12.2%	59
44	Building Materials	16.7%	12.6%	41
45	Rubber & Tires	15.7%	2.2%	3
46	Retail (Automotive)	15.0%	6.2%	34
47	Software (Entertainment)	14.1%	33.9%	77
48	Environmental & Waste Services	14.0%	14.6%	53
49	Computer Services	13.9%	7.4%	64
50	Food Wholesalers	12.4%	2.6%	13
51	Food Processing	12.1%	10.6%	78
52	Insurance (Life)	12.1%	10.6%	20
53	Electronics (General)	11.7%	10.4%	114
54	Restaurant/Dining	10.8%	15.8%	64
55	Packaging & Container	10.7%	9.6%	19
56	Chemical (Diversified)	10.4%	3.3%	4
57	Insurance (Prop/Cas.)	10.3%	15.3%	57
58	REITs	10.1%	24.6%	190
59	Homebuilding	9.9%	12.6%	30
60	Insurance (General)	9.6%	21.3%	21
61	Shipbuilding & Marine	9.2%	12.6%	8
62	Real Estate (Development)	9.0%	21.5%	14
63	Semiconductor Equipment	8.9%	26.2%	31
64	Computers/Peripherals	8.7%	22.5%	36
65	Oil/Gas (Integrated)	8.6%	11.3%	4
66	Healthcare Support Services	8.4%	3.0%	104
67	Paper/Forest Products	8.3%	6.3%	6
68	Auto Parts	8.3%	5.7%	35
69	Construction Supplies	7.9%	15.2%	40
70	Engineering/Construction	7.8%	6.5%	48
71	Coal & Related Energy	7.2%	-4.0%	16
72	Steel	7.2%	4.1%	19
73	Oil/Gas Distribution	6.9%	25.8%	23
74	Retail (REITs)	6.5%	40.3%	26
75	Aerospace/Defense	6.5%	8.6%	79
76	Auto & Truck	6.3%	2.3%	33
77	Trucking	6.2%	6.9%	26
78	Semiconductor	6.2%	35.3%	66
79	Farming/Agriculture	6.1%	5.5%	35
80	Green & Renewable Energy	5.5%	19.9%	15
81	Chemical (Basic)	5.3%	2.7%	29
82	Oil/Gas (Production and Exploration)	5.2%	25.4%	142
83	Transportation	5.0%	7.6%	19
84	Precious Metals	4.9%	40.4%	56
85	Hospitals/Healthcare Facilities	4.4%	13.4%	31
86	Utility (Water)	3.9%	33.7%	14
87	Metals & Mining	3.9%	23.8%	73
88	Air Transport	3.6%	5.3%	23
89	Oilfield Services/Equipment	2.8%	4.7%	97
90	Diversified	2.4%	22.7%	20
91	Power	2.3%	21.5%	46
92	Reinsurance	0.3%	7.2%	1
93	Transportation (Railroads)	0.0%	37.4%	4
94	Utility (General)	-0.9%	23.5%	14

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

Frequently asked questions

What is a good SG&A share of sales?

It depends on the industry: the median across these 94 industries is 14.1%, from Utility (General) (-0.9%) to Bank (Money Center) (57.1%). Compare a business with its own industry, not with the overall average.

How is the SG&A share of sales calculated?

Selling, general and administrative costs divided by revenue: the overhead each dollar of sales has to carry. 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.