Guide

Return on equity by industry

The median return on equity and the range of the middle half of companies for each industry, measured from the financial statements that US-listed companies file with the SEC, with five years of history and a free CSV download.

A return on equity only means something next to the figures of similar businesses. This table shows, for each industry, the return on equity of the typical company and the range that the middle half of companies fall in. Every figure is calculated from the financial statements that US-listed companies file with the Securities and Exchange Commission, so you can check how it was measured.

To place your own figure, enter it in the return on equity calculator and choose your industry under the result.

Median return on equity for each industry

Return on equity by industry in 2025
Middle half 25th–75th percentileRange chart
All industries3.3%−27.8% to 13.5%3,933
General merchandise and home retail17.9%8.1%–33.3%29
Personal and repair services14.8%0.7%–21.1%15
Construction13.1%4.2%–19.5%46
Insurance11.9%6.8%–19.2%123
Auto dealers and gas stations11.3%−26.8% to 17.1%21
Brokers and asset managers11.3%−5.5% to 22.7%112
Industrial machinery9.6%−1.3% to 17.3%108
Banks and lenders9.2%2.8%–12.3%404
Utilities and waste services8.9%0.8%–12.6%108
Restaurants8.6%−6.8% to 16.7%33
Building materials and metals8.4%−5.8% to 16.7%44
Fabricated metal products8.2%−1.4% to 18.0%46
Apparel and footwear retail7.8%−3.0% to 23.1%21
Transportation and logistics7.8%−0.5% to 16.4%105
Education7.7%−38.2% to 18.2%27
Paper, wood and furniture7.6%−12.6% to 13.6%38
Wholesale distribution6.3%−14.6% to 14.1%87
Food, beverage and tobacco5.9%−17.4% to 16.7%72
Apparel, textiles and footwear5.7%0.0%–21.3%35
Business services5.1%−13.3% to 15.8%140
Online and specialty retail4.8%−26.4% to 18.8%55
Oil and gas production4.5%−5.0% to 15.0%66
Engineering, research and consulting3.9%−25.4% to 20.0%52
Real estate and REITs3.8%−4.2% to 9.3%237
Oil and gas services3.5%−2.0% to 10.6%26
Motor vehicles and transport equipment3.4%−49.5% to 11.5%72
Computers and hardware2.6%−12.5% to 14.4%43
Hotels, entertainment and leisure2.1%−15.1% to 32.0%63
Semiconductors and electronic components1.6%−11.1% to 15.1%114
Aerospace and defense1.3%−31.5% to 11.9%43
Agriculture0.9%−105.2% to 4.6%16
Scientific and measuring instruments0.4%−18.0% to 14.6%65
Software and IT services0.0%−32.7% to 15.6%331
Telecommunications and media distribution0.0%−22.2% to 10.1%55
Other manufacturing−2.0%−20.4% to 15.6%29
Chemicals and personal care−2.6%−25.7% to 12.9%93
Healthcare services−4.4%−39.6% to 11.7%63
Electrical and communications equipment−9.7%−81.7% to 10.7%100
Mining−10.6%−38.8% to 8.7%56
Medical devices and supplies−29.0%−125.7% to 5.6%164
Pharmaceuticals and biotech−53.5%−123.6% to −14.5%512

The median is the middle company. Half of the companies in each industry fall in the middle-half range. Industries with fewer than 15 companies are counted in "All industries" but not shown on their own. Download the table for every year as CSV (free to reuse with credit, CC BY 4.0).

Reading the table

  • The median is the middle company: half the companies in the industry have a higher return on equity and half a lower one. It is less affected by a few unusual companies than an average would be.
  • The middle half runs from the 25th to the 75th percentile. A quarter of companies sit below it and a quarter above it.
  • A figure outside the middle half is not wrong. It is a reason to ask why the business differs from most of its industry.

ROE depends on how profitable a business is and on how much it borrows: debt lets a company run a larger business on the same equity, which raises ROE when profits are positive and deepens it when they are negative. Companies with very little equity, for example after large share buybacks, can show very high ROE. Companies with zero or negative equity are left out, because the ratio means nothing for them. Banks and insurers are included.

The guide to why financial ratios vary by industry explains these differences in more detail.

How the median has changed

All industries, each year
YearMedianMiddle halfCompanies
20217.2%−18.7% to 17.9%3,500
20224.8%−28.2% to 16.2%3,693
20234.5%−24.5% to 15.1%3,786
20243.8%−26.5% to 13.7%3,907
20253.3%−27.8% to 13.5%3,933

How the figures are measured

  • Source: company filings with the US Securities and Exchange Commission, read through the SEC's free XBRL data API. SEC data is in the public domain.
  • Figures: Net income (us-gaap:NetIncomeLoss, or else us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic, or else us-gaap:ProfitLoss); Shareholders' equity (us-gaap:StockholdersEquity, or else us-gaap:PartnersCapital, or else us-gaap:MembersEquity, or else us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest, or else us-gaap:PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest), as each company tagged them in its filing.
  • Calculation: the return on equity is calculated for each company with the same formula as the calculator on this site, then the companies are ranked.
  • Period: Income statements for each company's financial year closest to calendar 2025, with balance sheets at the end of 2024 and 2025 averaged. For a company whose financial year ends at another time, a balance sheet near 31 December is usually a quarterly one.
  • Companies: Companies listed on Nasdaq, NYSE or Cboe when the data was built, reporting under US GAAP. Blank-check companies (SPACs) are left out. Companies in every industry are included, banks and insurers too. Companies with zero or negative equity are left out.
  • Industries: each company's SIC code, as recorded by the SEC, grouped into plain-language industries. The SIC codes in each group are listed in the CSV download.
  • Limits: these are public companies, which are larger than most businesses. The list is today's listed companies, so earlier years leave out companies that have since delisted. Companies tag figures themselves, and some tag them inconsistently; medians and quartiles are used because one odd figure barely moves them.

Built on 20 October 2026 from SEC data for 2025 and the four years before.

Using these figures for a smaller business

Listed companies are larger than most businesses and often have easier access to credit, so a small business in the same industry can have a different return on equity for good reasons. Use the industry range as a rough reference, and compare most closely with your own earlier periods and with businesses of a similar size and model. Return on assets measures the same profit against everything the business owns, without the effect of borrowing. ROE vs ROA and DuPont analysis show how the two connect.

This page is for education. It is not financial, investment, tax, accounting or legal advice. Results depend on the figures you enter and the formula definitions shown, so check them against your own statements and, where it matters, ask a qualified professional.