How are the values computed?

From the reported filings of all visible Fair Value Calculator stocks; the 25th, 50th and 75th percentile per sector and industry, as of September 6, 2026.

Valuation multiples › Debt-to-equity

Debt-to-equity by sector and industry

Debt-to-equity ratio: median and quartiles across 11 GICS sectors and 178 industries, from 28,920 valued stocks worldwide.

As of September 6, 2026 · updated daily · CSV JSON

What the numbers show

The lowest sector median is 0.05 (Information Technology, 3,064 values), the highest 0.67 (Utilities, 642 values).

That is a factor of 12.9 between the two: the same ratio means different things in different sectors, so compare within the industry.

The middle sector (Materials) has a median of 0.10; half of its 3,078 stocks sit between 0.01 and 0.33.

Debt-to-equity by sector

Sector	P25	Median	P75	Values
Information Technology	0.00	0.05	0.24	3,064
Communication Services	0.00	0.06	0.45	1,031
Health Care	0.00	0.07	0.31	2,030
Consumer Discretionary	0.00	0.08	0.33	3,459
Consumer Staples	0.01	0.09	0.37	1,593
Materials	0.01	0.10	0.33	3,078
Industrials	0.01	0.12	0.45	4,918
Energy	0.02	0.19	0.55	1,069
Financials	0.05	0.26	0.87	2,704
Real Estate	0.09	0.40	0.83	1,729
Utilities	0.16	0.67	1.34	642

Debt-to-equity by industry (178)

Grouped by sector, sorted by median within each sector. Only industries with at least ten valued stocks.

Communication Services (9)

Industry	P25	Median	P75	Values
Media & Publishing	0.00	0.00	0.05	13
Electronic Gaming & Multimedia	0.00	0.01	0.21	100
Publishing	0.00	0.01	0.18	94
Movies & Entertainment	0.00	0.02	0.09	10
Advertising Agencies	0.00	0.03	0.29	159
Internet Content & Information	0.00	0.04	0.29	120
Entertainment	0.00	0.05	0.41	228
Broadcasting	0.00	0.08	0.39	58
Telecom Services	0.01	0.22	0.88	236

Consumer Discretionary (29)

Industry	P25	Median	P75	Values
Apparel Retail	0.00	0.00	0.16	90
Luxury Goods	0.00	0.01	0.12	120
Apparel Manufacturing	0.00	0.04	0.17	189
Furnishings, Fixtures & Appliances	0.00	0.05	0.19	278
Textiles & Apparel	0.00	0.05	0.17	12
Consumer Electronics	0.00	0.05	0.18	117
Restaurants	0.00	0.06	0.34	195
Travel Services	0.00	0.07	0.41	81
Footwear & Accessories	0.00	0.07	0.27	85
Textiles	0.00	0.08	0.25	36
Specialty Retail	0.00	0.08	0.50	192
Department Stores	0.01	0.09	0.33	110
Textile Manufacturing	0.01	0.10	0.31	316
Home Improvement Retail	0.01	0.10	0.30	32
Auto Parts	0.01	0.11	0.29	598
Education & Training Services	0.00	0.11	0.42	125
Leisure	0.01	0.11	0.34	175
Internet Retail	0.00	0.13	0.47	82
Auto Manufacturers	0.04	0.13	0.39	111
Hotels & Entertainment Services	0.02	0.14	0.63	12
Automobiles & Auto Parts	0.04	0.17	0.67	12
Personal Services	0.00	0.17	0.57	29
Lodging	0.01	0.18	0.58	153
Auto & Truck Dealerships	0.05	0.20	0.79	87
Gambling	0.00	0.22	1.20	45
Recreational Vehicles	0.02	0.22	0.45	34
Residential Construction	0.04	0.24	0.58	62
Discount Stores	0.06	0.29	0.90	24
Resorts & Casinos	0.02	0.37	1.53	67

Consumer Staples (14)

Industry	P25	Median	P75	Values
Food Products	0.00	0.01	0.07	13
Pharmaceutical Retailers	0.00	0.03	0.26	49
Household & Personal Products	0.00	0.04	0.30	204
Agricultural Products	0.01	0.05	0.12	14
Tobacco	0.00	0.05	0.39	30
Beverages - Non-Alcoholic	0.00	0.07	0.35	71
Beverages - Brewers	0.00	0.07	0.38	55
Packaged Foods	0.00	0.07	0.32	587
Food & Tobacco	0.00	0.08	0.29	20
Beverages - Wineries & Distilleries	0.01	0.10	0.38	84
Farm Products	0.02	0.11	0.38	275
Food Distribution	0.01	0.12	0.31	70
Confectioners	0.02	0.16	0.43	77
Grocery Stores	0.01	0.16	0.46	71

Energy (8)

Industry	P25	Median	P75	Values
Uranium	0.00	0.06	0.23	16
Thermal Coal	0.02	0.14	0.32	96
Oil & Gas Equipment & Services	0.03	0.16	0.47	174
Oil & Gas E&P	0.02	0.26	0.57	234
Oil & Gas Integrated	0.12	0.28	0.53	51
Oil & Gas Refining & Marketing	0.04	0.34	0.81	104
Oil & Gas Drilling	0.21	0.40	1.19	32
Oil & Gas Midstream	0.33	0.92	2.04	81

Financials (20)

Industry	P25	Median	P75	Values
Shell Companies	-0.49	0.00	0.08	38
Investment Banking & Investment Services	0.00	0.00	0.10	11
Financial Services	0.00	0.01	0.13	13
Asset Management	0.00	0.09	0.50	455
Capital Markets	0.00	0.11	0.50	358
Financial Data & Stock Exchanges	0.00	0.11	0.41	40
Insurance - Property & Casualty	0.05	0.17	0.29	94
Insurance - Specialty	0.09	0.18	0.28	26
Banking Services	0.09	0.19	2.52	13
Insurance - Diversified	0.05	0.22	0.47	60
Insurance - Reinsurance	0.08	0.22	0.36	24
Insurance Brokers	0.04	0.23	0.57	27
Banks - Regional	0.11	0.31	0.78	930
Financial Conglomerates	0.05	0.32	1.27	50
Insurance - Life	0.16	0.32	0.60	76
Specialized Finance	0.18	0.77	3.58	17
Credit Services	0.12	0.82	2.28	301
Banks - Diversified	0.29	1.04	1.94	45
REIT - Mortgage	0.72	1.98	3.58	37
Mortgage Finance	1.07	4.70	38.12	85

Health Care (12)

Industry	P25	Median	P75	Values
Healthcare Equipment & Supplies	0.00	0.01	0.17	10
Pharmaceuticals	0.00	0.02	0.13	53
Health Information Services	0.00	0.04	0.27	93
Biotechnology	0.00	0.05	0.24	422
Drug Manufacturers - Specialty & Generic	0.00	0.06	0.24	537
Medical Distribution	0.00	0.06	0.33	72
Medical Devices	0.00	0.06	0.35	289
Diagnostics & Research	0.00	0.07	0.36	113
Medical Instruments & Supplies	0.01	0.07	0.28	170
Drug Manufacturers - General	0.01	0.12	0.49	69
Medical Care Facilities	0.02	0.20	0.49	232
Healthcare Plans	0.13	0.70	0.80	13

Industrials (32)

Industry	P25	Median	P75	Values
Professional & Commercial Services	0.00	0.01	0.08	11
Industrial Machinery	0.00	0.02	0.11	20
Machinery, Tools, Heavy Vehicles, Trains & Ships	0.00	0.03	0.10	36
Business Equipment & Supplies	0.00	0.03	0.19	69
Construction & Engineering	0.00	0.05	0.12	18
Electrical Equipment & Parts	0.01	0.06	0.25	479
Tools & Accessories	0.00	0.06	0.24	108
Specialty Industrial Machinery	0.01	0.08	0.28	703
Metal Fabrication	0.02	0.10	0.29	232
Staffing & Employment Services	0.00	0.10	0.49	57
Pollution & Treatment Controls	0.02	0.11	0.27	77
Building Products & Equipment	0.02	0.11	0.42	228
Engineering & Construction	0.01	0.12	0.46	757
Trucking	0.01	0.12	0.48	47
Integrated Freight & Logistics	0.03	0.12	0.42	187
Aerospace & Defense	0.02	0.12	0.37	11
Aerospace & Defense	0.02	0.14	0.48	211
Farm & Heavy Construction Machinery	0.02	0.15	0.47	146
Specialty Business Services	0.01	0.17	0.56	217
Electrical Equipment	0.05	0.17	0.32	16
Industrial Distribution	0.01	0.18	0.39	107
Railroads	0.03	0.19	0.64	101
Construction & Engineering	0.04	0.21	0.31	14
Consulting Services	0.01	0.22	0.56	62
Conglomerates	0.02	0.22	0.63	359
Marine Shipping	0.07	0.23	0.56	223
Airports & Air Services	0.00	0.25	0.73	48
Waste Management	0.07	0.36	0.85	151
Airlines	0.34	0.62	1.44	55
Infrastructure Operations	0.09	0.62	1.20	63
Rental & Leasing Services	0.08	0.66	1.76	88
Electrical Utilities & IPPs	0.49	0.93	1.22	10

Information Technology (18)

Industry	P25	Median	P75	Values
Communications & Networking	0.00	0.00	0.07	12
IT Services	0.00	0.01	0.07	35
Electronic Equipment & Parts	0.00	0.01	0.11	18
Computers, Phones & Household Electronics	0.00	0.02	0.08	10
Semiconductors & Semiconductor Equipment	0.00	0.02	0.11	45
Software & IT Services	0.00	0.03	0.14	32
Security & Protection Services	0.00	0.03	0.35	90
Software - Infrastructure	0.00	0.03	0.37	286
Scientific & Technical Instruments	0.00	0.04	0.20	137
Communication Equipment	0.00	0.04	0.18	266
Software - Application	0.00	0.04	0.26	523
Electronics & Computer Distribution	0.00	0.05	0.20	132
Information Technology Services	0.00	0.06	0.30	412
Computer Hardware	0.00	0.06	0.27	189
Semiconductor Equipment & Materials	0.00	0.07	0.27	195
Semiconductors	0.00	0.09	0.31	252
Electronic Components	0.01	0.09	0.25	552
Solar	0.05	0.29	0.78	101

Materials (17)

Industry	P25	Median	P75	Values
Other Precious Metals & Mining	0.00	0.02	0.27	59
Other	0.00	0.03	0.41	116
Gold	0.00	0.03	0.16	163
Metals & Mining	0.00	0.03	0.21	20
Coking Coal	0.00	0.05	0.37	24
Agricultural Inputs	0.01	0.06	0.27	161
Containers & Packaging	0.00	0.07	0.17	23
Other Industrial Metals & Mining	0.00	0.07	0.38	260
Steel	0.01	0.09	0.27	379
Specialty Chemicals	0.01	0.10	0.33	647
Chemicals	0.02	0.12	0.38	319
Packaging & Containers	0.03	0.15	0.34	258
Copper	0.02	0.15	0.41	52
Building Materials	0.03	0.16	0.34	247
Paper & Paper Products	0.03	0.17	0.49	115
Lumber & Wood Production	0.01	0.17	0.41	73
Aluminum	0.02	0.18	0.37	78

Real Estate (13)

Industry	P25	Median	P75	Values
Real Estate Development	0.01	0.10	0.58	27
Real Estate Operations	0.07	0.21	0.67	32
Real Estate - Development	0.06	0.30	0.71	548
Real Estate Services	0.02	0.32	0.93	476
REIT - Industrial	0.30	0.46	0.69	56
Real Estate - Diversified	0.11	0.47	0.85	125
REIT - Diversified	0.22	0.47	0.81	140
REIT - Specialty	0.28	0.49	1.02	31
REIT - Healthcare Facilities	0.28	0.54	0.82	24
REIT - Hotel & Motel	0.31	0.54	1.01	33
REIT - Retail	0.44	0.65	0.85	93
REIT - Office	0.41	0.70	1.11	68
REIT - Residential	0.26	0.76	1.46	38

Utilities (6)

Industry	P25	Median	P75	Values
Utilities - Regulated Gas	0.03	0.26	0.79	99
Utilities - Independent Power Producers	0.23	0.60	1.33	74
Utilities - Renewable	0.15	0.65	1.51	198
Utilities - Regulated Water	0.30	0.70	0.95	61
Utilities - Regulated Electric	0.33	0.96	1.42	150
Utilities - Diversified	0.40	1.04	1.57	51

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Cite or reuse this table

Suggested citation: Fair Value Calculator (2026): Debt-to-equity ratio by sector and industry, as of September 6, 2026. https://www.fairvalue-calculator.com/valuation-multiples/debt-to-equity

Free to use under CC BY 4.0 with attribution. Raw data: CSV · JSON · API and embedding

Not financial advice. Metrics from reported filings (latest fiscal year or trailing twelve months), percentiles over the visible Fair Value Calculator universe; negative multiples are excluded and outliers beyond the 90th percentile are never the basis of a statement.