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Morningstar Valuation Resources Industry-standard valuation research.
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STATISTICS FOR SIC CODE 2
Manufacturing This Industry Comprises 532 Companies
Industry Description Food and kindred products; tobacco products; textile mill products; apparel and other finished products made from fabrics and similar materials; lumber and wood products; furniture and fixtures; paper and allied products; printing, publishing, and allied industries; chemicals and allied products; petroleum refining and related industries. Sales (million$)
Total Data as of March 31, 2010 2,312,213 Average 4,346.3 Three Largest Companies EXXON MOBIL CORP 425,071.0 Number of Companies: 442 264,958.0 CHEVRON CORP Manufacturing VALERO ENERGY CORP 118,298.0
Data through March 2009
Total Capital (million$)
Total 2,496,36 Average 4,692.4 Three Largest Companies Sales (mil$) EXXON MOBIL CORP 345,950.0 Total PROCTER & GAMBLE CO 174,718.6 Average CHEVRON CORP 143,687.5 Three Smallest Companies Three Largest Companies CYBRDI INC 0.5 HYDRON TECHNOLOGIES INCChevron Corporation 0.5 Data as of March 31, 2011 0.2 LIPID SCIENCES INC ConocoPhillips
SIC 2
Total Capital (mil$)
1,528,467.76 3,458.07 Total Average 2,421,009.70 5,477.40
Three Smallest Companies DENDREON CORP LECTEC CORP Industry Description CADUS CORPORATION
SIC vs. S&P 500 for Last 10 Years (%)
SIC Composite
S&P 500
20.00 15.00 10.00 5.00 0.00 -5.00 Avg Return
Std Deviation
Annualized Statistics for Last 10 Years (%)
Avg Return Std Deviation
Three Largest Companies 0.1 0.1 171,636.00 Procter & Gamble Company 220,507.54 0.1 152,840.00 Pfizer Inc. 196,129.89 Food and kindred products; tobacco products; textile mill products; Procter & Gamble Company 79,029.00 Chevron Corporation 162,829.34 apparel and other finished products made from fabrics and similar Sales (mil$) materials; lumber and wood Number of Companies & Total Capital (billion$) products; furniture and fixtures; paper Three Smallest Compaines and allied products; e Cap printing, publishing, and allied Cap industries, icro Cap ThreeoSmallest Compaines Companies: 615 Total Number of S&P Debt Rating Larg Mid Cap Low M T tals Hemispherx Biopharma, Inc. 0.11 Lescarden, Inc. Average 1.06 chemicals and allied products; petroleum refining and related AAA, AA, A 25 13 0 38 (comManufacturing panies) 0 industries. Dendreon Corporation 0.10 Mobile Area Networks Inc 0.73 1677.7 86.6 0.0 1764.2 (capital) 0.0 0.10 Human PheromoneThree Largest Companies Sciences,Inc. 0.46 BBB 13 22 3 Cadus Corporation 49 11 ExxonMobil Corporation 253.7 118.7 2.2 401.3 26.6 Industry Description Chevron Corporation BB, B, CCC, CC, D 0 9 26 57 22 Food and kindred products; tobacco products; textile mill products; 0.0 49.0 27.2 119.5 43.2 Sales, Income & Market Capitalization (bil$) Sales & Total apparel and other finished products made from fabricsDistribution of ConocoPhillips Capital (mil$) and similar Not Rated 2 14 388 47 Operating325 Netmaterials; lumber and wood products; furniture and fixtures; paper Equity Debt Distribution of Sales Total Capital 63.9 52.9 45.3 211.3 Incomeand allied products; printing, publishing, and allied industries, 49.2 Three Smallest Companies Latest Income Capital Capital Sales Latest 5-Yr Avg 5-Yr Avg Totals 40 58 532 114.92 chemicals and allied products; petroleum refining and related 80 1,528.47 153.18354 1,717.61 463.31 5,439.40 5,910.64 6,653.01 7,980.86 Current Year 90th Percentile CytRx Corporation industries. 119.1 1995.3 307.2 74.8 2496.4 Last Year 1,896.64 134.60 62.13 1,767.92 426.85 1,343.60 1,387.25 1,653.31 2,003.54 75th Percentile Cadus Corporation Aastrom Biosciences, Inc. 1,628.21 187.74 119.04 2,197.55 371.86 169.58 160.56 334.84 375.20 2 Years Ago Median 3 Return (%) & Market Capitalization (billion$) 1,492.48Sales, Income 177.09 118.08 2,032.25 334.38 18.84 17.23 80.49 102.30 25th Percentile Compound Annual EquityYears Ago 1,413.36 172.74 98.16 1,806.98 307.03 1.97 2.60 21.53 32.09 4 Years Ago 10th Percentile
SIC 2
Total Capital (mil$)
2,293,291.28 3,728.93 Total Average
Three Largest Companies ExxonMobil Corporation Chevron Corporation Pfizer Inc. Three Smallest Companies Applied NeuroSolutions, Inc. Human Pheromone Sciences, Inc. Metabolic Research, Inc.
3,612,423.67 5,873.86
383,221.00 204,928.00 198,655.00
452,634.88 227,256.76 206,467.93
0.10 0.10 0.09
0.57 0.38 0.20
5 Years
10 Years
Operating
S&P 500 SIC Composite Large Composite Small Composite
-1.76 8.54 6.26 55.02
15.64 13.41 13.88 78.37
75th Percentile Median 25th Percentile SIC Composite Large Composite Small Composite
5.57 0.61 -4.84 -15.25 Growth Over Last 5 Years (%)18.58 -32.87
Sales
Income
Income
Sales, Income & Market Capitalization (bil$) Capital Capital
Net
Equity
Debt
Distribution of Sales & Total Capital (mil$)
Operating Net Annualized Statistics for Last 10 Yrs (%) Income Income 288.89 184.91 Average Return 213.74 150.28 S&P 500 255.32 135.32 0.63 SIC Composite 324.20 181.26 4.70 Large Composite 312.52 183.11 4.43 Small Composite -4.67 Equity Capital 2,668.68 Std Deviation 2,353.17 2,483.20 16.11 3,044.41 13.08 2,649.67 13.28 48.02 Debt Capital 579.49 533.58 485.82 429.80 385.86 Distribution of Sales Latest 5-Yr Avg 4,885.66 4,419.79 1,083.66 1,011.44 123.99 98.17 12.44 12.90 1.55 1.41 Latest 6,987.88 1,489.22 246.22 49.41 14.31 Total Capital 5-Yr Avg 6,149.65 1,422.73 248.25 60.92 19.75
Growth Over Last 5 Years (%)
Net Sales Operating Income Net Income
5.48 4.71 Median 38.75 SIC Composite Large Composite Capital Structure Ratios (%) Small Composite
Debt/Total Capital Latest 5-Year Avg Latest
Debt/MV Equity 5-Year Avg
Current Yr. 2,312.2 376.3 488.5 150.9 2,007.9 Sales Last Yr. 2,050.5 Compound Annual Equity Return (%) 450.6 354.5 167.9 2,784.6 Net 14.70 Operating go Net 10 Current Year 2 Yrs. A 1,945.2 346.8 163.9 2,971.3 5 Years 403.2 2,293.29 Years Sales 5.32 3 Yrs. Ago Income Income 4.6 75th 315.4 Percentile Last Year 2,696.4 9.23 397.0 1,955.24 9.30 1,84 156.4 8.17 78.28 4 Y6.60 go 7.89 3.3 Median8.1 rs. A 1,60 27 2 130.4 Ago Years 2,518.1 -2.62 390.4 2,512.88 0.33 4.72 -1.21 5.09 -16.22 25th Percentile 3 Years Ago 2,201.88-13.33 SIC Composite 4 Years 4.54 -1.63 4.84 4.43 2,041.31 3.87 Distribution of Sales & Total Capital (million$) Ago -9.40 6.59 12.46 4.21 3.59 Large Composite Distribution of Sales Total Capital Small Composite -3.42 -14.37
90th Percentile 75th Percentile Median 25th Percentile 10th Percentile
Median SIC Composite Large Composite Small Composite Margins (%)
8.77 10.74 11.02 -34.40
7.81 9.74 9.69 12.39
9.96 8.53 9.04 28.46
18.41 17.78 16.64 6.12
Operating Margin Latest 5-Year Avg Latest
Net Margin 5-Year Avg
14.55 22.56 13.46 Cost of Equity Capital (%) 21.63 12.27 19.96 8.02 6.51 Median SIC Composite Large Composite Asset Turnover Small Composite
Latest 5-Year Avg
Growth 7082.1 90th Percentile 6,752.0 8,473 (%) 6684.8 Over Last 5 Years.3 Net Operating 17.02 75th Percentile 1,572.6 2,073.0 1341.9 1489.6 Sales Income 15.55 Median 167.3 336.7 142.5 203.5 Discounted Cash Flow 13.99 25th Percentile CAPM 10.93-Factor 10.8 71.2 25.1 6.34 0.20 Median Fama-French 1.1 3-Stage 8.7CAPM10th Percen+ilSize Prem 2 t e 1.0 16.0 6.7 2.64 -2.61 SIC Composite 1-Stage 11.01 14.11 13.82 Large Composite16.38 11.85 2.35 -3.51 -21.66 -8.80 9.43 10.51 9.11 Small Composite11.78 11.73 9.07 9.07 8.44 10.67 12.36 Return Return 15.60 on Inv. Cap. 19.59 Return on Assets20.91 16.05 on Equity NMF
Latest 5-Year Avg Latest 5-Year Avg Latest 5-Year Avg
Latest
5-Year Avg
Latest
5-Year Avg
Compound Annual Equity Return (%)
Net Betas Income 75th Percentile Levered Adjusted 5.56 Median Raw Beta Beta 2.55 25th Percentile 0.96 1.67 1.17 Composite SIC 11.54 0.73 Large Composite 0.73 0.67 Small Composite 0.67 1.87 1.65 5 Years 8.84 Unlevered -5.14 Adjusted Beta -21.96 6.65 0.78 7.09 0.61 -18.75 0.57 1.63 10 Years 11.27 0.51 -11.97 5.95 5.91 -13.88
Annualized Statistics for Last 10 Yrs (%)
Average Return 4.63 6.88 6.71 -10.14
S&P 500 SIC Composite Large Composite Small Composite
Std Deviation 16.75 12.93 12.98 39.22
Median SIC Composite Large Composite Small Composite
5.95 16.27 16.79 -3228.12
5.98 17.13 17.79 -731.64
-1.03 6.47 7.34 -6554.81
0.08 7.87 8.88 -1017.69
Equity Valuation Ratios (Multiples)
Price/Earnings Latest 5-Year Avg Latest Market/Book 5-Year Avg
1.95 0.0 80.22 0.08 89.37 0.87 -0.87 -0.74 Cost of Equity Capital (%) 8 10.88 5.72 104.89 8.26 112.81 11.53 7.30 7.30 Weighted Average Cost of Capital (%) CAPM 13.09 6.58 108.85 118.31 13.70 9.67 8.63 8.69 CAPM 3-Factor Discounted+Cash Flow CAPM Size Prem 7.83 -49.74 2.27 -79.64 -149.11 -195.8CAPM -110.43 + Size Prem 1 -20.44 Fama-French 1-Stage 3-Stage 10.93 14.12 Median 10.49 13.04 12.31 SIC Composite 14.55 11.00 Median 9.04 10.24 SIC Composite Dividend Yield 8.72 8.50 9.37 8.24 Large Composite10.41 10.36 8.72 8.15 8.15 7.63 Small Composite 9.41 10.78 Large Composite 12.52 16.59 Price/Cash Flow Price/Operating Income (% of Price) Small Price/Sales Composite 15.60 19.52 20.88 16.14 NMF
Latest 5-Year Avg Latest 5-Year Avg Latest 5-Year Avg Latest 5-Year Avg
Capital Structure Ratios (%) Cash Flow Discounted 3-Factor Debt/MV Equity Preferred 1-Stage 3-Stage Debt Fama-FrenchDebt/Total Capital Latest 5-Yr Avg Latest 5-Yr 13.79 15.21 13.41 4.60 Avg 0.00 16.58 19.88 17.44 8.39 11.24 13.23 3.16 21.12 34.25 19.95 19.60 24.38 7.78 10.50 13.94 2.88 24.93 17.54 19.35 19.41 24.09 15.08 14.53 NMF 5.37 23.99 NMF 4.92 5.18 2.19 2.24 Leverage Ratios (%) Dividend Yield Capital Debt/Total
(% of Price) Latest Latest 16.65 16.32 0.00 15.93 2.66 2.22 3.04 0.00
5-Yr Avg Latest 5-Yr 17.79 Avg 19.97
Cost of Debt (%)
Weighted Average Cost of Capital (%)
CAPM 9.77 8.02 7.71 12.88
CAPM + Size Prem 12.41 9.03 7.71 16.88
3-Factor Fama-French 11.63 7.48 6.92 NMF
Discounted Cash Flow 1-Stage 3-Stage 13.55 11.85 9.87 11.54 9.21 12.10 17.06 NMF
Median SIC Composite Large Composite Small Composite Growth Rates (%)
NMF 13.70 11.58 NMF
NMF 17.93 15.51 NMF
1.43 2.19 2.20 12.35
2.15 2.93 2.93 9.41
Cost of Equity Capital (%)
Analysts' Estimate CAPM CAPM + Size Prem 3-Factor Fama-French
NMF 11.34 NMF 0.78 1.50 17.44 5.45 1.38 20.19 0.89 Equity Valuation Ratios (Multiples) 14.75 5.06 1.35 17.63 0.85 Price/Earnings Market/Book NMF NMF NMF 131.79 49.79 Latest 5-Yr Avg Latest 5-Yr Avg Median 18.05 18.75 2.28 2.55 Average Cost of Capital (%) 2.18 19.49 2.44 SIC Composite Weighted18.37
Large Composite
Discounted CashComposite Small Flow 1-Stage 3-Stage CAPM
15.89 CAPM NMF
+ Size Prem
16.76 3-Factor NMF
Fama-French
2.07 2.40 Discounted Cash Flow 8.50 5.38
1-Stage 3-Stage
12.Betas 17 0.00 0.00 Growth Rates 8.03 2.84 2.43 Levered Unlevered Analyst 7.59 3.17 2.67 Price/Sales Price/Cash Flow Adjusted Price/Oper Income Raw Adjusted Estimates NMF 0.00 0.00 Latest 5-Yr Avg 5-Yr 5-Yr Avg 15.21 0.80 Latest 0.99 Avg 1.18 Latest Median 11.38 12.36 8.52 0.62 11.59 0.71 0.71 9.62 SIC 1.60 Composite 1.73 Betas 1.28 10.53 11.52 7.43 0.58 12.77 0.66 0.66 10.35 Large Composite 1.20 Levered1.23 10.35 14.52 1.21 11.56 1.239.88 1.27 Small Composite 1.17 Unlevered 9.80 Raw 266.02 Adjusted 76.66 Adjusted NMF NMF NMF NMF
Beta Beta Beta
Profitability Ratios (%)
Debt/MV Equity 5-Yr Avg 21.64 22.39 21.14 4.61
Latest 6.99 15.67 16.18 NMF
18.29 0.00 19.50 17.45 2.57 18.95 4.41 2.83 2.27 0.02
Operating Margin 5-Yr Avg 6.99 15.81 16.69 NMF
Latest 3.67 8.03 8.60 NMF
Net Margin 5-Yr Avg 2.20 7.35 8.14 NMF
Median SIC Composite Large Composite Small Composite
8.95 8.95 7.68 9.05
9.74 8.00 7.82 10.67
12.27 8.94 7.82 14.41
12.14 7.78 7.29 12.66
8.95 12.50 9.20 Margins (%) 15.70 9.32 17.40 8.95 3.90
10.54 8.19 7.94 11.09
Median SIC Composite Large Composite Small Composite
Latest 1.89 10.74 11.27 -2,457.96
12.46 8.99 7.94 Oper Margin 14.47 5-Yr Avg 2.35 11.67 12.63 -1,207.76
11.75 12.08 9.21 8.01 9.21 7.49 Net Margin 9.53 12.89 Latest 5-Yr Avg -0.54 -0.27 6.97 6.14 7.73 6.96 -3,275.03 -1,463.57
12.50 1.01 0.96 Efficiency Ratio (%) 0.62 14.69 0.69 0.69 0.59 16.07 0.66 0.66 0.58 Asset Turnover Return on Inv. Cap Latest 4.97 1.11 1.10 0.99 Latest 5-Yr Avg Latest 5-Yr Avg 89.15 Median 96.07 82.38 0.71 SIC81.24 Composite 1.81 2-1 88.00 103.39 8.48 97.91 Large Composite7.91 4.25 88.79 107.15 9.93 Small Composite8.79 2.40 4.39 -89.16 -84.62
Liquidity Ratio (%)
Asset Turnover Current Ratio Return AvgAssetsLatest Return on Equity 5-Yr on 5-Yr Avg Latest 83.26 Avg 2.26 Latest 5-Yr 5-Yr Avg 2.25 1.44 -0.49104.05 -0.30 1.52 5.54 4.50 6.13107.04 6.36 1.41 13.77 14.48 1.34 2.61 6.87 7.11 7.47 2.63 15.31 16.71 -78.53 -63.30 -104.69 -102.82
Return Ratios (%) Growth Rates Capital Return on Inv.
Latest 4.93 10.10 11.09 NMF 5-Yr Avg Latest Analysts’1.98 Estimate 2.25 10.3816.38 7.72 11.90 8.88 8.42 NMF 7.40 NMF 16.04
Return on Assets 5-Yr Avg NMF 7.66 8.72 NMF
Latest 9.74 17.35 19.03 NMF
Return on Equity 5-Yr Avg 6.32 17.50 19.82 NMF
Latest 0.00 2.51 2.86 0.00
Dividend Yield 5-Yr Avg 0.00 2.77 3.03 0.12
Equity Valuation (Multiples)
Price/Sales Median SIC Composite Large Composite Small Composite 1.40 1.32 1.26 NMF 1.58 1.20 1.17 53.76 Price/Oper Income 10.38 10.49 9.58 NMF 12.10 9.46 8.59 NMF
Latest 16.25 16.46 14.70 NMF
©2010 Morningstar. All Rights Reserved. Morningstar has used the utmost care in compiling the data presented herein, but cannot guarantee the Latest completeness, or timeliness of the information. accuracy, Latest 5-Yr Avg 5-Yr Avg
Enterprise Valuation (Multiples)
Price/Earnings 5-Yr Avg 17.80 16.31 14.41 NMF Price/Cash Flow Latest 5-Yr Avg 10.59 10.67 10.46 9.80 9.68 9.22 NMF NMF
Latest 2.32 2.44 2.36 16.56
Market/Book 5-Yr Avg 2.45 2.45 2.43 10.35
Latest 1.67 1.51 1.45 153.72
EV/Sales 5-Yr Avg 1.88 1.36 1.32 50.76
Latest 5.75 9.38 8.69 NMF
EV/EBITDA 5-Yr Avg 6.17 8.46 7.82 NMF
©2011 Morningstar. All Rights Reserved. Morningstar has used the utmost care in compiling the data presented herein, but cannot guarantee the accuracy, completeness, or timeliness of the information.
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Table of Contents for the Digital Edition of Morningstar 2011/2012
Morningstar 2011/2012
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