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 18, 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 177 industries, from 29,151 valued stocks worldwide.

As of September 18, 2026 · updated daily · CSV JSON

What the numbers show

The lowest sector median is 0.05 (Information Technology, 3,091 values), the highest 0.67 (Utilities, 632 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 3,102 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	3,091
Communication Services	0.00	0.06	0.47	1,034
Health Care	0.00	0.07	0.32	2,048
Consumer Discretionary	0.00	0.08	0.33	3,477
Consumer Staples	0.01	0.09	0.36	1,605
Materials	0.01	0.10	0.33	3,102
Industrials	0.01	0.12	0.45	5,000
Energy	0.02	0.20	0.55	1,066
Financials	0.05	0.26	0.87	2,720
Real Estate	0.09	0.41	0.84	1,747
Utilities	0.16	0.67	1.33	632

Debt-to-equity by industry (177)

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
Publishing	0.00	0.01	0.17	95
Media & Publishing	0.00	0.01	0.18	10
Electronic Gaming & Multimedia	0.00	0.01	0.16	96
Movies & Entertainment	0.00	0.02	0.09	10
Internet Content & Information	0.00	0.03	0.28	119
Advertising Agencies	0.00	0.03	0.38	164
Entertainment	0.00	0.05	0.40	239
Broadcasting	0.01	0.08	0.40	61
Telecom Services	0.01	0.25	0.89	242

Consumer Discretionary (29)

Industry	P25	Median	P75	Values
Apparel Retail	0.00	0.01	0.17	90
Luxury Goods	0.00	0.01	0.12	116
Apparel Manufacturing	0.00	0.04	0.16	191
Furnishings, Fixtures & Appliances	0.00	0.05	0.21	281
Consumer Electronics	0.00	0.06	0.19	116
Footwear & Accessories	0.00	0.06	0.24	82
Restaurants	0.00	0.06	0.36	193
Textiles	0.00	0.07	0.23	35
Textiles & Apparel	0.00	0.08	0.23	11
Travel Services	0.00	0.10	0.46	77
Education & Training Services	0.00	0.10	0.39	120
Home Improvement Retail	0.01	0.10	0.30	32
Textile Manufacturing	0.01	0.10	0.33	324
Specialty Retail	0.00	0.10	0.49	199
Auto Parts	0.01	0.10	0.29	612
Department Stores	0.02	0.11	0.35	107
Leisure	0.01	0.12	0.34	174
Auto Manufacturers	0.04	0.14	0.38	108
Internet Retail	0.00	0.14	0.48	84
Gambling	0.00	0.17	1.23	44
Personal Services	0.00	0.17	0.56	29
Lodging	0.01	0.18	0.62	150
Auto & Truck Dealerships	0.04	0.19	0.80	85
Recreational Vehicles	0.02	0.20	0.45	36
Hotels & Entertainment Services	0.03	0.24	0.65	11
Residential Construction	0.05	0.24	0.63	62
Automobiles & Auto Parts	0.05	0.26	0.66	13
Discount Stores	0.06	0.29	0.90	24
Resorts & Casinos	0.03	0.36	1.44	68

Consumer Staples (14)

Industry	P25	Median	P75	Values
Tobacco	0.00	0.02	0.39	30
Food Products	0.00	0.03	0.12	14
Pharmaceutical Retailers	0.00	0.03	0.26	51
Household & Personal Products	0.00	0.04	0.30	204
Agricultural Products	0.00	0.04	0.12	15
Beverages - Brewers	0.00	0.05	0.37	56
Food & Tobacco	0.00	0.07	0.28	21
Packaged Foods	0.00	0.07	0.32	586
Beverages - Non-Alcoholic	0.00	0.09	0.36	72
Beverages - Wineries & Distilleries	0.01	0.10	0.38	89
Farm Products	0.02	0.11	0.38	273
Food Distribution	0.01	0.11	0.31	69
Grocery Stores	0.01	0.17	0.46	73
Confectioners	0.02	0.17	0.43	73

Energy (8)

Industry	P25	Median	P75	Values
Uranium	0.01	0.07	0.26	16
Thermal Coal	0.02	0.15	0.51	96
Oil & Gas Equipment & Services	0.03	0.16	0.47	176
Oil & Gas E&P	0.04	0.27	0.61	237
Oil & Gas Integrated	0.12	0.28	0.53	51
Oil & Gas Refining & Marketing	0.05	0.31	0.82	107
Oil & Gas Drilling	0.21	0.38	0.93	31
Oil & Gas Midstream	0.34	0.99	2.01	79

Financials (20)

Industry	P25	Median	P75	Values
Shell Companies	-0.35	0.00	0.11	35
Investment Banking & Investment Services	0.00	0.00	0.09	12
Financial Services	0.00	0.01	0.14	15
Asset Management	0.00	0.10	0.50	445
Financial Data & Stock Exchanges	0.00	0.11	0.40	41
Capital Markets	0.00	0.11	0.50	361
Insurance - Property & Casualty	0.05	0.17	0.30	96
Insurance - Specialty	0.09	0.18	0.28	26
Banking Services	0.09	0.19	2.52	13
Insurance Brokers	0.04	0.20	0.56	28
Insurance - Diversified	0.04	0.22	0.46	59
Insurance - Reinsurance	0.05	0.22	0.35	25
Banks - Regional	0.11	0.30	0.79	929
Financial Conglomerates	0.04	0.32	1.27	52
Insurance - Life	0.17	0.33	0.65	77
Specialized Finance	0.21	0.68	3.44	18
Credit Services	0.12	0.84	2.28	309
Banks - Diversified	0.29	1.04	1.94	45
REIT - Mortgage	0.72	1.98	3.58	37
Mortgage Finance	1.04	4.67	38.12	84

Health Care (11)

Industry	P25	Median	P75	Values
Pharmaceuticals	0.00	0.03	0.14	53
Health Information Services	0.00	0.04	0.27	95
Biotechnology	0.00	0.05	0.28	432
Medical Devices	0.00	0.06	0.38	287
Drug Manufacturers - Specialty & Generic	0.00	0.07	0.24	538
Medical Distribution	0.00	0.07	0.33	73
Medical Instruments & Supplies	0.01	0.08	0.30	176
Diagnostics & Research	0.00	0.08	0.38	123
Drug Manufacturers - General	0.01	0.13	0.49	66
Medical Care Facilities	0.03	0.20	0.49	230
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	0.03	0.12	19
Machinery, Tools, Heavy Vehicles, Trains & Ships	0.00	0.03	0.08	35
Business Equipment & Supplies	0.00	0.03	0.19	70
Construction & Engineering	0.00	0.05	0.19	21
Electrical Equipment & Parts	0.01	0.06	0.25	483
Tools & Accessories	0.00	0.07	0.26	107
Specialty Industrial Machinery	0.01	0.08	0.28	737
Staffing & Employment Services	0.00	0.10	0.48	61
Metal Fabrication	0.01	0.10	0.27	244
Aerospace & Defense	0.01	0.10	0.42	10
Pollution & Treatment Controls	0.02	0.11	0.27	77
Building Products & Equipment	0.02	0.11	0.41	236
Engineering & Construction	0.01	0.11	0.46	757
Integrated Freight & Logistics	0.03	0.12	0.42	186
Trucking	0.01	0.13	0.50	47
Aerospace & Defense	0.02	0.14	0.47	217
Construction & Engineering	0.04	0.14	0.29	16
Farm & Heavy Construction Machinery	0.02	0.15	0.48	148
Industrial Distribution	0.01	0.16	0.39	108
Electrical Equipment	0.05	0.17	0.32	16
Specialty Business Services	0.01	0.19	0.60	211
Railroads	0.03	0.19	0.63	102
Conglomerates	0.02	0.21	0.62	361
Consulting Services	0.02	0.22	0.57	61
Marine Shipping	0.08	0.23	0.56	222
Airports & Air Services	0.00	0.28	0.73	48
Waste Management	0.08	0.35	0.76	152
Rental & Leasing Services	0.06	0.61	1.83	92
Airlines	0.35	0.62	1.35	51
Infrastructure Operations	0.11	0.64	1.29	65
Electrical Utilities & IPPs	0.22	0.82	1.16	13

Information Technology (18)

Industry	P25	Median	P75	Values
Communications & Networking	0.00	0.00	0.07	12
IT Services	0.00	0.01	0.06	36
Computers, Phones & Household Electronics	0.00	0.02	0.08	10
Semiconductors & Semiconductor Equipment	0.00	0.02	0.10	46
Software & IT Services	0.00	0.03	0.16	30
Security & Protection Services	0.00	0.03	0.42	91
Scientific & Technical Instruments	0.00	0.03	0.19	138
Software - Infrastructure	0.00	0.04	0.40	293
Communication Equipment	0.00	0.04	0.18	261
Electronic Equipment & Parts	0.00	0.04	0.12	16
Electronics & Computer Distribution	0.00	0.04	0.18	132
Software - Application	0.00	0.05	0.26	522
Information Technology Services	0.00	0.06	0.30	404
Computer Hardware	0.00	0.06	0.24	192
Semiconductor Equipment & Materials	0.00	0.07	0.27	197
Semiconductors	0.00	0.09	0.31	258
Electronic Components	0.01	0.09	0.26	564
Solar	0.05	0.30	0.84	100

Materials (17)

Industry	P25	Median	P75	Values
Other	0.00	0.03	0.29	112
Other Precious Metals & Mining	0.00	0.03	0.33	59
Metals & Mining	0.00	0.03	0.21	19
Gold	0.00	0.04	0.16	163
Agricultural Inputs	0.01	0.06	0.25	161
Coking Coal	0.00	0.06	0.37	24
Other Industrial Metals & Mining	0.00	0.08	0.38	258
Containers & Packaging	0.00	0.08	0.16	24
Specialty Chemicals	0.01	0.10	0.34	660
Steel	0.01	0.10	0.29	388
Chemicals	0.02	0.13	0.39	328
Packaging & Containers	0.02	0.15	0.34	261
Copper	0.02	0.15	0.40	50
Building Materials	0.03	0.16	0.34	246
Aluminum	0.02	0.17	0.34	77
Paper & Paper Products	0.03	0.17	0.49	117
Lumber & Wood Production	0.01	0.17	0.39	74

Real Estate (13)

Industry	P25	Median	P75	Values
Real Estate Development	0.00	0.08	0.49	26
Real Estate Operations	0.07	0.21	0.73	32
Real Estate - Development	0.06	0.31	0.72	554
Real Estate Services	0.02	0.33	0.95	489
REIT - Industrial	0.30	0.47	0.70	55
REIT - Specialty	0.28	0.48	0.91	32
Real Estate - Diversified	0.11	0.49	0.85	128
REIT - Diversified	0.23	0.49	0.84	144
REIT - Hotel & Motel	0.31	0.50	0.86	33
REIT - Healthcare Facilities	0.28	0.54	0.82	24
REIT - Retail	0.44	0.65	0.87	92
REIT - Office	0.41	0.68	1.12	67
REIT - Residential	0.42	0.76	1.42	40

Utilities (6)

Industry	P25	Median	P75	Values
Utilities - Regulated Gas	0.03	0.33	0.81	96
Utilities - Independent Power Producers	0.24	0.61	1.36	72
Utilities - Renewable	0.13	0.63	1.50	192
Utilities - Regulated Water	0.30	0.70	0.93	61
Utilities - Regulated Electric	0.34	0.95	1.42	151
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 18, 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.