Damodaran on Valuation

10.6. APPENDIX 10.1: INDUSTRY AVERAGES: CASH RATIOS—JANUARY 2005

Table 10.2. APPENDIX 10.1: INDUSTRY AVERAGES: CASH RATIOS–JANUARY 2005

Industry	Number of Firms	Cash as Percent of Firm Value	Cash as Percent of Total Assets	Cash as Percent of Revenues
Advertising	35	8.89%	13.68%	14.80%
Aerospace/Defense	67	7.18	11.89	7.77
Air Transport	46	20.26	16.74	14.07
Apparel	65	13.84	13.23	10.51
Auto & Truck	25	6.19	6.45	6.32
Auto Parts	60	6.24	7.50	6.94
Bank	499	13.01	3.31	NA
Bank (Canadian)	7	3.79	0.49	NA
Bank (Foreign)	5	5.09	1.14	NA
Bank (Midwest)	38	10.79	3.18	NA
Beverage (Alcoholic)	22	8.69	10.70	3.47
Beverage (Soft Drink)	17	3.09	6.53	3.75
Biotechnology	90	13.06	44.95	48.32
Building Materials	49	9.91	8.60	7.71
Cable TV	21	3.79	9.00	12.21
Canadian Energy	11	6.60	10.44	14.92
Cement & Aggregates	13	5.24	9.32	8.46
Chemical (Basic)	16	6.37	5.67	4.63
Chemical (Diversified)	31	6.39	8.17	7.80
Chemical (Specialty)	92	8.06	12.29	15.10
Coal	11	2.53	4.21	6.18
Computer Software/Services	389	20.27	31.97	33.82
Computers/Peripherals	143	20.38	33.37	34.61
Diversified Co.	117	8.86	10.64	12.59
Drug	305	21.79	52.76	58.73
E-Commerce	52	20.67	39.46	35.98
Educational Services	38	13.79	23.19	24.56
Electric Utility (Central)	25	2.91	4.92	10.15
Electric Utility (East)	31	5.91	3.99	7.65
Electric Utility (West)	16	5.37	3.68	9.21
Electrical Equipment	93	11.43	18.64	22.20
Electronics	179	12.94	22.31	22.79
Entertainment	88	6.19	11.49	16.47
Entertainment Tech	31	10.71	28.78	31.00
Environmental	85	6.67	12.61	12.64
Financial Services (Div.)	233	19.36	20.27	26.45
Food Processing	104	4.97	9.63	9.31
Food Wholesalers	20	7.70	9.40	9.98
Foreign Diversified	1	100.00	96.84	0.00
Foreign Electronics	12	13.98	13.72	9.27
Foreign ...