End Game

Variable
Number of firms

Number of Employees

Market Cap/Employee

Revenue/Employee

Stock-based Compensation

Stock-based Compensation as percent of

revenue

Calculation note:
To evaluate how much value and revenue is created by an employee.

Explanation
Number of firms in the indusry grouping.
Total number of employees for the firm, at least as reported to the data
services.
Aggregated market cap of firms that report employee count in sector/
Aggregated employee count
Aggregated revenues of firms that report employee count in sector/
Aggregated employee count
Aggregated stock-based compensation (options and restricted stock) for
companies in the sector. This is required under US GAAP but is less
enforced in other parts of the world. So, a zero under stock-based
compensation can either mean no equity compensation or that it was not
reported as such.

Aggregated stock-based compensation (options and restricted stock) for

companies in the sector, divided by aggregated revenues across these
companies.

Only a subset of companies (<20%) reports employee count. For the employee count numbers, we look at the rev
y an employee.

Why?
Law of large numbers?
Employee count

Market value per employee

Annual Revenues per employee

Portion of compensation in the form of equity. This is part of the operating expense for the company

Scaled measure of how much stock-based compensation is costing the company.

r the employee count numbers, we look at the revenues and market capitalization of only those companies.
Date updated: 5-Jan-25
Created by: Aswath Damodaran, [email protected]
What is this data? Employee Information
Home Page: http://www.damodaran.com
Data website: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: https://pages.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vari
Available only for s

Industry Name Number of firms Number of Employees

Advertising 54 210886
Aerospace/Defense 67 1130796
Air Transport 24 512132
Apparel 37 237462
Auto & Truck 34 541377
Auto Parts 33 436421
Bank (Money Center) 15 1168989
Banks (Regional) 591 508706
Beverage (Alcoholic) 18 37002
Beverage (Soft) 29 456894
Broadcasting 22 94950
Brokerage & Investment Banking 30 235678
Building Materials 39 292870
Business & Consumer Services 152 1731812
Cable TV 9 323155
Chemical (Basic) 31 107049
Chemical (Diversified) 4 12815
Chemical (Specialty) 60 409194
Coal & Related Energy 16 9691
Computer Services 63 1088129
Computers/Peripherals 35 526309
Construction Supplies 46 393105
Diversified 21 604879
Drugs (Biotechnology) 535 216949
Drugs (Pharmaceutical) 231 497639
Education 29 163496
Electrical Equipment 101 399680
Electronics (Consumer & Office) 11 7831
Electronics (General) 122 751502
Engineering/Construction 42 378201
Entertainment 96 365173
Environmental & Waste Services 50 341431
Farming/Agriculture 35 202900
Financial Svcs. (Non-bank & Insurance) 166 838625
Food Processing 77 579580
Food Wholesalers 14 193194
Furn/Home Furnishings 28 174488
Green & Renewable Energy 18 4170
Healthcare Products 218 743580
Healthcare Support Services 113 1675822
Heathcare Information and Technology 116 496225
Homebuilding 30 104007
Hospitals/Healthcare Facilities 33 801785
Hotel/Gaming 65 1324136
Household Products 101 370125
Information Services 16 783485
Insurance (General) 22 210307
Insurance (Life) 19 158340
Insurance (Prop/Cas.) 53 342319
Investments & Asset Management 231 234210
Machinery 109 605996
Metals & Mining 64 72367
Office Equipment & Services 14 59578
Oil/Gas (Integrated) 4 120722
Oil/Gas (Production and Exploration) 147 62993
Oil/Gas Distribution 24 34186
Oilfield Svcs/Equip. 97 454385
Packaging & Container 22 329030
Paper/Forest Products 6 57748
Power 48 343796
Precious Metals 60 43235
Publishing & Newspapers 19 84070
R.E.I.T. 192 205266
Real Estate (Development) 15 1182
Real Estate (General/Diversified) 11 3003
Real Estate (Operations & Services) 60 283133
Recreation 50 235966
Reinsurance 1 3900
Restaurant/Dining 62 1688235
Retail (Automotive) 29 479661
Retail (Building Supply) 13 747292
Retail (Distributors) 66 354923
Retail (General) 24 5176513
Retail (Grocery and Food) 17 731129
Retail (REITs) 28 8318
Retail (Special Lines) 98 1533551
Rubber& Tires 3 71017
Semiconductor 63 512092
Semiconductor Equip 30 152068
Shipbuilding & Marine 8 11247
Shoe 12 115796
Software (Entertainment) 81 320341
Software (Internet) 29 58640
Software (System & Application) 333 983574
Steel 27 167361
Telecom (Wireless) 11 82338
Telecom. Equipment 61 210579
Telecom. Services 32 304289
Tobacco 12 103471
Transportation 21 1006895
Transportation (Railroads) 4 75318
Trucking 24 335826
Utility (General) 14 118933
Utility (Water) 15 13986
Total Market 6062 41793450
Total Market (without financials) 4935 38096276
nyu.edu
US

r/New_Home_Page/data.html
r/pc/datasets/indname.xls
r/New_Home_Page/datafile/variable.htm
Available only for subset of firms that report employee count

Market Capitalization ( ($ Mkt Cap per Revenues per

millions) Revenues ($ millions) Employee ($) Employee ($)
$ 12,658 $ 10,122 $ 60,022.79 $ 47,996.17
$ 127,136 $ 32,665 $ 112,430.36 $ 28,886.73
$ 78,726 $ 165,078 $ 153,722.87 $ 322,334.28
$ 5 $ 30 $ 22.95 $ 127.18
$ 35 $ 26 $ 64.28 $ 47.47
$ 2,749 $ 14,647 $ 6,298.51 $ 33,561.40
$ 1,424,498 $ 416,917 $ 1,218,572.37 $ 356,647.75
$ 228,482 $ 58,449 $ 449,142.73 $ 114,896.95
$ 5 $ 10 $ 142.97 $ 257.82
$ 10 $ 3 $ 22.76 $ 6.70
$ - $ - $ - $ -
$ 637,023 $ 267,734 $ 2,702,937.06 $ 1,136,013.97
$ 21,488 $ 9,552 $ 73,369.41 $ 32,615.15
$ 104,558 $ 80,672 $ 60,374.93 $ 46,582.51
$ - $ - $ - $ -
$ 4,997 $ 4,052 $ 46,676.76 $ 37,849.96
$ - $ - $ - $ -
$ 84,567 $ 24,056 $ 206,666.03 $ 58,788.50
$ 1,088 $ 39 $ 112,279.43 $ 4,034.67
$ 89,548 $ 33,688 $ 82,295.53 $ 30,959.43
$ 3,846,653 $ 484,893 $ 7,308,735.17 $ 921,309.46
$ 4,821 $ 7,288 $ 12,263.09 $ 18,538.56
$ - $ - $ - $ -
$ 488,765 $ 76,572 $ 2,252,903.48 $ 352,948.00
$ 34,375 $ 19,325 $ 69,076.94 $ 38,833.32
$ 16,010 $ 1,467 $ 97,923.86 $ 8,970.43
$ 143,203 $ 43,133 $ 358,293.63 $ 107,917.58
$ 1,831 $ 1,518 $ 233,852.64 $ 193,857.74
$ 42,019 $ 18,780 $ 55,913.33 $ 24,989.98
$ 24,071 $ 21,332 $ 63,644.73 $ 56,402.81
$ 217,968 $ 97,813 $ 596,889.64 $ 267,853.53
$ 41,232 $ 21,307 $ 120,761.74 $ 62,404.12
$ 125,096 $ 56,964 $ 616,540.52 $ 280,747.17
$ 1,127,563 $ 155,025 $ 1,344,538.19 $ 184,856.40
$ 63,614 $ 97,296 $ 109,759.41 $ 167,872.65
$ - $ - $ - $ -
$ 22,725 $ 24,956 $ 130,238.12 $ 143,022.90
$ 0 $ - $ 4.56 $ -
$ 121,987 $ 35,910 $ 164,053.46 $ 48,292.85
$ 56,237 $ 308,741 $ 33,558.11 $ 184,232.63
$ 91,668 $ 29,113 $ 184,730.72 $ 58,668.61
$ 65,586 $ 60,815 $ 630,589.29 $ 584,717.37
$ 9,304 $ 5,215 $ 11,604.36 $ 6,504.24
$ 164,459 $ 23,176 $ 124,200.61 $ 17,502.43
$ 42,124 $ 21,960 $ 113,811.21 $ 59,330.76
$ 5,776 $ 12,633 $ 7,372.57 $ 16,124.50
$ 178,116 $ 39,543 $ 846,933.77 $ 188,023.70
$ - $ - $ - $ -
$ 1,871 $ 2,409 $ 5,465.37 $ 7,037.30
$ 334,162 $ 77,265 $ 1,426,761.07 $ 329,897.34
$ 62,229 $ 25,335 $ 102,688.55 $ 41,807.36
$ 2,249 $ 4,143 $ 31,075.05 $ 57,253.62
$ 1 $ - $ 14.37 $ -
$ - $ - $ - $ -
$ 131,462 $ 59,703 $ 2,086,922.77 $ 947,766.13
$ 28 $ 12 $ 807.35 $ 345.17
$ 67,720 $ 53,947 $ 149,036.61 $ 118,724.65
$ 29,175 $ 36,346 $ 88,669.12 $ 110,464.40
$ - $ - $ - $ -
$ 45,739 $ 19,362 $ 133,041.11 $ 56,317.70
$ 896 $ 547 $ 20,723.72 $ 12,651.79
$ 495 $ 3,491 $ 5,883.19 $ 41,529.68
$ 6,238 $ 2,316 $ 30,389.84 $ 11,283.90
$ 1,313 $ 1,509 $ 1,111,167.51 $ 1,276,988.16
$ 348 $ 197 $ 115,784.22 $ 65,567.77
$ 19,474 $ 3,829 $ 68,779.05 $ 13,524.39
$ 6,457 $ 4,679 $ 27,361.99 $ 19,827.90
$ - $ - $ - $ -
$ 121,767 $ 57,392 $ 72,126.98 $ 33,995.00
$ 27,721 $ 62,116 $ 57,793.32 $ 129,499.79
$ 341 $ 1,735 $ 456.18 $ 2,321.72
$ 70,560 $ 52,079 $ 198,803.12 $ 146,734.36
$ 2,758 $ 4,914 $ 532.71 $ 949.27
$ 3,979 $ 11,732 $ 5,442.82 $ 16,046.42
$ 718 $ 149 $ 86,282.76 $ 17,961.05
$ 14,195 $ 161,236 $ 9,256.37 $ 105,138.73
$ - $ - $ - $ -
$ 1,386,535 $ 104,892 $ 2,707,588.87 $ 204,829.80
$ 229,354 $ 44,445 $ 1,508,235.26 $ 292,271.81
$ - $ - $ - $ -
$ - $ - $ - $ -
$ 3,826,498 $ 501,759 $ 11,945,078.54 $ 1,566,326.21
$ 106,276 $ 7,307 $ 1,812,344.82 $ 124,606.07
$ 933,422 $ 64,145 $ 949,010.59 $ 65,216.61
$ 15,341 $ 39,398 $ 91,663.53 $ 235,410.19
$ 5,726 $ 3,955 $ 69,540.55 $ 48,030.07
$ 30,173 $ 8,706 $ 143,285.30 $ 41,344.44
$ 17,750 $ 20,365 $ 58,332.83 $ 66,925.82
$ - $ - $ - $ -
$ 142,274 $ 63,692 $ 141,299.54 $ 63,256.05
$ 200,481 $ 38,969 $ 2,661,792.67 $ 517,392.92
$ 15,484 $ 8,237 $ 46,107.81 $ 24,528.77
$ 25,885 $ 12,912 $ 217,641.02 $ 108,564.49
$ 305 $ 29 $ 21,835.91 $ 2,052.05
$ 17,640,173 $ 4,347,764 $ 422,079.85 $ 104,029.79
$ 13,708,459 $ 3,330,422 $ 359,837.24 $ 87,421.19
 All firms

Stock-based Stock-based
Compensation ($ Compensation as
millions) % of Revenue
$1,159.48 2.71%
$5,091.30 1.03%
$814.12 0.35%
$642.65 0.95%
$3,915.19 0.81%
$705.41 0.77%
$10,283.63 NA
$2,764.34 NA
$173.41 0.60%
$912.30 0.52%
$642.82 0.93%
$7,656.20 NA
$827.52 0.66%
$3,363.27 1.29%
$2,120.70 0.99%
$533.68 0.44%
$53.66 0.44%
$1,727.46 0.83%
$49.90 0.64%
$2,500.93 0.76%
$14,919.48 2.40%
$878.50 0.41%
$545.35 0.12%
$14,764.75 7.35%
$5,975.88 1.66%
$668.58 2.90%
$1,736.64 1.38%
$128.13 3.91%
 $2,087.99 1.36%
$704.05 0.48%
$5,578.13 2.22%
$512.84 0.70%
$549.15 0.24%
$13,100.94 2.35%
$1,384.94 0.49%
$297.57 0.13%
$387.75 0.71%
$75.49 0.91%
$5,419.95 2.21%
$5,253.68 0.21%
$4,338.54 2.88%
$583.30 0.34%
$868.51 0.55%
$4,607.96 2.13%
$2,167.48 1.00%
$602.60 1.54%
$1,161.98 1.21%
$1,077.49 0.44%
$1,380.22 0.37%
$6,900.69 4.03%
$1,876.42 0.98%
$260.75 0.46%
$130.99 0.72%
$920.55 0.16%
$2,279.11 1.04%
$796.89 0.85%
$2,263.23 0.31%
$540.94 0.44%
$54.70 0.49%
$1,471.37 0.39%
$164.81 0.62%
$248.53 0.96%
$3,372.97 1.73%
$32.48 1.09%
$28.95 2.42%
$1,749.14 1.92%
$927.77 1.64%
$48.00 0.22%
 $2,373.45 1.41%
$756.89 0.28%
$1,305.20 0.48%
$837.46 0.35%
$28,412.14 1.51%
$768.32 0.28%
$328.63 1.29%
$2,381.71 0.51%
$15.00 0.08%
$22,402.57 5.76%
$1,802.94 2.26%
$53.04 0.70%
$1,015.39 1.43%
$43,024.87 8.01%
$4,672.21 15.58%
$45,698.56 8.11%
$599.33 0.43%
$857.20 0.93%
$5,214.28 4.90%
$1,374.56 0.49%
$303.93 0.48%
$2,611.28 0.89%
$214.02 0.42%
$404.49 0.46%
$432.89 0.40%
$54.22 0.58%
$329,678.67 1.52%
$285,353.19 1.40%