Industry atlas

Every industry side by side. Sort by margin or capital to see how differently businesses make money, then open any industry for its full brief. The labels here are short; each brief gives the detail.

Sector

Capital intensity

Pattern

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What the columns mean

Typical margin:: Roughly how much of every 100 of sales (or income) is left as profit after the running costs. Short labels here; each brief gives the full range. More on margin
Capital intensity:: How much money must be tied up in assets, such as buildings, machines and stock, to run the business. More on capital intensity
The unit:: The one thing each brief works through in numbers. The money in and out for one unit of the business: one store, one order, one customer. More on unit economics
Top measure:: A number people in the industry track to see how the business is doing (also called a KPI, key performance indicator).
Patterns:: The ways of making money the industry follows. See all the patterns

36 industries

Agriculture and food
Energy and resources
Typical margin
About 5 percent for listed farming companies
Capital intensity
Medium
The unit
One hectare of wheat in India for one season
Top measure
Yield per hectare
Patterns: Commodity
Airlines and aviation
Industrial and mobility
Typical margin
About 2 to 7 percent for the industry
Capital intensity
Very high
The unit
One short-haul flight of a European low-cost airline
Top measure
ASK (available seat kilometres)
Patterns: Fill the assets
Asset and wealth management
Financial services
Typical margin
About 30 to 40 percent for established managers
Capital intensity
Low
The unit
One active equity fund of EUR 1 billion
Top measure
Assets under management (AUM)
Patterns: Asset-light fees
Automotive and electric vehicles
Industrial and mobility
Typical margin
2 to 8 percent for most carmakers
Capital intensity
High
The unit
One compact electric car
Top measure
Units sold and market share
Patterns: Fill the assetsLong research cycles
Chemicals
Energy and resources
Typical margin
2 to 5 percent for commodity chemicals near the bottom of the cycle
Capital intensity
High
The unit
One tonne of polyethylene from a naphtha-based plant in Europe
Top measure
Spread over feedstock
Patterns: CommodityFill the assets
Construction and real estate
Infrastructure and services
Typical margin
About 6.5 percent for contractors
Capital intensity
Very high
The unit
One apartment in a Dubai residential project
Top measure
Cap rate (capitalization rate)
Patterns: Project basedFill the assets
Consumer goods (FMCG)
Consumer
Typical margin
10 to 22 percent for large brand owners
Capital intensity
Medium
The unit
One case of snacks sold to a retailer, list price USD 100
Top measure
Volume, price and mix
Patterns: Brand premium
Cybersecurity
Technology and media
Typical margin
Gross margin about 75 to 80 percent for software vendors
Capital intensity
Low
The unit
One mid-sized business customer of a security software vendor for one year
Top measure
ARR (annual recurring revenue)
Patterns: SubscriptionNetwork effects
Data centres, cloud and AI compute
Technology and media
Typical margin
About 20 percent for colocation leaders
Capital intensity
Very high
The unit
One AI GPU rented out by the hour for a year
Top measure
IT capacity (MW)
Patterns: Fill the assetsSubscriptionCommodity
Defence and space
Industrial and mobility
Typical margin
About 9 to 15 percent for large defence contractors
Capital intensity
High
The unit
One armoured vehicle delivered under a fixed-price contract
Top measure
Backlog
Patterns: Project basedLong research cyclesFill the assets
E-commerce and quick commerce
Consumer
Typical margin
Thin or negative
Capital intensity
Medium
The unit
One quick commerce order in India with a basket of INR 600
Top measure
Gross merchandise value (GMV)
Patterns: MarketplaceScale retailNetwork effects
Education and edtech
Public and social
Typical margin
About 10 to 15 percent for listed education companies
Capital intensity
Medium
The unit
One student for one year at a private school in Dubai
Top measure
Enrolment and capacity utilization
Patterns: Fill the assetsSubscription
Government, public sector and non-profits
Public and social
Typical margin
Not a profit business
Capital intensity
Medium
The unit
One pupil in a public primary or secondary school for one year
Top measure
Government spending as a share of GDP
Patterns: Fill the assetsProject based
Healthcare providers and payers
Health
Typical margin
About 13 percent for US-listed hospital operators
Capital intensity
High
The unit
One inpatient stay at a private hospital in India
Top measure
Bed occupancy
Patterns: Fill the assetsFloatSubscription
Hotels and travel
Consumer
Typical margin
About 15 to 20 percent for listed hotel groups
Capital intensity
High
The unit
One sold room night at a franchised mid-priced hotel in the US
Top measure
Occupancy
Patterns: Fill the assetsFranchiseAsset-light feesMarketplace
Industrial manufacturing and aerospace
Industrial and mobility
Typical margin
8 to 20 percent, higher where the aftermarket is large
Capital intensity
Medium
The unit
One year of a service contract for one jet engine on a narrow-body aircraft
Top measure
Backlog (order book)
Patterns: Razor and bladeLong research cyclesProject based
Insurance
Financial services
Typical margin
Underwriting result often minus 5 to plus 10 percent of premium
Capital intensity
Medium
The unit
One motor insurance policy for one year in Saudi Arabia
Top measure
Combined ratio
Patterns: FloatSpread
Internet platforms, marketplaces and digital ads
Technology and media
Typical margin
10 to 40 percent for scaled leaders
Capital intensity
Medium
The unit
One active food delivery customer in an Indian city for one year
Top measure
Monthly and daily active users (MAU and DAU)
Patterns: MarketplaceNetwork effects
Logistics and shipping
Industrial and mobility
Typical margin
About 7 percent for listed transport and trucking companies
Capital intensity
High
The unit
One 40-foot container from Shanghai to Rotterdam
Top measure
Load factor (utilization)
Patterns: Fill the assetsAsset-light feesCommodity
Luxury and fashion
Consumer
Typical margin
20 to 40 percent for the strongest luxury brands
Capital intensity
Medium
The unit
One luxury handbag sold in the brand's own store
Top measure
Organic growth (growth at constant exchange rates)
Patterns: Brand premiumScale retail
Media and entertainment
Technology and media
Typical margin
About 10 to 15 percent for listed media groups
Capital intensity
Medium
The unit
One subscriber of a large global video streaming service for one year
Top measure
Paid subscribers and net additions
Patterns: SubscriptionNetwork effectsLong research cycles
Mining and metals
Energy and resources
Typical margin
20 to 40 percent for miners at good prices
Capital intensity
Very high
The unit
One tonne of copper from a mid-cost open-pit mine
Top measure
Cash cost and position on the cost curve
Patterns: CommodityProject based
Oil and gas
Energy and resources
Typical margin
5 to 25 percent, swinging with the oil price
Capital intensity
Very high
The unit
One barrel of crude oil from a mid-cost offshore field
Top measure
Breakeven oil price
Patterns: CommodityProject basedFill the assets
Payments and fintech
Financial services
Typical margin
Very wide: about 60 percent at card schemes
Capital intensity
Low
The unit
One USD 100 credit card payment in the US
Top measure
Total payment volume (TPV)
Patterns: Network effectsAsset-light feesMarketplace
Pharma, biotech and medtech
Health
Typical margin
About 30 percent for large pharma
Capital intensity
Medium
The unit
One patient treated for one year
Top measure
R&D as a share of sales
Patterns: Long research cyclesRazor and bladeCommodity
Power and renewables
Energy and resources
Typical margin
15 to 25 percent for generators and grids
Capital intensity
Very high
The unit
One MWh from a new utility-scale solar plant
Top measure
Capacity factor
Patterns: Regulated returnFill the assetsProject basedCommodity
Private equity and venture capital
Financial services
Typical margin
Buyouts aim for about 2 to 2.5 times the money over five years
Capital intensity
Low
The unit
One buyout deal held for five years
Top measure
IRR (internal rate of return)
Patterns: Asset-light feesProject based
Professional services and consulting
Infrastructure and services
Typical margin
10 to 25 percent for listed firms
Capital intensity
Low
The unit
One consultant for one year
Top measure
Utilization
Patterns: Fill the assetsProject basedSubscription
Restaurants and food service
Consumer
Typical margin
10 to 20 percent at restaurant level
Capital intensity
Medium
The unit
One casual dining restaurant in Dubai for a year
Top measure
Same-store sales growth
Patterns: FranchiseFill the assetsMarketplace
Retail
Consumer
Typical margin
2 to 5 percent in grocery
Capital intensity
Medium
The unit
One supermarket in Spain for a year
Top measure
Like-for-like (LFL) sales growth
Patterns: Scale retailFranchise
Retail and commercial banking
Financial services
Typical margin
About 25 to 45 percent of total income as profit before tax in normal years
Capital intensity
High
The unit
One personal loan of one lakh rupees held for one year by a private bank in India
Top measure
Net interest margin (NIM)
Patterns: SpreadAsset-light fees
Semiconductors and electronics hardware
Technology and media
Typical margin
About 35 percent on average
Capital intensity
High
The unit
One advanced logic wafer made by a foundry
Top measure
Fab utilisation
Patterns: Long research cyclesFill the assetsCommodity
Software and SaaS
Technology and media
Typical margin
20 to 35 percent for mature leaders
Capital intensity
Low
The unit
One mid-sized business customer for one year
Top measure
ARR (annual recurring revenue)
Patterns: Subscription
Sports and live events
Technology and media
Typical margin
About 0 to 5 percent for most European clubs and concert promoters
Capital intensity
Medium
The unit
One European football club for one season
Top measure
Wage to revenue ratio
Patterns: Fill the assetsBrand premiumAsset-light fees
Telecom: mobile and fixed networks
Technology and media
Typical margin
15 to 25 percent
Capital intensity
High
The unit
One prepaid mobile subscriber in India for one month
Top measure
ARPU (average revenue per user)
Patterns: Fill the assetsSubscription
Water, waste and utilities
Infrastructure and services
Typical margin
About 15 to 30 percent EBITDA margin for large operators
Capital intensity
Very high
The unit
One household's yearly water and sewerage bill at a regulated company in England
Top measure
Non-revenue water
Patterns: Regulated returnProject basedFill the assets

Every industry side by side. Select a column heading to sort.
			The unit	Top measure	Patterns
Agriculture and foodEnergy and resources	About 5 percent for listed farming companies	Medium	One hectare of wheat in India for one season	Yield per hectare	Commodity
Airlines and aviationIndustrial and mobility	About 2 to 7 percent for the industry	Very high	One short-haul flight of a European low-cost airline	ASK (available seat kilometres)	Fill the assets
Asset and wealth managementFinancial services	About 30 to 40 percent for established managers	Low	One active equity fund of EUR 1 billion	Assets under management (AUM)	Asset-light fees
Automotive and electric vehiclesIndustrial and mobility	2 to 8 percent for most carmakers	High	One compact electric car	Units sold and market share	Fill the assetsLong research cycles
ChemicalsEnergy and resources	2 to 5 percent for commodity chemicals near the bottom of the cycle	High	One tonne of polyethylene from a naphtha-based plant in Europe	Spread over feedstock	CommodityFill the assets
Construction and real estateInfrastructure and services	About 6.5 percent for contractors	Very high	One apartment in a Dubai residential project	Cap rate (capitalization rate)	Project basedFill the assets
Consumer goods (FMCG)Consumer	10 to 22 percent for large brand owners	Medium	One case of snacks sold to a retailer, list price USD 100	Volume, price and mix	Brand premium
CybersecurityTechnology and media	Gross margin about 75 to 80 percent for software vendors	Low	One mid-sized business customer of a security software vendor for one year	ARR (annual recurring revenue)	SubscriptionNetwork effects
Data centres, cloud and AI computeTechnology and media	About 20 percent for colocation leaders	Very high	One AI GPU rented out by the hour for a year	IT capacity (MW)	Fill the assetsSubscriptionCommodity
Defence and spaceIndustrial and mobility	About 9 to 15 percent for large defence contractors	High	One armoured vehicle delivered under a fixed-price contract	Backlog	Project basedLong research cyclesFill the assets
E-commerce and quick commerceConsumer	Thin or negative	Medium	One quick commerce order in India with a basket of INR 600	Gross merchandise value (GMV)	MarketplaceScale retailNetwork effects
Education and edtechPublic and social	About 10 to 15 percent for listed education companies	Medium	One student for one year at a private school in Dubai	Enrolment and capacity utilization	Fill the assetsSubscription
Government, public sector and non-profitsPublic and social	Not a profit business	Medium	One pupil in a public primary or secondary school for one year	Government spending as a share of GDP	Fill the assetsProject based
Healthcare providers and payersHealth	About 13 percent for US-listed hospital operators	High	One inpatient stay at a private hospital in India	Bed occupancy	Fill the assetsFloatSubscription
Hotels and travelConsumer	About 15 to 20 percent for listed hotel groups	High	One sold room night at a franchised mid-priced hotel in the US	Occupancy	Fill the assetsFranchiseAsset-light feesMarketplace
Industrial manufacturing and aerospaceIndustrial and mobility	8 to 20 percent, higher where the aftermarket is large	Medium	One year of a service contract for one jet engine on a narrow-body aircraft	Backlog (order book)	Razor and bladeLong research cyclesProject based
InsuranceFinancial services	Underwriting result often minus 5 to plus 10 percent of premium	Medium	One motor insurance policy for one year in Saudi Arabia	Combined ratio	FloatSpread
Internet platforms, marketplaces and digital adsTechnology and media	10 to 40 percent for scaled leaders	Medium	One active food delivery customer in an Indian city for one year	Monthly and daily active users (MAU and DAU)	MarketplaceNetwork effects
Logistics and shippingIndustrial and mobility	About 7 percent for listed transport and trucking companies	High	One 40-foot container from Shanghai to Rotterdam	Load factor (utilization)	Fill the assetsAsset-light feesCommodity
Luxury and fashionConsumer	20 to 40 percent for the strongest luxury brands	Medium	One luxury handbag sold in the brand's own store	Organic growth (growth at constant exchange rates)	Brand premiumScale retail
Media and entertainmentTechnology and media	About 10 to 15 percent for listed media groups	Medium	One subscriber of a large global video streaming service for one year	Paid subscribers and net additions	SubscriptionNetwork effectsLong research cycles
Mining and metalsEnergy and resources	20 to 40 percent for miners at good prices	Very high	One tonne of copper from a mid-cost open-pit mine	Cash cost and position on the cost curve	CommodityProject based
Oil and gasEnergy and resources	5 to 25 percent, swinging with the oil price	Very high	One barrel of crude oil from a mid-cost offshore field	Breakeven oil price	CommodityProject basedFill the assets
Payments and fintechFinancial services	Very wide: about 60 percent at card schemes	Low	One USD 100 credit card payment in the US	Total payment volume (TPV)	Network effectsAsset-light feesMarketplace
Pharma, biotech and medtechHealth	About 30 percent for large pharma	Medium	One patient treated for one year	R&D as a share of sales	Long research cyclesRazor and bladeCommodity
Power and renewablesEnergy and resources	15 to 25 percent for generators and grids	Very high	One MWh from a new utility-scale solar plant	Capacity factor	Regulated returnFill the assetsProject basedCommodity
Private equity and venture capitalFinancial services	Buyouts aim for about 2 to 2.5 times the money over five years	Low	One buyout deal held for five years	IRR (internal rate of return)	Asset-light feesProject based
Professional services and consultingInfrastructure and services	10 to 25 percent for listed firms	Low	One consultant for one year	Utilization	Fill the assetsProject basedSubscription
Restaurants and food serviceConsumer	10 to 20 percent at restaurant level	Medium	One casual dining restaurant in Dubai for a year	Same-store sales growth	FranchiseFill the assetsMarketplace
RetailConsumer	2 to 5 percent in grocery	Medium	One supermarket in Spain for a year	Like-for-like (LFL) sales growth	Scale retailFranchise
Retail and commercial bankingFinancial services	About 25 to 45 percent of total income as profit before tax in normal years	High	One personal loan of one lakh rupees held for one year by a private bank in India	Net interest margin (NIM)	SpreadAsset-light fees
Semiconductors and electronics hardwareTechnology and media	About 35 percent on average	High	One advanced logic wafer made by a foundry	Fab utilisation	Long research cyclesFill the assetsCommodity
Software and SaaSTechnology and media	20 to 35 percent for mature leaders	Low	One mid-sized business customer for one year	ARR (annual recurring revenue)	Subscription
Sports and live eventsTechnology and media	About 0 to 5 percent for most European clubs and concert promoters	Medium	One European football club for one season	Wage to revenue ratio	Fill the assetsBrand premiumAsset-light fees
Telecom: mobile and fixed networksTechnology and media	15 to 25 percent	High	One prepaid mobile subscriber in India for one month	ARPU (average revenue per user)	Fill the assetsSubscription
Water, waste and utilitiesInfrastructure and services	About 15 to 30 percent EBITDA margin for large operators	Very high	One household's yearly water and sewerage bill at a regulated company in England	Non-revenue water	Regulated returnProject basedFill the assets