Grupo Traxión, S.

A
ESTADO DE SITUACION
ACTIVO 2022 2021
EFECTIVO Y EQUIVALENTE AL EFECTIVO $ 996,222 $ 1,335,055
INVERSION EN ACCIONES $ 128,468 $ 140,027
CUENTAS POR COBRAR $ 3,280,313 $ 2,916,881
PARTES RELACIONADAS $ 1,945 $ 2,274
ACTIVOS POR IMPUESTOS A LA UTILIDAD $ 239,228 $ 332,196
OTROS ACTIVOS POR IMPUESTOS $ 672,526 $ 422,203
OTRAS CUENTAS POR COBRAR $ 365,682 $ 286,597
INVENTARIOS $ 112,606 $ 116,697
PAGOS ATICIPADOS $ 258,408 $ 178,757
TOTAL ACTIVO CORRIENTE $ 6,055,398 $ 5,730,687
PAGOS ANTICIPADOS A LARGO PLAZO $ 33,600 $ 7,380
EQUIPO DE TRANSPORTE Y MAQUINARIA $ 11,835,104 $ 9,293,263
ACTIVOS POR DERECHO DE USO $ 1,327,736 $ 1,017,742
INVERSIONES PERMANENTES $ 39,525 $ 3,017
CREDITO MERCANTIL $ 5,140,821 $ 4,322,892
ACTIVOS INTANGIBLES $ 2,217,759 $ 1,334,390
DEPOSITOS EN GARANTIA $ 86,757 $ 77,603
IMPUESTOS A LA UTILIDAD DIFERIDOS $ 294,356 $ 172,386
INSTRUMENTOS FINANCIEROS DERIVADOS $ 73,181 $ 43,761
TOTAL ACTIVO NO CORRIENTE $ 21,048,839 $ 16,272,434

ACTIVO TOTAL $ 27,104,237 $ 22,003,121

 2022

Grupo Traxión, S. A. B. de C. V
ESTADO DE SITUACION FINANCIERA
PASIVO 2022
VENCIMIENTO CIRCULANTE DE DEUDA A LARGO PLAZO $ 1,092,316
OBLIGACIONES POR ARRENDAMIENTO CIRCULANTE $ 562,152
PROVEEDORES $ 1,414,810
ACREEDORES $ 730,024
OTROS IMPUESTOS POR PAGAR $ 764,988
PROVISIONES $ 626,210
IMPUESTO A LA UTILIDAD $ 169,609
PARTICIPACION DE LOS TRABAJADORES EN LA UTILIDAD $ 23,492
PARTES RELACIONADAS $ 338
ANTICIPOS DE CLIENTES $ 38,112
TOTAL PASIVO CORRIENTE $ 5,422,051
DEUDA A LARGO PLAZO EXCLUYENDO VENCIMIENTOS CIRCUL $ 6,014,178
DEUDA BURSATIL A LARGO PLAZO $ 2,500,000
OBLIGACIONES POR ARRENDAMIENTO A LARGO PLAZO $ 660,513
INSTRUMENTOS FINANCIEROS DERIVADOS $ 3,759
BENEFICIOS A EMPLEADOS A LARGO PLAZO $ 109,894
IMPUESTOS A LA UTILIDAD DIFERIDOS $ 1,226,586
TOTAL PASIVO NO CORRIENTE $ 10,514,930
TOTAL PASIVO $ 15,936,981
CAPITAL SOCIAL $ 7,346,035
PRIMA EN SUSCRIPCION DE ACCIONES $ 135,944
RESERVA LEGAL $ 82,117
PERDIDAS ACTUARIALES -$ 3,471
PERDIDAS POR INSTRUMENTOS FINANCIEROS DERIVADOS $ 48,100
OTRAS CUENTAS DE CAPITAL $ 394,392
EFECTO POR CONVERSION DE MONEDA EXTRANJERA $ 1,304
RESULTADOS ACUMULADOS $ 3,162,835
TOTAL DEL CAPITAL CONTABLE $ 11,167,256
TOTAL PASIVO Y PATRIMONIO $ 27,104,237
 2021

2021
$ 566,006
$ 385,282
$ 1,361,115
$ 59,129
$ 536,112
$ 574,062
$ 126,913
$ 85,138
$ 737
$ 42,635
$ 3,737,129
$ 3,297,273
$ 2,500,000
$ 562,392
$ 3,863
$ 98,370
$ 698,098
$ 7,159,996
$ 10,897,125
$ 7,801,710
$ 135,944
$ 77,533
-$ 3,519
$ 30,633
$ 402,340
$ -
$ 2,661,355
$ 11,105,996
$ 22,003,121
 Grupo Traxión, S. A. B. de C. V
ESTADO DE RESULTADOS INTEGRAL
2022
TOTAL DE INGRESOS DE OPERACIÓN $ 20,325,043
COSTOS TOTALES $ 16,063,751
UTILIDAD BRUTA $ 4,261,292
GASTOS OPERACIONALES $ 2,711,635
UAII $ 1,549,657
OTROS INGRESOS $ 165,743
OTROS EGRESOS $ 30,754
GASTOS FINANCIEROS $ 940,265
UAI $ 744,381
PROVISION IMPUESTO DE RENTA $ 238,317
UTILIDAD ANTES DE PARTIDAS EXTRAORDINARIAS $ 506,064
PARTIDAS EXTRAORDINARIAS $ -
UTILIDAD DEL EJERCICIO $ 506,064
 2021
$ 17,086,471
$ 12,626,320
$ 4,460,151
$ 2,604,308
$ 1,855,843
$ 97,413
$ 53,099
$ 618,289
$ 1,281,868
$ 432,114
$ 849,754
$ -
$ 849,754
 AÑO 2022
Estructura financiera
activo $ 27,104,237
pasivo $ 15,936,981 58.80%
patrimonio $ 11,167,256 41.20%

Respecto a los dos años comparados

se evidencia un aumento del Pasivo
del total de las inversiones que la 9.27 puntos porcentuales y el
empresa hizo en el año 2022, el
endeudamiento externo patrimonio reduce 9.27 %
corresponde al 58.80 % y el capital
Analisis propio corresponde a 41.20 %

Endeudamiento a corto y largo plazo

Respecto a los dos años comparados,

Pasivo Total $ 15,936,981 no se observa mayor cambio, el Pasivo
corriente disminuyó 0.27 puntos
corriente $ 5,422,051 34.02% porcentuales y el Pasivo no corriente
aumentó 0.27 %.
no coriente $ 10,514,930 65.98%
del total de la financiacion
externa el 34,02% son pasivos
corriente, mientras que el
65,98% corresponde a pasivo
Analisis no corriente
Indice endeudamiento fianciero
$ 9,606,494 60.28% Año 2022 tasa %

El 60.28 % de todo el Comparado el año 2021 respecto al año

endeudamiento externo esta 2022 el endeudamiento tuvo una variación
Analisis está financiado con bancos de 1,89%
Rotación de inventario
$ 480,202,719 30

Se puede inferir que el podemos inferir que el inventario de la

inventario de la empresa esta empresa ha disminuido y asi mismo las
Analisis rotando en un menor tiempo utilidades han aumentado.
 AÑO 2021
Estructura financiera Composición del capital Composición de
activo $ 22,003,121 2022 tal 2021
pasivo $ 10,897,125 49.53%
patrimonio $ 11,105,996 50.47% 41.20
50.47 49.5
% 58.80 % %
%

Análisis pasivo patrimonio pasivo patrim

del total de las inversiones de la
empresa que hizo en el año 2021 el
endeudamiento externo Endeudamiento a cor-
corresponde al 49.53 % el capital to y largo 2022 Endeudamiento
Analisis propio corresponde a 50.47 %. y largo plazo

Endeudamiento a corto y largo plazo

34.02% 34

Pasivo Total $ 10,897,125

65.98% 65.71%
corriente $ 3,737,129 34.29%

no coriente $ 7,159,996 65.71%

corriente no coriente corriente no c
del total de la financiacion externa
el 34.29% son pasivos corriente,
mientras que el 65.71 %
Analisis corresponde a pasivo no corriente Indice endeudamiento
Indice endeudamiento fianciero financiero 2021- 2022
$ 6,363,279 58.39% Año 2021

Año 2021; Año 2022;

58.39% 60.28%
El 58,39 % de todo el
endeudamiento externo esta está
Analisis financiado con bancos
Rotación de inventario
$ 799,720,976 63 Rotación inven-
tario
Año
podemos inferir que por causa y 2022
efecto el inventario de la empresa 30
ha aumentado y asi mismo las
Analisis utilidades han disminuido
Año
2021
63
 Composición del capi-
tal 2021

50.47 49.53
% %

pasivo patrimonio

Endeudamiento a corto
y largo plazo 2021

34.29%

65.71%

corriente no coriente

miento
- 2022

Año 2022;
60.28%
 2022 2021
UTILIDAD NETA $ 506,064 1.87% $ 849,754 3.86%
ACTIVOS TOTALES $ 27,104,237 $ 22,003,121

La inversión en activos totales se ve representada en un aumento del 3.86%

de cada peso que invirtio la empresa en el año 1 se generaron por concepto de ingresos 386 centavos

En el año 2022 se evidencia una reduccion de la utilidad

 Rentabilidad del activo

386 centavos 1.87%

3.86%

2022
 2022
PRODUCTIVIDAD DEL ACTIVO FIJO INGRESOS OPERACIONALES $20,325,043
ACTIVO TOTAL $27,104,237

La inversión para el año 2022 en activos fjos se ve

representada en aumento del 74,99% en los ingresos
operacionales
INGRESOS
(-) costo de ventas
operacional
(-) gastos de administración y ventas
(-) amortizaciones
(-) deprecicaciones
(=) utilidad operativa UAII
(+) ingresos no operacionales
(-) gastos no operacionales gasto de intereses de una deuda
(=) UAI
(-) impto
(=) Utilidad Neta
 2021
74.99% $17,086,471 78%
$22,003,121

La inversión para el año 2021 en activos fjos se ve representada en

aumento del 78% en los ingresos operacionales

gastos financieros
 2022 2021
Productividad del activo Productividad del activo
INGRESOS $20,325,043 INGRESOS $17,086,471
74.99%
ACTIVO $27,104,237 ACTIVO $22,003,121

Analisis: La inversión para el año 2022 en Analisis: La inversión para el año 2021 en
activos fjos se ve representada en aumento del activos fjos se ve representada en
74,99% en los ingresos operacionales aumento del 78% en los ingresos
operacionales

AÑO PRODUCTIVIDAD PRODUCTIVIDAD DEL ACTIVO

2021 2022
75% 78%

78% 75%

2021 2022
 2021
idad del activo
78%

ión para el año 2021 en

ve representada en
78% en los ingresos
racionales

IVIDAD DEL ACTIVO

75%

2021 2022
KTNO CUENTAS POR COBRAR COMERCIALES+INVENTARIOS-CX PAGAR PROVEEDORES

PRODUCTIVIDAD KTNO INGRESOS OPERACIONALES

KTNO
 Grupo Traxión, S. A. B. de C. V. y subsidiarias
Estados de situación financiera consolidados
Al 31 de
Activo Al 31 de diciembre de
diciembre de
Activo circulante:
Efectivo y equivalentes de efectivo 996222 1335055
Inversión en acciones 128468 140027
Cuentas por cobrar 3280313 2916881
Partes relacionadas 1945 2274
Activos por impuestos a la utilidad 239228 332196
Otros activos por impuestos 672526 422203
(principalmente IVA)
Otras cuentas por cobrar 365682 286597
Inventarios (principalmente 112606 116697
refacciones)
Pagos anticipados 258408 178757
Total del activo circulante 6055398 5730687
Activo no circulante:
Pagos anticipados a largo plazo 33,600 7,380
Equipo de transporte y maquinaria 11,835,104 9,293,263
Activos por derecho de uso 1,327,736 1,017,742
Inversiones permanentes 39,525 3,017
Crédito mercantil 5,140,821 4,322,892
Activos intangibles 2,217,759 1,334,390
Depósitos en garantía 86,757 77,603
Impuestos a la utilidad diferidos 294,356 172,386
Instrumentos financieros derivados 73,181 43,761
Total del activo no circulante 21048839 16272434
Total del activo 27104237 22003121
Al 31 de
Pasivo y capital contable Al 31 de diciembre de
diciembre de
Pasivo y capital contable 2022 2021
Pasivo circulante:
Vencimiento circulante de deuda a 1092316 566006
largo plazo

Obligaciones por arrendamiento 562152 385282

circulantes
Proveedores 1414810 1361115
Acreedores 730024 59129
Otros impuestos por pagar 764988 536112
Provisiones 626210 574062
Impuesto a la utilidad 169609 126913
Participación de los trabajadores en la 23492 85138
utilidad
Partes relacionadas 338 737

Anticipos de clientes 38112 42635

Total del pasivo circulante

5,422,051 3,737,129
Pasivo no circulante:
Deuda a largo plazo, excluyendo
vencimientos circulantes 6014178 3297273
Deuda bursátil a largo plazo, 2500000 2500000
excluyendo vencimientos circulantes
Obligaciones por arrendamiento a 660513 562392
largo plazo
Instrumentos financieros derivados 3759 3863
Beneficios a empleados a largo plazo 109894 98370
Impuestos a la utilidad diferidos 1226586 698098
Total del pasivo no circulante 10,514,930 7,159,996
Total del pasivo 15936981 10897125
Capital contable:
Capital social 7346035 7801710
Prima en suscripción de acciones 135944 135944
Reserva legal 82117 77533
Pérdidas actuariales -3471 -3519
Pérdidas por instrumentos financieros 48100 30633
derivados
Otras cuentas de capital 394392 402340
Efecto por conversion de moneda 1304
extranjera
Resultados acumulados 3162835 2661355
Total del capital contable 11167256 11105996
Total del pasivo y capital contable 27104237 22003121

Al 31 de
Estados consolidados de Al 31 de diciembre de
diciembre de
resultados integrales
2022 2021
Ingresos por fletes 7180145 6112292
Ingresos de logística 5724954 4605587
Ingresos de transporte de personal 7419944 6368592
Total de ingresos de operación 20325043 17086471
Costos totales 16063751 12626320
Utilidad bruta 4261292 4460151
Gastos generales 2711635 2604308
Deterioro de cuentas por cobrar y 30754 53099
otras cuentas por cobrar
Otros ingresos -165743 -97413
Utilidad de operación 1684646 1900157
(Costo) ingreso financiero:
Gastos por intereses -894979 -576300
Costo financiero del plan de -4311 -2724
beneficios definidos
Otros costos financieros -29372 -23553
Pérdida en cambios, neta -55684 -23358
Efecto de valuación de instrumentos 8880 -14548
financieros
Ingresos por intereses 35201 22194
Costo financiero, neto -940265 -618289
Utilidad antes de impuestos a la
utilidad 744381 1281868
Impuestos a la utilidad:
Sobre base fiscal 87327 300035
Diferidos 150990 132079
Total de impuestos a la utilidad 238317 432114
Utilidad neta consolidada 506064 849754
Grupo Traxión, S. A. B. de C. V. y subsidiarias Nota (14) Pagina 54
Crédito bursátil emitido a una tasa fija anual de 8.98% con vencimiento en 2027 (3)
Crédito simple contratado a una tasa anual TIIE trimestral compuesta más un margen variable con vencimiento en 2026. (
Crédito simple contratado a una tasa TIIE más 1.88 puntos con vencimiento en 2029. (1)
Crédito simple contratado a una tasa anual de11.35% con vencimiento en 2028
Crédito simple contratado a una tasa anual TIIE más 1.85 puntos porcentuales con vencimiento en 2024. (1)
Crédito simple contratado a una tasa anual de 8.45% con vencimiento en 2027. (1)
Crédito simple contratado a una tasa anual de 8.15% con vencimiento en 2027.
Crédito simple contratado a una tasa anual TIIE más 1.70 puntos con vencimiento en 2025. (1)
Crédito simple contratado a una tasa anual de 8.14% con vencimiento en 2026.
Crédito simple contratado a una tasa anual de 8.80% con vencimiento en 2027.(1)
Crédito simple contratado a una tasa anual de 8.99% con vencimiento en 2028.(1)
Línea de crédito simple contratado a una tasa anual TIIE más 1.95 puntos porcentuales con vencimiento en 2023.
Crédito simple contratado a una tasa anual TIIE más 2.0 puntos porcentuales con vencimiento en 2028.
Crédito simple contratado a una tasa anual TIIE más 1.95 puntos porcentuales con vencimiento en 2024. (1)
Línea de crédito simple contratado a una tasa anual TIIE más 2.0 puntos porcentuales con vencimiento en 2026.
Crédito simple contratado a una tasa anual de 9.40% con vencimiento en 2028.(1)
Crédito simple contratado a una tasa anual de 8.14% con vencimiento en 2025.
Crédito simple contratado a una tasa anual de 6.90% con vencimiento en 2025.
Crédito simple contratado a una tasa anual de 7.40% con vencimiento en 2026.
Crédito revolvente contratado a una tasa anual TIIE más 1.15 puntos porcentuales con vencimiento en 2023.
Crédito revolvente contratado a una tasa anual TIIE más 1.70 puntos porcentuales con vencimiento en 2023.
Crédito simple contratado a una tasa anual de 9.15% con vencimiento en 2027.
Crédito simple contratado a una tasa anual de 9.25% con vencimiento en 2027.
Crédito simple contratado a una tasa anual TIIE más 1.90 puntos porcentuales con vencimiento en 2027.
Crédito revolvente contratado a una tasa anual TIIE más 1.50 puntos porcentuales con vencimiento en 2023.
Crédito revolvente contratado a una tasa anual TIIE más 1.50 puntos porcentuales con vencimiento en 2023.
Crédito simple contratado a una tasa anual de 8.14% con vencimiento en 2024.
Crédito revolvente contratado a una tasa anual TIIE más 1.70 puntos porcentuales con vencimiento en 2022.
Crédito revolvente contratado a una tasa anual TIIE más 2.0 puntos porcentuales con vencimiento en 2022.
Total, deuda

Consulta_2023 TIIE
Banco de México
Tasas y precios de referencia
Tasas de interés representativas
Título
Periodo disponible
Periodicidad
Cifra
Unidad
Base
Aviso
Tipo de información
Fecha
12/31/2021
12/31/2022
 %
Tasa TIIE 2022 Puntos porcentuales Al 31 de diciembre de Participacio Kd
2022 n
8.98% 0.00% 0.00% $2,500,000 26.09% 0.0234
0.00% 10.50% 0.00% 2,450,000 25.57% 0.0269
0.00% 10.50% 1.88% 1,000,000 10.44% 0.0129
11.35% 0.00% 0.00% 402,305 4.20% 0.0048
0.00% 10.50% 1.85% 300,000 3.13% 0.0039
8.45% 0.00% 0.00% 297,878 3.11% 0.0026
8.15% 0.00% 0.00% 273,712 2.86% 0.0023
0.00% 10.50% 1.70% 250,000 2.61% 0.0032
8.14% 0.00% 0.00% 241,585 2.52% 0.0021
8.80% 0.00% 0.00% 197,338 2.06% 0.0018
8.99% 0.00% 0.00% 186,997 1.95% 0.0018
0.00% 10.50% 1.95% 175,924 1.84% 0.0023
0.00% 10.50% 2.00% 153,767 1.60% 0.0020
0.00% 10.50% 0.95% 146,426 1.53% 0.0017
0.00% 10.50% 2.00% 140,287 1.46% 0.0018
9.40% 0.00% 0.00% 126,292 1.32% 0.0012
8.14% 0.00% 0.00% 123,307 1.29% 0.0010
6.90% 0.00% 0.00% 122,868 1.28% 0.0009
7.40% 0.00% 0.00% 105,734 1.10% 0.0008
0.00% 10.50% 1.15% 100,000 1.04% 0.0012
0.00% 10.50% 1.70% 95,000 0.99% 0.0012
9.15% 0.00% 0.00% 80,388 0.84% 0.0008
9.25% 0.00% 0.00% 52,480 0.55% 0.0005
0.00% 10.50% 1.90% 38,657 0.40% 0.0005
0.00% 10.50% 1.50% 20,000 0.21% 0.0003
0.00% 10.50% 1.50% 0 0.00% -
8.14% 0.00% 0.00% 0 0.00% -
0.00% 10.50% 1.70% 0 0.00% -
0.00% 10.50% 2.00% 0 0.00% -
$9,580,945 0.1019

Tasa objetivo
21/01/2008 -
22/09/2023
Diaria
Porcentajes
Sin Unidad
 Niveles
SF61745
5.5000
10.5000
 Puntos Al 31 de %
Tasa TIIE 2021 porcentuale diciembre Participacio Kd
s de 2021 n
8.98% 0.00% 0.00% 2,500,000 0.3945 0.0354
0.00% 5.50% 0.00% 2,000,000 0.3156 0.0174
0.00% 0.00% 1.88% 0 - -
11.35% 0.00% 0.00% 0 - -
0.00% 0.00% 1.85% 0 - -
8.45% 0.00% 0.00% 0 - -
8.15% 0.00% 0.00% 312,363 0.0493 0.0040
0.00% 0.00% 1.70% 0 - -
8.14% 0.00% 0.00% 185,596 0.0293 0.0024
8.80% 0.00% 0.00% 0 - -
8.99% 0.00% 0.00% 0 - -
0.00% 5.50% 1.95% 189,283 0.0299 0.0022
0.00% 5.50% 2.00% 134,698 0.0213 0.0016
0.00% 0.00% 0.00% 0 - -
0.00% 5.50% 2.00% 183,453 0.0290 0.0022
9.40% 0.00% 0.00% 0 - -
8.14% 0.00% 0.00% 204,723 0.0323 0.0026
6.90% 0.00% 0.00% 143,338 0.0226 0.0016
7.40% 0.00% 0.00% 123,307 0.0195 0.0014
0.00% 0.00% 0.00% 0 - -
0.00% 0.00% 0.00% 0 - -
9.15% 0.00% 0.00% 0 - -
9.25% 0.00% 0.00% 0 - -
0.00% 0.00% 0.00% 0 - -
0.00% 5.50% 1.50% 150,000 0.0237 0.0017
0.00% 5.50% 1.50% 46,250 0.0073 0.0005
8.14% 0.00% 0.00% 86,102 0.0136 0.0011
0.00% 5.50% 1.70% 45,498 0.0072 0.0005
0.00% 5.50% 2.00% 32,262 0.0051 0.0004
$6,336,873 0.0750
Date updated: 5-Jan-23
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Beta, Unlevered beta and other risk measures
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/variable.htm
Do you want to use marginal or effective tax rates in unlevering betas?
If marginal tax rate, enter the marginal tax rate to use

Industry Name Number of firms Beta D/E Ratio Effective Tax rate
Advertising 135 1.25 10.52% 12.72%
Aerospace/Defense 121 1.11 12.26% 11.28%
Air Transport 79 1.22 87.88% 6.71%
Apparel 919 0.87 23.14% 14.80%
Auto & Truck 78 1.28 45.12% 13.07%
Auto Parts 527 1.42 21.56% 15.26%
Bank (Money Center) 459 0.80 197.33% 20.87%
Banks (Regional) 91 0.80 499.56% 16.12%
Beverage (Alcoholic) 123 1.00 2.08% 18.21%
Beverage (Soft) 40 0.51 4.92% 15.83%
Broadcasting 60 1.11 25.64% 14.61%
Brokerage & Investment Banking 434 0.99 234.01% 13.78%
Building Materials 250 1.15 23.71% 16.53%
Business & Consumer Services 313 0.97 12.49% 11.71%
Cable TV 33 1.11 36.98% 9.31%
Chemical (Basic) 691 1.14 33.98% 15.62%
Chemical (Diversified) 34 1.16 27.06% 19.58%
Chemical (Specialty) 625 1.06 17.53% 16.43%
Coal & Related Energy 93 0.86 26.08% 16.74%
Computer Services 548 1.05 9.85% 13.56%
Computers/Peripherals 220 1.28 19.21% 14.73%
Construction Supplies 546 1.09 45.55% 14.33%
Diversified 204 0.89 110.18% 13.53%
Drugs (Biotechnology) 304 1.44 4.10% 6.45%
Drugs (Pharmaceutical) 701 0.94 12.66% 14.94%
Education 151 0.88 34.54% 11.18%
Electrical Equipment 694 1.00 14.90% 12.20%
Electronics (Consumer & Office) 81 1.29 88.40% 14.35%
Electronics (General) 976 1.31 23.08% 11.91%
Engineering/Construction 876 1.10 154.85% 13.28%
Entertainment 329 1.28 17.39% 8.99%
Environmental & Waste Services 183 1.09 69.68% 13.87%
Farming/Agriculture 296 0.82 56.35% 12.80%
Financial Svcs. (Non-bank & Insu 609 0.83 162.84% 16.15%
Food Processing 946 0.85 33.14% 15.56%
Food Wholesalers 98 0.64 53.23% 13.35%
Furn/Home Furnishings 254 1.08 18.39% 14.20%
Green & Renewable Energy 131 1.00 58.16% 9.85%
Healthcare Products 340 1.13 3.99% 10.12%
Healthcare Support Services 195 0.95 37.42% 16.02%
Heathcare Information and Tech 117 1.48 3.90% 8.82%
Homebuilding 42 1.05 97.20% 13.08%
Hospitals/Healthcare Facilities 139 0.66 14.84% 17.41%
Hotel/Gaming 412 0.83 51.41% 8.08%
Household Products 300 1.03 7.14% 13.17%
Information Services 90 1.54 12.30% 18.36%
Insurance (General) 137 0.54 42.69% 14.75%
Insurance (Life) 85 0.86 70.01% 13.60%
Insurance (Prop/Cas.) 152 0.69 27.38% 16.71%
Investments & Asset Managemen 483 0.81 256.84% 7.87%
Machinery 865 1.05 13.11% 13.66%
Metals & Mining 326 1.31 33.93% 14.14%
Office Equipment & Services 73 0.97 12.90% 14.75%
Oil/Gas (Integrated) 15 0.97 14.64% 22.58%
Oil/Gas (Production and Explorat 107 1.42 40.11% 14.46%
Oil/Gas Distribution 105 0.98 68.09% 13.12%
Oilfield Svcs/Equip. 229 1.02 54.09% 14.71%
Packaging & Container 305 0.83 31.07% 15.11%
Paper/Forest Products 188 1.00 83.68% 14.36%
Power 317 0.75 104.82% 14.44%
Precious Metals 71 1.41 26.59% 12.58%
Publishing & Newspapers 171 0.93 10.12% 11.77%
R.E.I.T. 261 0.60 68.41% 3.34%
Real Estate (Development) 757 1.03 208.57% 16.29%
Real Estate (General/Diversified) 220 0.95 105.07% 13.90%
Real Estate (Operations & Service 352 0.92 64.53% 14.25%
Recreation 139 1.05 53.60% 11.79%
Reinsurance 29 1.18 60.63% 10.02%
Restaurant/Dining 141 1.03 19.78% 11.10%
Retail (Automotive) 103 0.86 63.70% 18.57%
Retail (Building Supply) 36 0.85 27.48% 15.20%
Retail (Distributors) 642 0.75 94.41% 14.40%
Retail (General) 122 0.89 68.72% 16.46%
Retail (Grocery and Food) 75 0.76 42.60% 16.23%
Retail (Online) 98 1.88 12.51% 10.37%
Retail (Special Lines) 197 1.03 27.52% 15.72%
Rubber& Tires 71 1.18 45.28% 15.27%
Semiconductor 485 1.70 10.72% 10.76%
Semiconductor Equip 253 1.95 8.18% 13.94%
Shipbuilding & Marine 236 1.13 51.35% 12.54%
Shoe 58 0.95 22.37% 15.36%
Software (Entertainment) 57 1.86 12.01% 10.08%
Software (Internet) 42 1.14 22.06% 9.83%
Software (System & Application) 492 1.38 3.88% 8.88%
Steel 519 1.30 50.37% 15.62%
Telecom (Wireless) 59 0.81 42.42% 19.61%
Telecom. Equipment 293 1.25 16.52% 9.26%
Telecom. Services 138 0.75 37.44% 14.50%
Tobacco 31 0.57 1.06% 23.35%
Transportation 220 1.04 63.59% 16.14%
Transportation (Railroads) 17 1.04 28.64% 20.30%
Trucking 110 1.06 71.52% 14.04%
Utility (General) 13 0.68 37.41% 8.34%
Utility (Water) 71 0.67 110.01% 13.43%
Total Market 24853 1.05 64.59% 13.63%
Total Market (without financials) 22403 1.08 38.31% 13.50%
 YouTube Video explaining estimation
choices and process.
Emerging Markets

e/data.html
name.xls
e/datafile/variable.htm
Marginal
24.23%

Unlevered beta Cash/Firm value Unlevered beta corrected for cash HiLo Risk
1.16 11.17% 1.31 0.4375
1.02 11.65% 1.15 0.3272
0.73 8.11% 0.80 0.2862
0.74 8.79% 0.81 0.3654
0.95 20.36% 1.20 0.3418
1.22 10.69% 1.36 0.3369
0.32 23.64% 0.42 0.2222
0.17 11.20% 0.19 0.2431
0.99 5.41% 1.04 0.2572
0.50 4.92% 0.52 0.2951
0.93 11.40% 1.05 0.3577
0.36 11.14% 0.40 0.3813
0.97 8.16% 1.06 0.3405
0.89 11.66% 1.00 0.3896
0.87 14.84% 1.02 0.3466
0.91 10.19% 1.01 0.3324
0.96 8.54% 1.05 0.2760
0.94 8.57% 1.03 0.3396
0.72 26.37% 0.98 0.4088
0.98 5.34% 1.03 0.3705
1.12 16.40% 1.34 0.3395
0.81 14.50% 0.95 0.3207
0.49 9.53% 0.54 0.2809
1.39 8.23% 1.52 0.4232
0.86 8.62% 0.94 0.3396
0.70 10.83% 0.79 0.4020
0.90 9.90% 1.00 0.3562
0.77 20.49% 0.97 0.3493
1.11 15.18% 1.31 0.3436
0.51 24.21% 0.67 0.3800
1.13 11.13% 1.27 0.4206
0.71 9.69% 0.79 0.3575
0.58 8.68% 0.63 0.3619
0.37 8.76% 0.41 0.3643
0.68 8.48% 0.74 0.3231
0.46 10.13% 0.51 0.3681
0.94 19.13% 1.17 0.3318
0.70 3.84% 0.73 0.3219
1.09 9.94% 1.22 0.3829
0.74 14.24% 0.86 0.3702
1.44 5.08% 1.52 0.4129
0.60 8.95% 0.66 0.3757
0.59 3.67% 0.61 0.2970
0.60 8.85% 0.65 0.3289
0.98 6.55% 1.04 0.3530
1.41 11.90% 1.60 0.3920
0.40 21.62% 0.52 0.2542
0.56 13.79% 0.65 0.2804
0.57 8.88% 0.62 0.2943
0.28 2.28% 0.28 0.2790
0.96 9.64% 1.06 0.3428
1.04 11.74% 1.18 0.3715
0.88 11.41% 0.99 0.3732
0.87 5.81% 0.92 0.2613
1.09 15.92% 1.29 0.3751
0.65 11.01% 0.73 0.3345
0.72 7.36% 0.78 0.3405
0.67 8.74% 0.74 0.3390
0.61 9.79% 0.68 0.3421
0.42 6.34% 0.44 0.2768
1.17 9.45% 1.29 0.4182
0.87 21.84% 1.11 0.3482
0.40 2.50% 0.41 0.1837
0.40 19.85% 0.50 0.3603
0.53 11.01% 0.60 0.3050
0.62 8.80% 0.68 0.3435
0.75 15.14% 0.88 0.3557
0.81 22.68% 1.05 0.2875
0.90 6.25% 0.96 0.3634
0.58 9.54% 0.64 0.3204
0.70 3.67% 0.73 0.3247
0.44 15.00% 0.51 0.3954
0.59 8.45% 0.64 0.2964
0.57 7.53% 0.62 0.3090
1.71 7.70% 1.86 0.4902
0.86 8.16% 0.93 0.3345
0.88 9.57% 0.97 0.2987
1.57 11.39% 1.77 0.3728
1.83 9.13% 2.02 0.3635
0.81 30.82% 1.18 0.3345
0.81 8.92% 0.89 0.3343
1.71 5.76% 1.81 0.4716
0.98 9.20% 1.08 0.4044
1.34 8.90% 1.47 0.4288
0.94 11.93% 1.07 0.3626
0.61 8.30% 0.67 0.2456
1.11 13.36% 1.28 0.3517
0.58 7.80% 0.63 0.2964
0.56 5.68% 0.60 0.2507
0.70 11.02% 0.79 0.3417
0.86 10.30% 0.96 0.2253
0.69 8.36% 0.75 0.3521
0.53 5.17% 0.56 0.2020
0.37 10.10% 0.41 0.2587
0.71 13.31% 0.81 0.3462
0.83 10.87% 0.94 0.3506
 Standard deviation in Average Beta over time
operating income (last 10
Standard deviation of equity years) 2019 2020 2021
40.02% 23.63% 1.39 1.46 1.30
31.39% 25.75% 1.14 1.10 1.24
28.65% 198.25% 0.57 0.59 0.92
36.06% 24.29% 0.72 0.64 0.85
29.07% 16.21% 1.28 1.13 1.27
32.58% 9.71% 1.16 1.11 1.51
20.86% 41.92% 0.42 0.43 0.56
27.19% NA 0.35 0.26 0.23
28.32% 25.19% 1.05 1.06 1.10
26.67% 45.82% 0.53 0.36 0.70
36.02% 22.41% 0.78 0.70 1.06
36.68% 83.47% 0.51 0.54 0.42
33.88% 36.48% 0.82 0.79 1.11
37.65% 23.92% 1.18 0.94 0.89
28.91% 36.96% 1.06 1.21 1.05
32.42% 45.67% 0.96 0.92 1.03
28.39% 22.99% 0.86 0.73 1.28
32.87% 47.30% 1.03 0.93 1.08
41.32% 47.82% 1.13 1.39 1.06
36.00% 25.92% 1.06 1.04 1.05
30.76% 31.89% 1.53 1.40 1.45
29.82% 35.87% 0.96 0.97 1.04
25.67% 24.36% 0.47 0.41 0.56
39.04% 80.46% 1.45 1.50 1.50
31.33% 19.74% 1.14 1.13 1.07
35.54% 37.11% 1.32 1.14 1.01
34.21% 34.35% 1.06 1.08 1.00
31.85% 47.25% 1.15 1.31 1.11
31.30% 43.21% 1.49 1.47 1.36
35.80% 32.65% 0.89 0.72 0.76
40.86% 33.33% 1.40 1.26 1.19
34.85% 49.25% 1.06 1.10 0.70
32.44% 21.94% 0.63 0.64 0.79
35.37% 39.16% 0.42 0.34 0.45
29.91% 29.89% 0.73 0.69 0.85
35.62% 28.61% 0.67 0.61 0.61
29.67% 38.62% 1.11 1.07 1.21
32.73% 35.22% 0.68 0.59 0.70
37.22% 112.11% 1.34 1.42 1.25
31.66% 44.05% 1.04 0.90 0.86
37.65% 110.09% 1.80 1.65 1.51
37.82% 89.44% 0.76 0.57 1.52
27.34% 28.97% 0.78 0.58 0.81
33.02% 96.11% 0.82 0.67 0.77
31.12% 21.03% 0.98 1.04 1.12
36.07% 18.45% 1.19 1.10 1.41
23.54% 21.89% 0.47 0.47 0.70
24.02% 40.21% 0.72 0.73 0.77
27.15% 13.92% 0.44 0.43 0.81
31.47% 59.18% 0.21 0.17 0.37
33.41% 38.47% 1.14 1.15 1.08
38.23% 58.71% 1.10 0.98 1.19
35.59% 25.20% 0.80 0.84 1.09
24.15% 64.99% 0.96 1.11 1.04
39.20% 48.04% 1.32 1.14 1.50
30.27% 20.49% 0.86 0.89 0.83
33.06% 48.71% 1.10 0.98 1.05
31.50% 22.14% 0.67 0.65 0.90
31.21% 42.28% 0.69 0.64 0.86
27.20% 15.58% 0.52 0.52 0.55
47.70% 79.95% 1.21 0.97 1.27
34.38% 10.42% 1.14 1.12 0.93
15.00% 24.92% 0.33 0.31 0.68
32.87% 38.94% 0.69 0.65 0.52
28.03% 16.71% 0.79 0.74 0.65
31.27% 13.43% 0.63 0.59 0.76
32.33% 28.44% 0.82 0.92 0.88
30.17% 38.44% 0.96 0.96 1.52
35.41% 42.81% 1.01 0.88 0.98
30.95% 31.53% 0.72 0.72 0.77
28.41% 17.55% 1.14 1.26 1.19
36.71% 40.40% 0.62 0.60 0.51
27.99% 9.73% 0.90 0.91 0.79
28.59% 12.77% 0.73 0.65 0.60
43.95% NA 1.46 1.49 1.73
31.75% 17.81% 1.00 0.83 1.04
28.42% 17.81% 0.70 0.70 1.12
35.87% 58.26% 1.73 1.58 1.66
32.07% 71.42% 1.66 1.82 2.08
34.75% 135.67% 0.69 0.67 1.07
36.07% 24.34% 0.91 0.77 1.09
42.24% 56.34% 1.78 1.38 1.42
38.78% 56.62% 0.85 1.18 1.09
39.67% 26.23% 1.46 1.59 1.48
35.86% 66.63% 0.89 0.77 1.10
23.93% 17.43% 0.76 0.66 0.89
33.43% 33.96% 1.45 1.47 1.24
29.59% 6.63% 0.81 0.64 0.79
24.46% 28.86% 0.83 0.77 0.84
31.92% 19.89% 0.87 0.87 0.86
23.39% 25.69% 1.30 1.14 0.88
33.47% 73.60% 0.72 0.65 0.85
19.89% 14.32% 0.41 0.44 0.52
32.92% 22.91% 0.82 0.81 0.48
32.92% 28.98% 0.84 0.82 0.90
33.22% 29.04% 0.93 0.91 1.00
e Beta over time
Average
2022 (2019-23)
1.30 1.35
1.23 1.17
0.91 0.76
0.85 0.77
1.26 1.23
1.50 1.33
0.56 0.48
0.22 0.25
1.10 1.07
0.70 0.56
1.06 0.93
0.41 0.46
1.11 0.98
0.89 0.98
1.04 1.07
1.03 0.99
1.27 1.04
1.08 1.03
1.05 1.12
1.05 1.05
1.45 1.43
1.03 0.99
0.55 0.51
1.50 1.49
1.07 1.07
1.01 1.05
1.00 1.03
1.11 1.13
1.36 1.40
0.75 0.76
1.19 1.26
0.70 0.87
0.78 0.70
0.45 0.41
0.84 0.77
0.60 0.60
1.20 1.15
0.69 0.68
1.25 1.30
0.86 0.90
1.51 1.60
1.51 1.00
0.81 0.72
0.76 0.74
1.12 1.06
1.41 1.34
0.70 0.57
0.76 0.73
0.81 0.62
0.36 0.28
1.08 1.10
1.18 1.13
1.08 0.96
1.03 1.01
1.49 1.35
0.82 0.83
1.04 0.99
0.90 0.77
0.86 0.74
0.55 0.52
1.26 1.20
0.92 1.04
0.67 0.48
0.51 0.57
0.64 0.68
0.75 0.68
0.87 0.87
1.51 1.20
0.98 0.96
0.77 0.72
1.18 1.10
0.50 0.55
0.78 0.80
0.59 0.64
1.73 1.65
1.04 0.97
1.11 0.92
1.66 1.68
2.08 1.93
1.06 0.93
1.08 0.95
1.42 1.56
1.08 1.06
1.47 1.50
1.09 0.98
0.89 0.77
1.24 1.34
0.79 0.73
0.84 0.78
0.86 0.85
0.88 1.03
0.84 0.76
0.51 0.49
0.48 0.60
0.89 0.85
1.00 0.96
Date updated:
Created by:
What is this data?
Home Page:
Data website:
Companies in each industry:
Variable definitions:
Customized Geometric risk premium estimator
What is your riskfree rate?
Enter your starting year
31-Dec-18
Aswath Damodaran, adamodar@stern.nyu.edu
Historical returns: Stocks, Bonds & T.Bills with premiums
http://www.damodaran.com
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html
https://pages.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
LT
2000

Value of stocks in starting year: $ 156,658.05

Value of T.Bills in starting year: $ 1,516.05
Value of T.bonds in starting year: $ 2,912.88
Estimate of risk premium based on your inputs: 2.31%

S&P 500Annual Returns on Investments in Baa

(includes 3-month Corporate
Year dividends) T.Bill US T. Bond Bond Real Estate
1928 43.81% 3.08% 0.84% 3.22% 1.49%
1929 -8.30% 3.16% 4.20% 3.02% -2.06%
1930 -25.12% 4.55% 4.54% 0.54% -4.30%
1931 -43.84% 2.31% -2.56% -15.68% -8.15%
1932 -8.64% 1.07% 8.79% 23.59% -10.47%
1933 49.98% 0.96% 1.86% 12.97% -3.81%
1934 -1.19% 0.28% 7.96% 18.82% 2.91%
1935 46.74% 0.17% 4.47% 13.31% 9.77%
1936 31.94% 0.17% 5.02% 11.38% 3.22%
1937 -35.34% 0.28% 1.38% -4.42% 2.56%
1938 29.28% 0.07% 4.21% 9.24% -0.87%
1939 -1.10% 0.05% 4.41% 7.98% -1.30%
1940 -10.67% 0.04% 5.40% 8.65% 3.31%
1941 -12.77% 0.13% -2.02% 5.01% -8.38%
1942 19.17% 0.34% 2.29% 5.18% 3.33%
1943 25.06% 0.38% 2.49% 8.04% 11.45%
1944 19.03% 0.38% 2.58% 6.57% 16.58%
1945 35.82% 0.38% 3.80% 6.80% 11.78%
1946 -8.43% 0.38% 3.13% 2.51% 24.10%
1947 5.20% 0.60% 0.92% 0.26% 21.26%
1948 5.70% 1.05% 1.95% 3.44% 2.06%
1949 18.30% 1.12% 4.66% 5.38% 0.09%
1950 30.81% 1.20% 0.43% 4.24% 3.64%
1951 23.68% 1.52% -0.30% -0.19% 6.05%
1952 18.15% 1.72% 2.27% 4.44% 4.41%
1953 -1.21% 1.89% 4.14% 1.62% 11.52%
1954 52.56% 0.94% 3.29% 6.16% 0.92%
1955 32.60% 1.72% -1.34% 2.04% 0.00%
1956 7.44% 2.62% -2.26% -2.35% 0.91%
1957 -10.46% 3.22% 6.80% -0.72% 2.72%
1958 43.72% 1.77% -2.10% 6.43% 0.66%
1959 12.06% 3.39% -2.65% 1.57% 0.11%
1960 0.34% 2.87% 11.64% 6.66% 0.77%
1961 26.64% 2.35% 2.06% 5.10% 0.98%
1962 -8.81% 2.77% 5.69% 6.50% 0.32%
1963 22.61% 3.16% 1.68% 5.46% 2.14%
1964 16.42% 3.55% 3.73% 5.16% 1.26%
1965 12.40% 3.95% 0.72% 3.19% 1.66%
1966 -9.97% 4.86% 2.91% -3.45% 1.22%
1967 23.80% 4.29% -1.58% 0.90% 2.32%
1968 10.81% 5.34% 3.27% 4.85% 4.13%
1969 -8.24% 6.67% -5.01% -2.03% 6.99%
1970 3.56% 6.39% 16.75% 5.65% 8.22%
1971 14.22% 4.33% 9.79% 14.00% 4.24%
1972 18.76% 4.06% 2.82% 11.41% 2.98%
1973 -14.31% 7.04% 3.66% 4.32% 3.42%
1974 -25.90% 7.85% 1.99% -4.38% 10.07%
1975 37.00% 5.79% 3.61% 11.05% 6.77%
1976 23.83% 4.98% 15.98% 19.75% 8.18%
1977 -6.98% 5.26% 1.29% 9.95% 14.65%
1978 6.51% 7.18% -0.78% 3.14% 15.72%
1979 18.52% 10.05% 0.67% -2.01% 13.74%
1980 31.74% 11.39% -2.99% -3.32% 7.40%
1981 -4.70% 14.04% 8.20% 8.46% 5.10%
1982 20.42% 10.60% 32.81% 29.05% 0.56%
1983 22.34% 8.62% 3.20% 16.19% 4.75%
1984 6.15% 9.54% 13.73% 15.62% 4.68%
1985 31.24% 7.47% 25.71% 23.86% 7.47%
1986 18.49% 5.97% 24.28% 21.49% 9.61%
1987 5.81% 5.78% -4.96% 2.29% 7.88%
1988 16.54% 6.67% 8.22% 15.12% 7.21%
1989 31.48% 8.11% 17.69% 15.79% 4.38%
1990 -3.06% 7.50% 6.24% 6.14% -0.69%
1991 30.23% 5.38% 15.00% 17.85% -0.16%
1992 7.49% 3.43% 9.36% 12.17% 0.82%
1993 9.97% 3.00% 14.21% 16.43% 2.16%
1994 1.33% 4.25% -8.04% -1.32% 2.51%
 1995 37.20% 5.49% 23.48% 20.16% 1.80%
1996 22.68% 5.01% 1.43% 4.79% 2.42%
1997 33.10% 5.06% 9.94% 11.83% 4.02%
1998 28.34% 4.78% 14.92% 7.95% 6.45%
1999 20.89% 4.64% -8.25% 0.84% 7.68%
2000 -9.03% 5.82% 16.66% 9.33% 9.28%
2001 -11.85% 3.40% 5.57% 7.82% 6.67%
2002 -21.97% 1.61% 15.12% 12.18% 9.56%
2003 28.36% 1.01% 0.38% 13.53% 9.82%
2004 10.74% 1.37% 4.49% 9.89% 13.64%
2005 4.83% 3.15% 2.87% 4.92% 13.51%
2006 15.61% 4.73% 1.96% 7.05% 1.73%
2007 5.48% 4.36% 10.21% 3.15% -5.40%
2008 -36.55% 1.37% 20.10% -5.07% -12.00%
2009 25.94% 0.15% -11.12% 23.33% -3.85%
2010 14.82% 0.14% 8.46% 8.35% -4.12%
2011 2.10% 0.05% 16.04% 12.58% -3.88%
2012 15.89% 0.09% 2.97% 10.12% 6.44%
2013 32.15% 0.06% -9.10% -1.06% 10.72%
2014 13.52% 0.03% 10.75% 10.38% 4.51%
2015 1.38% 0.05% 1.28% -0.70% 5.21%
2016 11.77% 0.32% 0.69% 10.37% 5.31%
2017 21.61% 0.93% 2.80% 9.72% 6.21%
2018 -4.23% 1.94% -0.02% -2.76% 4.53%
2019 31.21% 2.06% 9.64% 15.33% 3.69%
2020 18.02% 0.35% 11.33% 10.41% 10.35%
2021 28.47% 0.05% -4.42% 0.93% 18.91%
2022 -18.01% 2.02% -17.83% -14.49% 7.30%

Arithmetic Average Historical Return

1928-2022 11.51% 3.32% 4.87% 6.96% 4.42%

1973-2022 11.73% 4.40% 6.59% 8.77% 5.54%
2013-2022 13.59% 0.78% 0.51% 3.81% 7.68%

Geometric Average Historical Return

1928-2022 9.64% 3.28% 4.57% 6.68% 4.23%
1973-2022 10.24% 4.34% 6.12% 8.43% 5.38%
2013-2022 12.44% 0.78% 0.12% 3.45% 7.59%
 US companies

ml

variable.htm

Estimates of risk premiums from 1928, over the last 50 years and over the last 10 years
are provided at the bottom of this table.

S&P 500 Value of $100 invested at start of 1928 in

(includes 3-month Baa Corporate Real
Gold* dividends)3 T.Bill4 US T. Bond5 Bond2 Estate2 Gold2
0.10% $ 143.81 $ 103.08 $ 100.84 $ 103.22 $ 101.49 $ 100.10
-0.15% $ 131.88 $ 106.34 $ 105.07 $ 106.33 $ 99.40 $ 99.95
0.10% $ 98.75 $ 111.18 $ 109.85 $ 106.91 $ 95.13 $ 100.05
-17.38% $ 55.46 $ 113.74 $ 107.03 $ 90.14 $ 87.38 $ 82.66
21.28% $ 50.66 $ 114.96 $ 116.44 $ 111.41 $ 78.23 $ 100.24
27.26% $ 75.99 $ 116.06 $ 118.60 $ 125.86 $ 75.25 $ 127.57
31.75% $ 75.09 $ 116.39 $ 128.05 $ 149.54 $ 77.44 $ 168.07
0.43% $ 110.18 $ 116.58 $ 133.78 $ 169.44 $ 85.00 $ 168.80
0.09% $ 145.38 $ 116.78 $ 140.49 $ 188.73 $ 87.73 $ 168.94
-0.23% $ 94.00 $ 117.11 $ 142.43 $ 180.39 $ 89.98 $ 168.56
0.17% $ 121.53 $ 117.18 $ 148.43 $ 197.05 $ 89.20 $ 168.85
-1.23% $ 120.20 $ 117.24 $ 154.98 $ 212.78 $ 88.04 $ 166.76
-1.66% $ 107.37 $ 117.28 $ 163.35 $ 231.18 $ 90.95 $ 164.00
0.00% $ 93.66 $ 117.43 $ 160.04 $ 242.76 $ 83.32 $ 164.00
0.00% $ 111.61 $ 117.83 $ 163.72 $ 255.33 $ 86.10 $ 164.00
0.00% $ 139.59 $ 118.28 $ 167.79 $ 275.88 $ 95.95 $ 164.00
0.00% $ 166.15 $ 118.73 $ 172.12 $ 293.99 $ 111.87 $ 164.00
2.54% $ 225.67 $ 119.18 $ 178.67 $ 313.98 $ 125.04 $ 168.17
0.00% $ 206.65 $ 119.63 $ 184.26 $ 321.85 $ 155.18 $ 168.17
0.00% $ 217.39 $ 120.35 $ 185.95 $ 322.70 $ 188.17 $ 168.17
0.00% $ 229.79 $ 121.61 $ 189.58 $ 333.79 $ 192.05 $ 168.17
-8.70% $ 271.85 $ 122.96 $ 198.42 $ 351.74 $ 192.22 $ 153.54
9.56% $ 355.60 $ 124.44 $ 199.27 $ 366.65 $ 199.22 $ 168.22
0.00% $ 439.80 $ 126.33 $ 198.68 $ 365.95 $ 211.26 $ 168.22
 -0.35% $ 519.62 $ 128.51 $ 203.19 $ 382.20 $ 220.57 $ 167.64
0.69% $ 513.35 $ 130.94 $ 211.61 $ 388.39 $ 245.98 $ 168.80
0.57% $ 783.18 $ 132.17 $ 218.57 $ 412.31 $ 248.25 $ 169.77
-0.03% $ 1,038.47 $ 134.45 $ 215.65 $ 420.74 $ 248.25 $ 169.72
-0.11% $ 1,115.73 $ 137.97 $ 210.79 $ 410.84 $ 250.52 $ 169.53
-0.11% $ 999.05 $ 142.42 $ 225.11 $ 407.89 $ 257.33 $ 169.33
0.43% $ 1,435.84 $ 144.93 $ 220.39 $ 434.11 $ 259.03 $ 170.06
0.00% $ 1,608.95 $ 149.84 $ 214.56 $ 440.95 $ 259.31 $ 170.06
0.48% $ 1,614.37 $ 154.15 $ 239.53 $ 470.33 $ 261.30 $ 170.88
-0.06% $ 2,044.40 $ 157.77 $ 244.46 $ 494.32 $ 263.85 $ 170.78
-0.06% $ 1,864.26 $ 162.15 $ 258.38 $ 526.43 $ 264.70 $ 170.69
-0.40% $ 2,285.80 $ 167.27 $ 262.74 $ 555.19 $ 270.38 $ 170.01
0.03% $ 2,661.02 $ 173.20 $ 272.53 $ 583.85 $ 273.78 $ 170.06
0.06% $ 2,990.97 $ 180.04 $ 274.49 $ 602.47 $ 278.32 $ 170.16
0.03% $ 2,692.74 $ 188.78 $ 282.47 $ 581.72 $ 281.72 $ 170.20
-0.51% $ 3,333.69 $ 196.88 $ 278.01 $ 586.92 $ 288.25 $ 169.33
12.47% $ 3,694.23 $ 207.39 $ 287.11 $ 615.36 $ 300.17 $ 190.46
5.01% $ 3,389.77 $ 221.22 $ 272.71 $ 602.90 $ 321.16 $ 200.00
-9.45% $ 3,510.49 $ 235.36 $ 318.41 $ 636.96 $ 347.55 $ 181.10
16.69% $ 4,009.72 $ 245.56 $ 349.57 $ 726.14 $ 362.30 $ 211.34
48.78% $ 4,761.76 $ 255.53 $ 359.42 $ 808.99 $ 373.08 $ 314.44
72.96% $ 4,080.44 $ 273.51 $ 372.57 $ 843.92 $ 385.85 $ 543.85
66.15% $ 3,023.54 $ 294.97 $ 379.98 $ 806.95 $ 424.72 $ 903.59
-24.80% $ 4,142.10 $ 312.04 $ 393.68 $ 896.12 $ 453.48 $ 679.51
-4.10% $ 5,129.20 $ 327.57 $ 456.61 $ 1,073.13 $ 490.57 $ 651.65
22.64% $ 4,771.20 $ 344.80 $ 462.50 $ 1,179.96 $ 562.46 $ 799.18
37.01% $ 5,081.77 $ 369.55 $ 458.90 $ 1,216.98 $ 650.90 $ 1,094.96
126.55% $ 6,022.89 $ 406.71 $ 461.98 $ 1,192.53 $ 740.35 $ 2,480.62
15.19% $ 7,934.26 $ 453.04 $ 448.17 $ 1,152.99 $ 795.11 $ 2,857.32
-32.60% $ 7,561.16 $ 516.63 $ 484.91 $ 1,250.56 $ 835.62 $ 1,925.87
15.62% $ 9,105.08 $ 571.41 $ 644.04 $ 1,613.88 $ 840.33 $ 2,226.74
-16.80% $ 11,138.90 $ 620.65 $ 664.65 $ 1,875.23 $ 880.25 $ 1,852.71
-19.38% $ 11,823.51 $ 679.87 $ 755.92 $ 2,168.13 $ 921.43 $ 1,493.70
6.00% $ 15,516.60 $ 730.66 $ 950.29 $ 2,685.50 $ 990.27 $ 1,583.33
18.96% $ 18,386.33 $ 774.27 $ 1,181.06 $ 3,262.50 $ 1,085.46 $ 1,883.48
24.53% $ 19,455.08 $ 819.01 $ 1,122.47 $ 3,337.20 $ 1,170.95 $ 2,345.45
-15.26% $ 22,672.40 $ 873.62 $ 1,214.78 $ 3,841.62 $ 1,255.38 $ 1,987.65
-2.84% $ 29,808.58 $ 944.49 $ 1,429.72 $ 4,448.20 $ 1,310.38 $ 1,931.20
-3.11% $ 28,895.11 $ 1,015.29 $ 1,518.87 $ 4,721.33 $ 1,301.32 $ 1,871.12
-8.56% $ 37,631.51 $ 1,069.87 $ 1,746.77 $ 5,564.25 $ 1,299.27 $ 1,711.00
-5.73% $ 40,451.51 $ 1,106.58 $ 1,910.30 $ 6,241.54 $ 1,309.89 $ 1,612.89
17.68% $ 44,483.33 $ 1,139.74 $ 2,181.77 $ 7,267.12 $ 1,338.15 $ 1,898.01
-2.17% $ 45,073.14 $ 1,188.21 $ 2,006.43 $ 7,171.25 $ 1,371.72 $ 1,856.83
 0.98% $ 61,838.19 $ 1,253.44 $ 2,477.55 $ 8,616.71 $ 1,396.39 $ 1,875.00
-4.59% $ 75,863.69 $ 1,316.18 $ 2,512.94 $ 9,029.67 $ 1,430.13 $ 1,789.00
-21.41% $ 100,977.34 $ 1,382.80 $ 2,762.71 $ 10,098.32 $ 1,487.69 $ 1,406.01
-0.83% $ 129,592.25 $ 1,448.84 $ 3,174.95 $ 10,900.68 $ 1,583.61 $ 1,394.38
0.85% $ 156,658.05 $ 1,516.05 $ 2,912.88 $ 10,992.59 $ 1,705.23 $ 1,406.25
-5.44% $ 142,508.98 $ 1,604.28 $ 3,398.03 $ 12,018.16 $ 1,863.51 $ 1,329.70
0.75% $ 125,622.01 $ 1,658.81 $ 3,587.37 $ 12,957.88 $ 1,987.87 $ 1,339.63
25.57% $ 98,027.82 $ 1,685.44 $ 4,129.65 $ 14,535.88 $ 2,178.00 $ 1,682.17
19.89% $ 125,824.39 $ 1,702.44 $ 4,145.15 $ 16,502.87 $ 2,391.78 $ 2,016.72
4.65% $ 139,341.42 $ 1,725.84 $ 4,331.30 $ 18,134.78 $ 2,717.92 $ 2,110.47
17.77% $ 146,077.85 $ 1,780.19 $ 4,455.50 $ 19,026.57 $ 3,085.18 $ 2,485.47
23.20% $ 168,884.34 $ 1,864.39 $ 4,542.87 $ 20,367.63 $ 3,138.62 $ 3,062.02
31.92% $ 178,147.20 $ 1,945.72 $ 5,006.69 $ 21,009.29 $ 2,969.21 $ 4,039.49
4.32% $ 113,030.22 $ 1,972.40 $ 6,013.10 $ 19,945.02 $ 2,612.92 $ 4,213.91
25.04% $ 142,344.87 $ 1,975.37 $ 5,344.65 $ 24,598.10 $ 2,512.37 $ 5,268.90
29.24% $ 163,441.94 $ 1,978.10 $ 5,796.96 $ 26,651.51 $ 2,408.91 $ 6,809.59
12.02% $ 166,871.56 $ 1,979.15 $ 6,726.52 $ 30,005.47 $ 2,315.38 $ 7,628.39
5.68% $ 193,388.43 $ 1,980.88 $ 6,926.40 $ 33,043.43 $ 2,464.41 $ 8,062.02
-27.61% $ 255,553.31 $ 1,982.01 $ 6,295.79 $ 32,694.52 $ 2,728.54 $ 5,835.76
0.12% $ 290,115.42 $ 1,982.66 $ 6,972.34 $ 36,089.82 $ 2,851.70 $ 5,843.02
-12.11% $ 294,115.79 $ 1,983.69 $ 7,061.89 $ 35,838.08 $ 3,000.22 $ 5,135.66
8.10% $ 328,742.28 $ 1,989.96 $ 7,110.65 $ 39,552.74 $ 3,159.52 $ 5,551.84
12.66% $ 399,768.64 $ 2,008.55 $ 7,309.87 $ 43,398.81 $ 3,355.82 $ 6,254.84
-0.93% $ 382,870.94 $ 2,047.44 $ 7,308.65 $ 42,199.86 $ 3,507.93 $ 6,196.71
19.08% $ 502,371.39 $ 2,089.67 $ 8,012.89 $ 48,668.87 $ 3,637.43 $ 7,378.88
24.17% $ 592,914.80 $ 2,097.08 $ 8,920.90 $ 53,736.05 $ 4,013.76 $ 9,162.31
-3.75% $ 761,710.83 $ 2,098.03 $ 8,526.95 $ 54,237.64 $ 4,772.94 $ 8,818.31
0.55% $ 624,534.55 $ 2,140.51 $ 7,006.75 $ 46,379.53 $ 5,121.52 $ 8,866.76

Risk Premium Standard Error

Stocks - Stocks -
Stocks - T.Bills Stocks - T.Bonds
T.Bills T.Bonds
6.48%
9.56% 8.19% 6.64% 2.05% 2.15%
2.03% 7.33% 5.14% 2.50% 2.75%
12.81% 13.08% 5.31% 4.81%
Risk Premium
4.83% Stocks - T.Bills Stocks - T.Bonds
6.91% 6.36% 5.06%
0.96% 5.90% 4.12%
11.66% 12.32%
 Annual Risk Premium
Stocks - Historical S&P 500 Annual Real Returns
Stocks - Stocks - Baa Corp risk Inflation (includes 3-month T. !0-year
Bills Bonds Bond premium Rate dividends)2 Bill (Real) T.Bonds
40.73% 42.98% 40.59% -1.16% 45.49% 4.29% 2.01%
-11.46% -12.50% -11.32% 0.58% -8.83% 2.56% 3.60%
-29.67% -29.66% -25.66% -6.40% -20.01% 11.69% 11.68%
-46.15% -41.28% -28.16% -9.32% -38.07% 12.82% 7.45%
-9.71% -17.43% -32.23% -10.27% 1.82% 12.64% 21.25%
49.02% 48.13% 37.02% 0.76% 48.85% 0.20% 1.08%
-1.47% -9.15% -20.00% 1.52% -2.66% -1.22% 6.35%
46.57% 42.27% 33.43% 2.99% 42.49% -2.74% 1.44%
31.77% 26.93% 20.56% 1.45% 30.06% -1.26% 3.52%
-35.61% -36.72% -30.92% 2.86% -37.13% -2.51% -1.44%
29.22% 25.07% 20.05% -2.78% 32.98% 2.92% 7.19%
-1.14% -5.51% -9.08% 0.00% -1.10% 0.05% 4.41%
-10.71% -16.08% -19.32% 0.71% -11.31% -0.67% 4.65%
-12.90% -10.75% -17.78% 9.93% -20.65% -8.91% -10.87%
18.83% 16.88% 13.99% 9.03% 9.30% -7.97% -6.18%
24.68% 22.57% 17.02% 2.96% 21.47% -2.50% -0.46%
18.65% 16.45% 12.46% 2.30% 16.36% -1.88% 0.27%
35.44% 32.02% 29.02% 2.25% 32.84% -1.83% 1.52%
-8.81% -11.56% -10.94% 18.13% -22.48% -15.03% -12.70%
4.60% 4.28% 4.94% 8.84% -3.34% -7.57% -7.27%
4.66% 3.75% 2.27% 2.99% 2.63% -1.89% -1.01%
17.19% 13.64% 12.93% -2.07% 20.81% 3.26% 6.88%
29.60% 30.38% 26.57% 5.93% 23.48% -4.46% -5.19%
22.16% 23.97% 23.87% 6.00% 16.68% -4.23% -5.94%
 16.43% 15.88% 13.71% 0.75% 17.27% 0.96% 1.50%
-3.10% -5.35% -2.83% 0.75% -1.94% 1.13% 3.37%
51.63% 49.27% 46.41% -0.74% 53.71% 1.69% 4.06%
30.87% 33.93% 30.55% 0.37% 32.10% 1.34% -1.70%
4.82% 9.70% 9.79% 2.99% 4.33% -0.35% -5.09%
-13.68% -17.25% -9.74% 2.90% -12.98% 0.32% 3.79%
41.95% 45.82% 37.29% 1.76% 41.23% 0.01% -3.79%
8.67% 14.70% 10.48% 1.73% 10.15% 1.63% -4.30%
-2.54% -11.30% -6.33% 6.11% 1.36% -1.01% 1.49% 10.14%
24.29% 24.58% 21.54% 6.62% 0.67% 25.79% 1.67% 1.38%
-11.58% -14.51% -15.31% 5.97% 1.33% -10.01% 1.42% 4.30%
19.46% 20.93% 17.15% 6.36% 1.64% 20.63% 1.49% 0.04%
12.87% 12.69% 11.25% 6.53% 0.97% 15.30% 2.55% 2.73%
8.45% 11.68% 9.21% 6.66% 1.92% 10.28% 1.99% -1.18%
-14.83% -12.88% -6.53% 6.11% 3.46% -12.98% 1.35% -0.53%
19.51% 25.38% 22.91% 6.57% 3.04% 20.15% 1.22% -4.48%
5.48% 7.54% 5.97% 6.60% 4.72% 5.82% 0.59% -1.38%
-14.91% -3.23% -6.22% 6.33% 6.20% -13.60% 0.44% -10.56%
-2.83% -13.19% -2.09% 5.90% 5.57% -1.90% 0.78% 10.59%
9.89% 4.43% 0.22% 5.87% 3.27% 10.61% 1.03% 6.31%
14.69% 15.94% 7.35% 6.08% 3.41% 14.84% 0.63% -0.57%
-21.34% -17.97% -18.63% 5.50% 8.71% -21.17% -1.54% -4.64%
-33.75% -27.89% -21.52% 4.64% 12.34% -34.04% -4.00% -9.21%
31.21% 33.39% 25.95% 5.17% 6.94% 28.11% -1.08% -3.12%
18.85% 7.85% 4.08% 5.22% 4.86% 18.09% 0.11% 10.60%
-12.24% -8.27% -16.93% 4.93% 6.70% -12.82% -1.35% -5.07%
-0.67% 7.29% 3.37% 4.97% 9.02% -2.30% -1.69% -8.99%
8.47% 17.85% 20.53% 5.21% 13.29% 4.61% -2.86% -11.14%
20.34% 34.72% 35.05% 5.73% 12.52% 17.08% -1.00% -13.78%
-18.74% -12.90% -13.16% 5.37% 8.92% -12.51% 4.69% -0.66%
9.82% -12.40% -8.63% 5.10% 3.83% 15.98% 6.52% 27.92%
13.72% 19.14% 6.14% 5.34% 3.79% 17.87% 4.65% -0.57%
-3.39% -7.59% -9.47% 5.12% 3.95% 2.11% 5.38% 9.41%
23.76% 5.52% 7.37% 5.13% 3.80% 26.43% 3.54% 21.11%
12.53% -5.79% -2.99% 4.97% 1.10% 17.21% 4.82% 22.93%
0.04% 10.77% 3.52% 5.07% 4.43% 1.32% 1.29% -9.00%
9.87% 8.31% 1.42% 5.12% 4.42% 11.60% 2.15% 3.64%
23.36% 13.78% 15.69% 5.24% 4.65% 25.64% 3.31% 12.47%
-10.56% -9.30% -9.20% 5.00% 6.11% -8.64% 1.31% 0.12%
24.86% 15.23% 12.38% 5.14% 3.06% 26.36% 2.24% 11.59%
4.06% -1.87% -4.68% 5.03% 2.90% 4.46% 0.52% 6.28%
6.97% -4.24% -6.46% 4.90% 2.75% 7.03% 0.24% 11.16%
-2.93% 9.36% 2.65% 4.97% 2.67% -1.31% 1.54% -10.43%
 31.71% 13.71% 17.04% 5.08% 2.54% 33.80% 2.88% 20.42%
17.68% 21.25% 17.89% 5.30% 3.32% 18.74% 1.63% -1.83%
28.04% 23.16% 21.27% 5.53% 1.70% 30.88% 3.30% 8.10%
23.56% 13.42% 20.39% 5.63% 1.61% 26.30% 3.11% 13.10%
16.25% 29.14% 20.04% 5.96% 2.68% 17.72% 1.90% -10.65%
-14.85% -25.69% -18.36% 5.51% 3.39% -12.01% 2.35% 12.83%
-15.25% -17.42% -19.67% 5.17% 1.55% -13.20% 1.82% 3.96%
-23.57% -37.08% -34.14% 4.53% 2.38% -23.78% -0.75% 12.44%
27.35% 27.98% 14.82% 4.82% 1.88% 25.99% -0.86% -1.48%
9.37% 6.25% 0.85% 4.84% 3.26% 7.25% -1.82% 1.20%
1.69% 1.97% -0.08% 4.80% 3.42% 1.37% -0.26% -0.53%
10.88% 13.65% 8.56% 4.91% 2.54% 12.75% 2.14% -0.57%
1.12% -4.73% 2.33% 4.79% 4.08% 1.35% 0.27% 5.89%
-37.92% -56.65% -31.49% 3.88% 0.09% -36.61% 1.28% 19.99%
25.78% 37.05% 2.61% 4.29% 2.72% 22.60% -2.50% -13.47%
14.68% 6.36% 6.47% 4.31% 1.50% 13.13% -1.34% 6.86%
2.05% -13.94% -10.49% 4.10% 2.96% -0.84% -2.83% 12.70%
15.80% 12.92% 5.77% 4.20% 1.74% 13.91% -1.63% 1.21%
32.09% 41.25% 33.20% 4.62% 1.50% 30.19% -1.42% -10.45%
13.49% 2.78% 3.14% 4.60% 0.76% 12.67% -0.72% 9.91%
1.33% 0.09% 2.08% 4.54% 0.73% 0.64% -0.67% 0.55%
11.46% 11.08% 1.41% 4.62% 2.07% 9.50% -1.72% -1.36%
20.67% 18.80% 11.88% 4.77% 2.11% 19.09% -1.15% 0.68%
-6.16% -4.21% -1.46% 4.66% 1.91% -6.02% 0.03% -1.89%
29.15% 21.58% 15.88% 4.83% 2.29% 28.28% -0.22% 7.19%
17.67% 6.69% 7.61% 4.84% 1.36% 16.44% -0.99% 9.84%
28.42% 32.88% 27.54% 5.13% 7.10% 19.95% -6.59% -10.75%
-20.03% -0.18% -3.52% 5.06% 6.42% -22.96% -4.13% -22.79%

Arithmetic Average Annual Real Return

S&P 500
(includes
dividends) 3-month T. !0-year
2 Bill (Real) T.Bonds
1928-2022 8.27% 0.31% 1.88%
1973-2022 7.56% 0.40% 2.63%
2013-2022 10.78% -1.76% -1.91%
l Returns
Baa Corp Real
Bonds Estate3 Gold
4.43% 2.68% 1.27%
2.42% -2.63% -0.73%
7.41% 2.24% 6.94%
-7.02% 1.29% -8.90%
37.74% -0.21% 35.16%
12.11% -4.54% 26.30%
17.04% 1.37% 29.78%
10.02% 6.58% -2.48%
9.79% 1.74% -1.34%
-7.07% -0.29% -3.00%
12.36% 1.96% 3.03%
7.98% -1.30% -1.23%
7.88% 2.57% -2.35%
-4.48% -16.66% -9.03%
-3.53% -5.23% -8.28%
4.94% 8.24% -2.87%
4.17% 13.96% -2.25%
4.45% 9.32% 0.29%
-13.23% 5.05% -15.35%
-7.88% 11.42% -8.12%
0.43% -0.91% -2.90%
7.61% 2.21% -6.77%
-1.60% -2.16% 3.43%
-5.84% 0.04% -5.66%
 3.66% 3.62% -1.09%
0.86% 10.69% -0.06%
6.95% 1.68% 1.33%
1.66% -0.37% -0.40%
-5.18% -2.01% -3.01%
-3.52% -0.18% -2.93%
4.59% -1.08% -1.31%
-0.15% -1.59% -1.70%
5.23% -0.59% -0.86%
4.40% 0.30% -0.72%
5.09% -1.00% -1.37%
3.76% 0.49% -2.01%
4.15% 0.29% -0.93%
1.24% -0.26% -1.83%
-6.67% -2.16% -3.32%
-2.08% -0.70% -3.45%
0.12% -0.56% 7.41%
-7.74% 0.75% -1.12%
0.08% 2.51% -14.23%
10.40% 0.95% 13.00%
7.74% -0.42% 43.88%
-4.04% -4.86% 59.11%
-14.88% -2.02% 47.90%
3.85% -0.15% -29.68%
14.20% 3.16% -8.55%
3.05% 7.45% 14.94%
-5.39% 6.15% 25.68%
-13.51% 0.40% 99.97%
-14.07% -4.55% 2.37%
-0.42% -3.51% -38.12%
24.29% -3.15% 11.36%
11.95% 0.92% -19.84%
11.23% 0.70% -22.44%
19.33% 3.54% 2.12%
20.17% 8.42% 17.66%
-2.05% 3.30% 19.24%
10.24% 2.67% -18.84%
10.65% -0.25% -7.15%
0.03% -6.41% -8.69%
14.35% -3.13% -11.28%
9.01% -2.02% -8.39%
13.32% -0.57% 14.53%
-3.89% -0.16% -4.72%
 17.18% -0.72% -1.52%
1.42% -0.88% -7.65%
9.96% 2.28% -22.72%
6.23% 4.76% -2.40%
-1.79% 4.86% -1.79%
5.75% 5.70% -8.54%
6.17% 5.04% -0.79%
9.57% 7.02% 22.65%
11.44% 7.79% 17.68%
6.42% 10.05% 1.35%
1.45% 9.76% 13.88%
4.40% -0.79% 20.14%
-0.89% -9.11% 26.75%
-5.15% -12.08% 4.22%
20.06% -6.40% 21.72%
6.75% -5.53% 27.34%
9.35% -6.65% 8.80%
8.24% 4.61% 3.88%
-2.52% 9.08% -28.69%
9.56% 3.73% -0.63%
-1.42% 4.45% -12.74%
8.12% 3.17% 5.91%
7.46% 4.02% 10.34%
-4.59% 2.57% -2.79%
12.75% 1.38% 16.42%
8.93% 8.86% 22.50%
-5.76% 11.03% -10.13%
-19.65% 0.83% -5.52%

rage Annual Real Return

Baa Corp Real

Bonds Estate3 Gold
3.91% 1.28% 3.21%
4.74% 1.50% 5.10%
1.29% 4.91% -0.53%
 Costo de Capital 2022 2021
Deuda con costo financiero 3,592,316 3,066,006
Patrimonio 15,936,981 10,897,125
Total Capital Invertido 19,529,297 13,963,131
Gastos financieros -940,265 -618,289
Costo de la Deuda gastos financieros/deuda con costo -26.17% -20.17%
Tasa de impuestos MEXICO 30% 30%
KDT 7.133% 5.249%
Costo del Patrimonio
https://es.tradingeconomics.com/mexico/corporate-tax-rate
EBITDA UAII

EBITDA
MARGEN EBITDA EBITDA
INGRESOS OPERACIONALES
Suponga que se tiene la información financiera de dos empresas Agricola ABC y Productos Alimenticios El Campo

EMPRESA A EMPRESA B
UAII $ 30,000,000 $ 30,000,000
INTERESES $ -
UAI $ 30,000,000 $ 30,000,000
IMPUESTO $ 9,600,000 $ 9,600,000
UTILIDAD NETA $ 20,400,000 $ 20,400,000
IMPUESTO 32% 32%
UTILIDAD NETA
interes 28,75% e.a
ductos Alimenticios El Campo

COMPOSICIÓN DE LA DEUDA AGRICOLA ABC ALIMENTICIOS DEL CAMPO

DEUDA $ 30,000,000 $ 30,000,000
TASA DE INTERÉS 25%
TASA DE IMPUESTOS 32% 32%
ESCUDO FISCAL $ - $ -

$ - $ -