The 49 industries surveyed in Bloomberg Industries Market Leaders were chosen based on size, investor interest, and coverage by Bloomberg Industries (BI).
Revenue (size) was derived by aggregating public company annual revenue generated from an industry and available as of Aug. 30. Revenue was estimated by BI for the following: Advertising, Aerospace & Defense, Coal Mining, Express & Courier Services, Investment Banking, Life Insurance, Property & Casualty – Global, Metals & Mining, Rail Freight Transportation, and Renewable Energy. Revenue for Life Insurance, Property & Casualty Insurance, and Managed Care was based on premium revenue. Revenue for IT Services, Semiconductor Devices, and Software was sourced from IDC.
Industry market leaders
Within each of the 49 industries, from 5 to 30 market leaders were selected based on their share of revenue in a given industry. In some industries the selection of leaders was based on other factors, such as EBITDA in the case of Utilities. Private companies were not included in the list of leaders, except for Burlington Northern Sante Fe (a division of Berkshire Hathaway) in the Rail Freight Transportation industry. Mergers and acquisitions completed by Sept. 30, 2014, were incorporated into results.
Key industry metrics
Key metrics distinct for each industry were chosen to showcase relevant industry performance data. In Airlines, for example, revenue, passenger miles, and yield per passenger mile are cited. These metrics vary by industry and are updated annually, except in cases where the metric is used across industries (see the data and update schedule).
Industry median is based on the median data of the Bloomberg Industry Leaders for a given industry.
For Caterpillar, Deere, CNH Industrial (Fiat Industrial), and Volvo, the industry metrics, data, and other company data pertain to manufacturing operations.
Company market share
Market share is based on the annual revenue a company generates from operating in an industry divided by industry revenue of public companies available as of Aug. 30, 2014. Market shares from the following are based on metrics other than revenue: Asset Management (assets under management), Banking – North America (deposits), Exploration and Production – Asia, Europe & North America – (oil production), Computer Hardware (unit shipments data from IDC), Homebuilders (units built), Lodging (branded count room), Steel Producers (production), Utilities – Asia, Europe & North America (EBITDA).
Company metrics were chosen to showcase overall performance across such areas as profitability, size, and forward-looking growth. Ratios such as operating margin, return on equity, and return on invested capital are Bloomberg-defined calculations. Since there may be multiple ways to calculate ratios, these may be different from ratios as reported by a company. Forward-looking growth rates for companies use Bloomberg consensus estimates.