The 55 industries surveyed in the Bloomberg Industries Leaderboard were chosen on the basis of size, investor interest, and coverage by Bloomberg Industries (BI).
Revenue (size) is derived by aggregating public company annual revenues generated from an industry and available as of Aug. 30. Revenues were estimated by BI for the following: Coal Mining-Global, Electrical Equipment- Global, Express & Courier Services-Global, Investment Banking- Global, Life Insurance-Global, Property & Casualty-Global, Pharma-Global, Rail Freight Transportation-North America, Renewable Energy-Global, Steel Producers- Global, Utilities- Europe. Revenues for Life Insurance, Property & Casualty Insurance, and Managed Care are based on premium revenue.
Industry market leaders
Within each of the 55 industries, from four to 16 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 are not included in the list of leaders, except Burlington Northern Sante Fe (a division of Berkshire Hathaway) in the Rail Freight Transportation industry. Mergers and acquisitions completed by Sept. 30, 2013, are 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 revenues of public companies available as of Aug. 30, 2013. Market shares from the following were based on metrics other than revenue: Asset Management –Global (assets under management), Oil Refining & Marketing-Global (refining capacity), Utilities-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 a ratio, these may be different from a company's as-reported ratio. Forward-looking growth rates for companies use Bloomberg consensus estimates.