Statement Studies - Frequently Asked Questions

Are data available on industries not listed as being in our database?
No, because we simply do not have the industry data, or the sample size is too small to produce significant and meaningful data. Generally, when there are fewer than 30 financial statements, the composite data are not shown because such a small sample is not considered representative and could be misleading. If you are still unable to locate an industry, the NAICS code may have been revised (changed or eliminated) and published every 5 years, by the US Census.  This year, 2020-21, the Annual Statements are published using 2017 NAICS catalog.  In these cases, RMA has merged the old code with its new code.  A mapping from 2012 NAICS vs 2017 NAICS can be found here.

Are further breakdowns of the data available from RMA?
No, the Statement Studies data are not broken down for expenses, contra assets, etc.

Are non-U.S. companies included?
The vast majority of companies included in the database are U.S. based; however, some overseas subsidiaries' data may be included as a function of their financial reporting process.

Are the companies represented in the statement studies public or nonpublic?
Both, but the vast majority are nonpublic companies.

Can I reproduce the data?
No. Regardless of the number of copies purchased, RMA holds the copyright to the Annual Statement Studies® data. No reproduction is permitted without written permission from RMA. To obtain permission, please fax full details on the proposed usage of the database to the Statement Studies Department at 215-446-4100 or email the details to

Can RMA provide the names of the companies included in the database?
No. The statements which go into producing the composites are supplied by RMA member institutions. They represent the financials on their commercial customers and prospects. The names of the individual entities are not known to RMA; they are removed prior to delivering the data to RMA for confidentiality purposes.

Do I need to obtain a copyright or license agreement?
Copyright: You will need copyright permission to copy, quote, reproduce, replicate, disseminate, or distribute this product or any portion thereof. Please email with the proposed usage, in order to obtain the copyright line to include in your work.

License agreement: If data is going to be used with or incorporated into other products that will in turn be used internally or sold to others—this typically refers to software-oriented or derived products—a license agreement will need to be executed. Requests for the appropriate royalty agreement, including full details on the proposed usage, should be faxed to the Statement Studies Department at 215-446-4100 or emailed to A license is required for each edition of our publications.

License to incorporate data: If data will be used within reports, or used in consultative type engagements, e.g., business valuation reports, business plans, comparative performance reports, etc., a license agreement must be executed. To obtain a copy of the license agreement, please click here. The completed license agreement should be faxed to the Statement Studies Department at 215-446-4100.

Does RMA have more detailed expense data besides that which appear in the database?
No, the Statement Studies data are not broken down for expenses, contra assets, etc.

How can I get my industry represented in the Statement Studies database?
All data submissions come from our member institutions. Encourage your respective lending institution to forward the appropriate data to RMA during our annual submissions drive. If interested, please send an email to and we will include your name in our submission campaign correspondence.

I am a member institution, and would like to contribute to the studies.  Who should I contact?

Any member institution interested in participating, should contact their RMA Regional Manager, or send your contact information to  Members that are interested, should visit our submission information page for more details.

How do I determine which NAICS code to use for a particular industry?
Visit the following link to determine the correct NAICS code for your industry:

How do I interpret the bold figures at the bottom of the page?
The bold figures represent the total dollar amount of net sales (or contractor revenues) and total assets for all companies included in that size column of data. These data are provided to allow recasting the common size statements into dollar amounts. To do this, divide the number at the bottom of the page by the number of statements in that size category. Then multiply the result by the percentages in the common size statement.

How does someone unfamiliar with financial statement analysis begin to interpret the data in the Annual Statement Studies®?
A good beginning is to thoroughly read the Introduction and Definition of Ratios section. Remaining questions should be directed to the Statement Studies Department at

How many financial statements were collected for the 2020-2021 edition?
More than 240,000 statements were collected.

How many industries (NAICS codes) are in the 2020-2021 edition of the Annual Statement Studies®: Financial Ratio Benchmarks and Annual Statement Studies®: Industry Default Probabilities?
Seven hundred and thirty-two (732) industries appear in the Financial Ratio Benchmarks and Six hundred and eleven (611) industries appear in the Industry Default Probabilities and Cash Flow Measures.  A full list of the industry list can be downloaded here.  

How many ratios are included?
There are 19 commonly used ratios that help you determine the liquidity of all the businesses contained in this year's Financial Ration Benchmark edition, and plus 2 additional ratios in the Industry Default Probabilities (this data set is ONLY available in the eStatement Studies).  New for 2020-21, we have added a line item under the Income Statement data - EBITDA; and one new Ratio - EBITDA/Sales.  These new metrics are ONLY available in the eStatement Studies online subscription.

What does 'Other' refer to for Type of Statement?
'Other' can include company prepared statements, audited statements (IF they are NOT determined to be qualified, or reviewed), and estimates.

Is regional data available?
Yes, but only in eStatement StudiesSM.

Since there is no Cost of Goods Sold for Services, what value is the best alternative?
Operating Expenses.

What are the fiscal closing dates of the data included in the current database?
April 1, 2019, through March 31, 2020. We also provide a breakdown of the number of statements falling within two ranges of those parameters. For example, 16 (4/1-9/30/19) means that 16 statements with fiscal dates between April 1 and September 30, 2019, make up part of the sample. The number of statements with fiscal dates falling between October 1, 2019, and March 31, 2020, are shown in the same manner.

What do the bold figures—shown in brackets—to the left of the Sales Receivables, Cost of Sales Inventory, and Cost of Sales Payables ratios mean?
These figures represent the Days' Receivables, Days' Inventory, and Days' Payables figures, respectively. Full details are included with the Definition of Ratios that accompanies the Statement Studies database.

What do the three figures given for each ratio represent?
The upper, median, and lower quartiles. Full details appear in the Definition of Ratios, quartile explanation.

What does 'EBIT' mean?
Earnings before interest and taxes.

What does 'EBITDA' mean?

Earnings before interest and taxes, depreciation, and amortization.

What does the 'M' mean at the bottom of the database presentation?
M = $thousand (000); MM = $million (000,000).

What does the 'NM' mean for the ratio values?
This may occasionally appear as a quartile or median for the ratios sales/working capital, debt/worth, and fixed/worth. It stands for no meaning in cases where the dispersion is so small that any interpretation is meaningless.

What does the 'UND' mean for the ratio values?
This stands for undefined, the result of the denominator in a ratio calculation approaching zero.

What is Cost of Goods Sold?
Net Sales minus Gross Profit. Traditionally, only retail and manufacturing sectors have Cost of Goods Sold.

What is 'FRB' and 'IDP'?

FRB is an acronym for Financial Ratios Benchmarks - the most commonly used of the Annual Statement Studies data types.  IDP is an acronym for Industry Default Probabilities. 

What is included in the ratio % Officers, Directors, Owners Comp Sales? How many officers, etc., does it represent? Why is it arrayed from low to high?
Included here are total salaries, bonuses, commissions, and other monetary remuneration to all officers, directors, and/or owners of the firm during the year covered by the statement. It also includes drawings of partners and proprietors. RMA has no way of determining how many officers, etc., are included in the data reported to us for each individual company. RMA has chosen to array these values in a conservative manner, from the lowest to the highest value.

What is tangible net worth?
Net worth minus intangibles.  Definition of these line items, and others, can be found here.

What is the difference between a COS and Non-COS report found in eStatement Studies?

Some industries report a COS figure while others do not.  Those that do not (at the 6-digit NAICS level) RMA has flagged as non-COS industries for example a service industry like Hair Salons would not report COS.  Typically, this industry would not report COS for their service.  However, many salons also have retail so that clients can use the same styling products used in the salon, at home.  In the past, if RMA received a COS figure on a financial statement of an industry that was flagged as ‘non-COS’ we took the figure and included it in the Operating Expense line item.  Therefore, a COS industry report will include COS figure, while a Non-COS industry report will include those companies that do not report a COS figure.

These types of reports are commonly published for the industry reports at the 2, 3, 4, and 5 digit NAICS levels.

What does a 'P' represent at the end of a NAICS? Or, what is the difference between industries found in the construction-general and construction-percentage of completion section?
A firm can elect to report its financial statements using either of these accounting methods. The companies reported in each industry appear only in one of these sections, not in both. An industry report denoted with its 6-digit NAICS + P (for example 236115P) represents reporting using the Percentage of Completion method of accounting.

What is the meaning of the figure that sometimes appears to the left of the median and quartiles?
This figure indicates the sample size used to calculate that particular ratio when the sample size differs from that indicated at the top of the page.

Where does RMA get the data?
The data comes from the financial statements of small and medium-size businesses, provided by our member institutions.  Here is a list of the 2020 contributors.

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