Curriculum Vitae

Working Papers

Data Library




U.S. Research Returns


U.S. Research Breakpoints


U.S. Book Equity Data


International Research Returns

Consulting Relationship

Fama / French Forum

Contact Information


Detail for Operating Profitability Breakpoints

Annual Breakpoints:








We compute Operating Profitability breakpoints at the end of each June. OP for June of year t is annual revenues minus cost of goods sold, interest expense, and selling, general, and administrative expenses divided by book equity for the last fiscal year end in t-1.






The breakpoints for year t use all NYSE stocks for which we have (positive) book equity data for t-1, non-missing revenues data for t-1, and non-missing data for at least one of the following: cost of goods sold, selling, general and administrative expenses, or interest expense for t-1.






The file contains every fifth percentile of OP, from 5% to 100%.





Copyright Kenneth R. French