What industries typically have the highest EBITDA margins?

Some capital-intensive industries like oil and gas, mining, semiconductors, and telecom tend to have higher EBITDA margins given their high barriers to entry. Utilities also benefit from geographical monopolies leading to stable margins.

Tobacco and alcohol companies enjoy high margins due to strict regulations and inelastic demand. Banks have high EBITDA margins as their non-interest expenses remain low compared to interest income.

Professional services firms such as law, consulting, financial services, and private healthcare target high-net-worth clients and premium pricing resulting in fat margins. Software and internet companies are highly scalable with increasing margins as their user base expands.

Branded drug firms leverage their patent protections to maintain very high pricing and margins. Industries like railroads and medical devices also exhibit high margins due to their patented products and market dominance.

Overall, companies with strong brands, high barriers to entry, inelastic demand, premium pricing power and high operating leverage tend to have the highest EBITDA margins.