S&P 500/400/600 Weekly Fundamentals

Stock Market Briefing: S&P 500/400/600

Weekly Fundamentals

Yardeni Research, Inc.

February 22, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

S&P 500/400/600 Annual Earnings

3

S&P 500/400/600 Annual Revenues

4

S&P 500/400/600 Annual Margins

5

S&P 500 Annual & Quarterly Earnings

6

S&P 400 Annual & Quarterly Earnings

7

S&P 600 Annual & Quarterly Earnings

8

S&P 500/400/600 2021 Quarterly Earnings

9

S&P 500/400/600 2021 Quarterly Y/Y Earnings Growth 10

S&P 500/400/600 Indexes & Forward Earnings 11-12

S&P 500/400/600 P/Es

13

S&P 500/400/600 P/Sales

14

S&P 500 Revenues, Earnings, & Margins

15-16

S&P 400 Revenues, Earnings, & Margins

17

S&P 600 Revenues, Earnings, & Margins

18

S&P 500/400/600 Blue Angels

19

S&P 500 Forward Revenues & Earnings

20-21

S&P 500/400/600 Annual Earnings Squiggles

22

S&P 500/400/600 Sectors Forward Earnings

23

S&P 500 Earnings, Revenues, Margins

24

February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

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S&P 500/400/600 Annual Earnings

Figure 1.

250

S&P 500 OPERATING EARNINGS PER SHARE (consensus analysts' estimates in dollars, weekly, ratio scale)

200

Consensus Forecasts

Annual Earnings

150

Forward Earnings*

250 2/17

20 21 22

200

150

100

100

2021 2022 Frwd

Feb 10 208.12 224.69 227.31 Feb 17 208.30 225.13 228.16

50

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

205

S&P 400

175

145

Consensus Forecasts

115

Annual Earnings

Forward Earnings*

85

205

2/17

175

20 21

145

22

115

85

55

55

2021 2022 Frwd

Feb 10 165.44 179.00 180.87 Feb 17 166.11 180.65 182.83

25

25

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

110

S&P 600

90

110

2/17

90

70

Consensus Forecasts

Annual Earnings

50

Forward Earnings*

20 21 22

70

50

30

30

2021 2022 Frwd

Feb 10 82.48 93.45 94.75

Feb 17 82.56 93.00 94.65



10

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.

Page 3 / February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

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S&P 500/400/600 Annual Revenues

Figure 2.

1800

S&P 500 REVENUES PER SHARE 1650 (consensus analysts estimates in dollars, weekly, ratio scale)

1800

2/17 1650

1500

21 22 20

1500

1350

1350

1200

1200

Consensus Forecasts

Annual Revenues

1050

Forward Revenues*

1050

900

900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2250

S&P 400 REVENUES PER SHARE 2000 (consensus analysts estimates in dollars, weekly, ratio scale)

2250

2/17

2000

1750

21

1750

1500

20

22

1500

1250

1250

1000

1000

Consensus Forecasts

750

Annual Revenues

750

Forward Revenues*

500

1400 1250 1100 950

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

S&P 600

2/17

21

20

22

500

1400 1250 1100 950

800

800

650

650

Consensus Forecasts

500

Annual Revenues

500

Forward Revenues*



350

350

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of consensus revenue estimates for current and next year. Source: I/B/E/S data by Refinitiv.

Page 4 / February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

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S&P 500/400/600 Annual Margins

Figure 3.

14

S&P 500 PROFIT MARGIN 13 (using analysts average earnings and sales forecasts, percent)

20 21

14

2/17 13

22

12

12

11

11

10

10

9

Consensus Forecasts

9

8

Annual Margins Forward Margins* (13.3)

8

7

7

6

6

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

9

S&P 400

9

20

2/17

8

8

22 21

7

7

6

6

Consensus Forecasts

Annual Margins

5

Forward Margins* (8.6)

5

4

4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

8

8

S&P 600

7

2/17

7

20

6

6

21 22

5

5

4

4

Consensus Forecasts

3

Annual Margins

3

Forward Margins* (7.0)

2

2



1

1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv and Standard & Poor's.

Page 5 / February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

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S&P 500 Annual & Quarterly Earnings

Figure 4.

300

S&P 500 OPERATING EARNINGS PER SHARE 250 (analysts' consensus estimates, dollars, weekly, ratio scale)

300

250 23 2/17

200

Consensus Forecasts

21 22

200

Annual

Forward*

150

Lehman

150

Collapse

COVID-19

100

100

2022 2023 Frwd

Feb 10 224.69 247.37 227.31

Feb 17 225.13 247.61 228.16



50

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of consensus estimates for current year and next year. Note: Lehman collapsed 9/15/2008. COVID-19 = WHO declares global pandemic on 3/11/2020. Source: I/B/E/S data by Refinitiv.

Figure 5.

55

S&P 500 OPERATING EARNINGS PER SHARE: QUARTERLY CONSENSUS FORECASTS 2021 (analysts' consensus estimates, dollars, weekly)

55 Q34 Q2

50

50

Q1

45

45

2021 By Quarter as of 02/17/22

40

Q1

Q2

Q3

Q4

40

Feb 10 49.13 52.76 53.89 53.63 Feb 17 49.13 52.76 53.89 53.88



35

35

I

II

III

IV

I

II

III

IV

I

II

2020

2021

2022

Source: I/B/E/S data by Refinitiv.

Page 6 / February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

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S&P 400 Annual & Quarterly Earnings

Figure 6.

200

S&P 400 MIDCAP OPERATING EARNINGS PER SHARE* 175 (consensus analysts' estimates in dollars, weekly)

200 2/17

175

150

Consensus Forecasts

125

Annual

52-Week Forward*

100

150 20 21

22

125

100

75

75

50

50

2021 2022 Frwd

Feb 10 165.44 179.00 180.87 Feb 17 166.11 180.65 182.83



25

25

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of the current year's and next year's consensus earnings estimates. Source: I/B/E/S data by Refinitiv.

Figure 7.

50

50

S&P 400 MIDCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2021

(consensus analysts' estimates in dollars, weekly)

45

45

40

40

35 Q4 Q3 Q2

30 Q1

25

35

2021 By Quarter as of 02/17/22

Q1

Q2

Q3

Q4

30

Feb 10 36.02 42.40 44.20 43.02 Feb 17 36.02 42.40 44.20 43.51

25

20

20

I

II

III

IV

I

II

III

IV

I

II

2020

2021

2022

Source: I/B/E/S data by Refinitiv.

Page 7 / February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 600 Annual & Quarterly Earnings

Figure 8.

100

S&P 600 SMALLCAP OPERATING EARNINGS PER SHARE 85 (consensus analysts estimates in dollars, weekly)

100 2/17

85

70

Consensus Forecasts

Annual 55

52-Week Forward*

20

70

21

22

55

40

40

25

25

2021 2022 Frwd

Feb 10 82.48 93.45 94.75 Feb 17 82.56 93.00 94.65



10

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of consensus operating earnings estimates for current and next year. Source: I/B/E/S data by Refinitiv.

Figure 9.

24

24

S&P 600 SMALLCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2021

(consensus analysts' estimates in dollars, weekly)

22

22

20

20

18

Q4 16

Q3

14

Q2

18 2021 By Quarter as of 02/17/22

Q1

Q2

Q3

Q4

16

Feb 10 17.75 22.19 21.38 21.51 Feb 17 17.75 22.19 21.38 22.01

14

12

Q1

12

10

10

8

8

I

II

III

IV

I

II

III

IV

I

II

2020

2021

2022

Source: I/B/E/S data by Refinitiv.

Page 8 / February 22, 2022 / S&P 500/400/600 Weekly Fundamentals

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