S&P 500/400/600 Weekly Fundamentals

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

Weekly Fundamentals

Yardeni Research, Inc.

November 5, 2021

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

November 5, 2021 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Earnings

Figure 1.

230

S&P 500 OPERATING EARNINGS PER SHARE 200 (consensus analysts' estimates in dollars, weekly, ratio scale)

170

Consensus Forecasts

Annual Earnings

140

Forward Earnings*

230 10/21

20 21 22

200

170

140

110

110

80

80

2021 2022 Frwd

Oct 14 201.36 220.77 216.66 Oct 21 201.35 220.76 217.03

50

50

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

175

S&P 400

150

125

Consensus Forecasts

100

Annual Earnings

Forward Earnings*

10/21

175

150 20 21

22

125

100

75

75

50

50

2021 2022 Frwd

Oct 14 156.68 167.58 165.27 Oct 21 156.68 167.59 165.49

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

10/21

90

70

Consensus Forecasts

Annual Earnings

50

Forward Earnings*

20 21 22

70

50

30

30

2021 2022 Frwd

Oct 14 78.89 89.64 87.37

Oct 21 78.85 89.59 87.52



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 / November 5, 2021 / S&P 500/400/600 Weekly Fundamentals

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S&P 500/400/600 Annual Revenues

Figure 2.

1700

S&P 500 REVENUES PER SHARE 1600 (consensus analysts estimates in dollars, weekly, ratio scale)

10/21

1700 1600

1500

21 22 20

1500

1400

1400

1300

1300

1200

1200

1100

Consensus Forecasts

1100

Annual Revenues

Forward Revenues*

1000

1000

900

900

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

2000

S&P 400 REVENUES PER SHARE 1800 (consensus analysts estimates in dollars, weekly, ratio scale)

10/21 21

2000 1800

1600

20

22

1600

1400

1400

1200

1200

1000

1000

Consensus Forecasts

Annual Revenues

800

Forward Revenues*

800

600

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

21

20

22

10/21

600

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 / November 5, 2021 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Margins

Figure 3.

14

14

S&P 500 PROFIT MARGIN

13 (using analysts average earnings and sales forecasts, percent)

20 21

10/21

13

22

12

12

11

11

10

10

9

Consensus Forecasts

9

8

Annual Margins Forward Margins* (13.2)

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

10/21

8

8

22 21

7

7

6

6

Consensus Forecasts

Annual Margins

5

Forward Margins* (8.5)

5

4

4

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

7

S&P 600

6 5

7 10/21 20

6

21 22 5

4

4

3

Consensus Forecasts

3

Annual Margins

Forward Margins* (6.8)

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 / November 5, 2021 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500 Annual & Quarterly Earnings

Figure 4.

225

S&P 500 OPERATING EARNINGS PER SHARE 200 (analysts' consensus estimates, dollars, weekly, ratio scale)

225 10/21

21

200

22

175

175

Consensus Forecasts

150

Annual

150

Forward*

125

Lehman Collapse

125

COVID-19

100

100

75

75

2021 2022 Frwd

Oct 14 201.36 220.77 216.66

Oct 21 201.35 220.76 217.03



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

55

S&P 500 OPERATING EARNINGS PER SHARE:

QUARTERLY CONSENSUS FORECASTS 2021 (analysts' consensus estimates, dollars, weekly)

QQ23

Q4

50

50

Q1

45

45

2021 By Quarter as of 10/28/21

40

Q1

Q2

Q3

Q4

40

Oct 21 49.13 52.76 50.57 51.55 Oct 28 49.13 52.76 52.38 51.70



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 / November 5, 2021 / S&P 500/400/600 Weekly Fundamentals

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S&P 400 Annual & Quarterly Earnings

Figure 6.

185

S&P 400 MIDCAP OPERATING EARNINGS PER SHARE* 165 (consensus analysts' estimates in dollars, weekly)

145

Consensus Forecasts

125 Annual

185

10/21

165

20 21

145

22

125

105

52-Week Forward*

105

85

85

65

65

45

45

2021 2022 Frwd

Oct 14 156.68 167.58 165.27 Oct 21 156.68 167.59 165.49



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.

45

45

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

(consensus analysts' estimates in dollars, weekly)

40

40

35 Q4 Q3 Q2

30

Q1

25

35

2021 By Quarter as of 10/21/21

Q1

Q2

Q3

Q4

30

Oct 14 36.02 42.40 38.20 40.97 Oct 21 36.02 42.40 38.50 41.31

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 / November 5, 2021 / 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

10/21

85

70

Consensus Forecasts

Annual 55

52-Week Forward*

20

70

21

22

55

40

40

25

25

2021 2022 Frwd

Oct 14 78.89 89.64 87.37 Oct 21 78.85 89.59 87.52



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 10/21/21

Q1

Q2

Q3

Q4

16

Oct 14 17.75 22.19 18.70 21.24 Oct 21 17.75 22.19 18.76 21.29

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 / November 5, 2021 / S&P 500/400/600 Weekly Fundamentals

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