S&P 500 Sectors & Industries Profit Margins
S&P 500 Sectors & Industries Profit Margins (quarterly)
Yardeni Research, Inc.
September 21, 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 Operating Profit Margins
S&P 500 Profit Margin
3-6
S&P 500 Sectors Forecasted & Actual Profit Margins
7-8
Communication Services
5-6
Consumer Discretionary
7-8
Consumer Staples
9
Energy
10
Health Care
11
Industrials
12
Information Technology
13
Materials
14
September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Profit Margin
Figure 1.
16
14
S&P 500 PROFIT MARGIN (percent, quarterly)
12
16
14 Q2
12
10
10
8
8
6
6
4
4
2
2
0
0
-2
-2
S&P 500 Profit Margin
-4
Operating* (13.7)
-4
Reported** (12.6)
-6
-6
-8
-8
-10
-10
-12
-12
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
* S&P 500 operating earnings per share (I/B/E/S data) divided by S&P 500 revenues per share. ** S&P 500 reported earnings divided by S&P 500 revenues per share.
Source: Standard & Poor's Corporation and I/B/E/S data by Refinitiv.
Figure 2.
13
S&P 500 PROFIT MARGIN 12 (percent, trailing four-quarter average)
13 Q2
12
11
11
10
10
9
9
8
8
7
7
6
6
5
5
4
4
3
Operating (12.5)
3
2
Reported (10.9)
2
1
1
0
0
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Standard & Poor's (revenues and reported EPS) and I/B/E/S data by Refinitiv (operating EPS).
Page 3 / September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Profit Margin
Figure 3.
15
S&P 500 OPERATING PROFIT MARGIN (percent)
Quarterly (13.7)
Trailing four-quarter
10
average (12.5)
15 Q2
10
5
5
0
0
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Standard & Poor's Corporation (revenues) and I/B/E/S data by Refinitiv (operating EPS).
Figure 4.
15
S&P 500 REPORTED PROFIT MARGIN (percent)
10
15 Q2
10
5
5
0
0
Quarterly (12.6)
-5
Trailing four-quarter
-5
average (10.9)
-10
-10
-15
-15
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Standard & Poor's Corporation.
Page 4 / September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Profit Margin
Figure 5.
14
S&P 500 PROFIT MARGIN (percent, dividing forward earnings by forward revenues)
13
14
9/16
21
13
22
12
12
11
11
10
10
9
9
8
Consensus Forecasts
8
Annual
52-week forward* (13.2)
7
7
6
6
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 consensus estimates for current year and next year. Monthly through December 2005, then weekly. Source: I/B/E/S data by Refinitiv.
Figure 6.
14
S&P 500 PROFIT MARGIN MEASURES (percent)
13
12
14
9/16 13
Q2 12
11
11
10
10
9
9
S&P 500 Operating Profit Margins
Forward*
8
Actual (trailing 4Q average)
8
7
7
6
6
5
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* Forward earnings divided by forward revenues. Source: I/B/E/S data by Refinitiv and Standard & Poor's.
Page 5 / September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Profit Margin
Figure 7.
13
S&P 500 & PROFIT MARGIN
12
S&P 500 index (4480.7)
11
Operating trailing
4-quarter profit margin (12.5)
10
9
8
7
6
Q2 9/15
5250 4750 4250 3750 3250 2750 2250 1750 1250
5
750
4
250
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Standard & Poor's Corporation and I/B/E/S data by Refinitiv.
Figure 8.
14
S&P 500 & FORWARD PROFIT MARGIN S&P 500 index (4480.7)
13 Forward profit margin (13.2)
12
11
5500
9/16
5000
9/15
4500
4000
3500
10
3000
2500 9
2000 8
1500
7 1000
6
500
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 consensus estimates for current and next year. Monthly through December 2005, weekly thereafter. Source: Standard & Poor's Corporation and I/B/E/S data by Refinitiv.
Page 6 / September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Sectors Forecasted & Actual Profit Margins
Figure 9.
14
12 S&P 500
Operating Profit Margin* (trailing 4-quarter, %)
Q2
10
16
HEALTH CARE
S&P 500 Sectors Operating Profit Margins
14
Q2
12
8
10
Q2
6
8
4
S&P 500 (12.0)
2 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
20
COMMUNICATION SERVICES
15
Q2 10
5 (15.8)
0
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 14
12 CONSUMER DISCRETIONARY
Q2
10
8
Q2
6
4
(7.6)
2
0 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
14
CONSUMER STAPLES
12
Q2
10
8
Q2
6
(7.7)
4
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
15
10 ENERGY
Q2
(8.8)
6
4 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
14
INDUSTRIALS
Q2
12
10
8
Q2
6
(6.4)
4
2
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 25
INFORMATION TECHNOLOGY
Q2 20
15 Q2
10
(21.7)
5
0 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
14
MATERIALS
QQ22
12
10
8
6
4
(11.1)
2
0
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 30
REAL ESTATE
25
5
20
(18.0)
Q2
0
Q2
15
Q2
-5
10
-10
(-0.4)
5
-15 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
30
25 FINANCIALS
Q2
20
15
10
Q2
5
0
-5
Includes Real Estate
-10
through Q2-2016
(23.2)
-15 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
0 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
16
UTILITIES
Q2
14
Q2
12
10
8
(13.9)
6
4
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
* Operating margin in percent and based on trailing 4-quarter EPS and sales. Source: Standard & Poor's.
Page 7 / September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Sectors Forecasted & Actual Profit Margins
Figure 10.
14
S&P 500
12
9/15 Q2
HEALTH CARE
12 9/15 11
10
10
8
Operating Profit Margin*
6
Actual 4Q Trailing
Implied Forward
4
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
20
COMMUNICATION SERVICES
17
Q2 9/15
14
11
8
5
2
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
9
CONSUMER DISCRETIONARY
Q2 9/15
7
5
3
S&P 500 Sectors Forecasted & Actual Profit Margins
Q2
9
8
7
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
11
INDUSTRIALS
9/15 10
9
8
7
Q2
6
5
4
3 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
30
INFORMATION TECHNOLOGY
9/15 25
Q2 20
15
10
1 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
8.5
CONSUMER STAPLES
8.0
7.5
Q2 9/15
7.0
6.5
6.0
5.5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
20
15 ENERGY
10 9/15
5
0
Q2
-5
-10
-15
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
30
FINANCIALS
Q2
20
9/15
5
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
15
MATERIALS
9/15
Q2
12
9
6
3
0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
30
REAL ESTATE
25
20
Q2 9/15
15
10
5
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
16
UTILITIES
Q2 9/15
14
10
12
0
-10
Includes Real Estate through Q2-2016
-20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
10
8
6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
* Actual from S&P based on trailing 4-quarter EPS and sales. Forecast implied from I/B/E/S consensus forward EPS and sales, and pushed one year ahead. Source: Standard & Poor's Corporation (trailing 4-quarter margin) and I/B/E/S data by Refinitiv (forward margin).
Page 8 / September 21, 2021 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
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