S&P 500 Sectors & Industries Forward Profit Margins

S&P 500 Sectors & Industries Forward Profit Margins (weekly)

Yardeni Research, Inc.

January 1, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Mali Quintana

480-664-1333 aquintana@"

Please visit our sites at blog.

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Table Of Contents Table Of Contents

S&P 500 Forward Profit Margins S&P 500 Sectors Forward Profit Margins Communication Services & Utilities Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Utilities

3-4 5

6-7 8 9

10-11 12

13-14 15

16-17 18

January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



S&P 500 Sectors Forward Profit Margins

Figure 1.

18

16 S&P 500 Forward Profit Margin*

14

(percent)

12

12/16

10

8

S&P 500 (13.3)

6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

HEALTH CARE

14 12/23

12 12/23

10

Sector (11.3)

8

S&P 500 (13.2)

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

18

16 COMMUNICATION SERVICES

12/23

14

12/23

12

10

8

(16.7)

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

INDUSTRIALS

14 12/23

12

12/23

10

(10.2)

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

18

15 CONSUMER DISCRETIONARY

12

12/23

9

12/23

6

3

(8.0)

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

INFORMATION TECHNOLOGY

28

12/23

24

20

16

12/23

12

(24.9)

8

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

14

12 CONSUMER STAPLES

12/23

10

8

(7.6)

12/23

6

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

MATERIALS

12/23

14

12

10

8

(13.3)

6

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

20

15 ENERGY

10

5

12/23 12/23

0 (9.1)

-5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

20

REAL ESTATE

18

12/16

16

12/16

14

12

10

(16.3)

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

25

FINANCIALS

20

12/23

15 12/23

10 (18.6)

5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Forward earnings divided by forward revenues. Source: I/B/E/S data by Refinitiv.

UTILITIES

16

12/23 12/23

14

12

10

(14.6) 8 6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Page 3 / January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



S&P 500 Sectors Forward Profit Margins

Figure 2.

14

S&P 500 12 (forward profit margin, percent)

21 22

12/23

10

Annual

8

Forward* (13.2)

HEALTH CARE (11.3)

12.0

11.5

12/23

21 22

11.0

10.5

10.0

6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

18

COMMUNICATION SERVICES

16

21 22

12/23

14

(16.7)

12

10

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

11

CONSUMER DISCRETIONARY

9

7

21 22

12/23

5

3

(8.0)

9.5

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

12

INDUSTRIALS

21

(10.2)

22 12/23

10

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

30

INFORMATION TECHNOLOGY

12/23

25

21 22

20

(24.9)

15

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

21 22

12/23

7.0

6.5

6.0

(7.6)

5.5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

15

ENERGY

12

9

12/23

21

6

(9.1)

22

3

10

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

16

MATERIALS

12/23

14

21 22

12 10

8

(13.3)

6

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

21

REAL ESTATE

18

21

12/23

15

22

12

(16.3)

9

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

24

FINANCIALS

20

21 22

12/23

16

12

(18.6)

8

Includes Real Estate through September 2016

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

16

UTILITIES

22 12/23 14

21

12

(14.6)

10

8

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

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

Page 4 / January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



Communication Services & Utilities

Figure 3.

20

20

S&P 500 FORWARD PROFIT MARGINS: COMMUNICATION SERVICES

(projected forward profit margin, percent)

Communication Services Sector (16.7)

12/23

15

Alternative Carriers (8.8)

15

Integrated Telecommunication (15.5)

Wireless Telecommunication (4.9)

10

10

5

5



0

0

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

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

Figure 4.

35

S&P 500 FORWARD PROFIT MARGINS: COMMUNICATION SERVICES (projected forward profit margin, percent)

30 Communication Services Sector (16.7)

Advertising (10.1)

Broadcasting (12.4)

25

Cable & Satellite (12.4)

Interactive Home Entertainment (27.6)

Interactive Media & Services (23.5)

20

Movies & Entertainment (11.0)

Publishing (3.6)

15

35

30

25

20 12/16

15

10

10

5

5



0

0

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

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

Page 5 / January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



Consumer Discretionary

Figure 5.

15

15

S&P 500 FORWARD PROFIT MARGINS: CONSUMER DISCRETIONARY

(projected forward profit margin, percent)

10

10

12/23

5

5

0

0

Consumer Discretionary Sector (8.0)

Automobile Manufacturers (6.9)

-5

Auto Parts & Equipment (6.9)

-5



-10

-10

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

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

Figure 6.

25

25

S&P 500 FORWARD PROFIT MARGINS: CONSUMER DISCRETIONARY

(projected forward profit margin, percent)

20

20

15

15

10

10

12/23

5

5

0

0

-5

Consumer Discretionary Sector (8.0)

-5

Casinos & Gaming (3.6)

-10

Hotels, Resorts & Cruise Lines (9.7)

-10

Restaurants (17.8)

-15

-15



-20

-20

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

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

Page 6 / January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



Consumer Discretionary

Figure 7.

12

12

S&P 500 FORWARD PROFIT MARGINS: CONSUMER DISCRETIONARY

(projected forward profit margin, percent)

10

10

8

12/23

8

6

6

4

Consumer Discretionary Sector (8.0)

4

Apparel Retail (7.7)

Specialty Stores (10.4)

2

2



0

0

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

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

Figure 8.

15

15

14

S&P 500 FORWARD PROFIT MARGINS*: CONSUMER DISCRETIONARY (percent)

14

13

13

Consumer Discretionary Sector (8.0)

12

Computer & Electronics Retail (4.5)

12

Home Improvement Retail (10.3)

11

Homebuilding (14.2)

11

10

Household Appliances (6.8)

10

Internet & Direct Marketing Retail (4.8)

9

9

8

12/23

8

7

7

6

6

5

5

4

4

3

3

2

2

Margins capped at 2% due to extreme values. 1

1

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.

Page 7 / January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



Consumer Staples

Figure 9.

18

18

S&P 500 FORWARD PROFIT MARGINS: CONSUMER STAPLES

(projected forward profit margin, percent)

16

16

14

14

12

Consumer Staples Sector (7.6)

12

Household Products (16.3)

Packaged Foods & Meats (9.9)

10

10

Personal Products (9.4)

8

8

12/23

6

6



4

4

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

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

Figure 10.

40

40

S&P 500 FORWARD PROFIT MARGINS: CONSUMER STAPLES

(projected forward profit margin, percent)

35

Consumer Staples Sector (7.6)

35

Brewers (8.2)

Drug Retail (3.3)

30

Soft Drinks (16.3)

30

Tobacco (34.8)

25

25

20

20

15

15

10

10

12/23

5

5



0

0

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

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

Page 8 / January 1, 2022 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



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