S&P 500 Sectors & Industries Forward Profit Margins

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

Yardeni Research, Inc.

November 29, 2023

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 Profit Margin 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

November 29, 2023 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



S&P 500 Profit Margin

Figure 1.

18

16 S&P 500 Forward Profit Margin*

14

(percent)

12

11/23

10

8

S&P 500 (12.7)

6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

HEALTH CARE

14 11/23

12

(9.1)

10 11/23

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

18

16 COMMUNICATION SERVICES

11/23

14

12

11/23

10

8

(16.5)

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

INDUSTRIALS

14 11/23

12 11/23

10

(10.7)

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

18

15 CONSUMER DISCRETIONARY

12

11/23

9

11/23

6

3

(8.3)

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

INFORMATION TECHNOLOGY

30 11/23 25

(25.6)

20

15 11/23

10

5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

16

14 CONSUMER STAPLES

12

11/23

10

8

(6.8)

6

11/23

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

16

MATERIALS

14

12 11/23 10

8

(10.8)

6

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

20

15 ENERGY

10

1111//2233

5

0 (11.3)

-5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

20

REAL ESTATE

18 11/23 16

14 11/23 12

10

(16.5)

8

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

25

FINANCIALS

20

11/23

15 11/23

10 (18.3)

5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

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

UTILITIES

16

1111//2233

14 12

10

(13.3)

8

6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Page 3 / November 29, 2023 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



S&P 500 Sectors Forward Profit Margins

Figure 2.

16

S&P 500 14 (forward profit margin, percent)

12

23 24

11/23

HEALTH CARE (9.1)

23 24

10

Annual

8

Forward* (12.7)

12 11 10 11/23 9

6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

20

COMMUNICATION SERVICES

23

24 11/23

15

(16.5)

8

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

INDUSTRIALS

12 23 24

11/23

(10.7)

10

10

8

5

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

11

CONSUMER DISCRETIONARY

9

23 24 11/23

7

5

3

(8.3)

1

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

8.5

CONSUMER STAPLES

8.0

23

7.5

24

7.0

11/23

6.5

6.0

(6.8)

5.5 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

15

ENERGY

12

24 11/23

9 23

6 (11.3)

3

0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

24

FINANCIALS

20

23 24

11/23

16

12

(18.3)

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 25

6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

30

INFORMATION TECHNOLOGY

23 24 11/23 25

20

(25.6)

15

10 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

16

MATERIALS

14 23 24

12

11/23 10

8

(10.8)

6

4 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

24

REAL ESTATE

21

24 23

18 11/23

15

12

(16.5)

9

6

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

16

UTILITIES

23 24

14

11/23

12

(13.3)

10

8

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Time-weighted average (in blue) of consensus profit margin estimates for current and next year (in red). Source: I/B/E/S data by Refinitiv.

Page 4 / November 29, 2023 / 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 (16.5)

11/23

15

Integrated Telecommunication (14.5)

15

Wireless Telecommunication (14.3)

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 2025

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 (16.5)

Advertising (10.7)

Broadcasting (13.2)

25

Cable & Satellite (13.2)

Interactive Home Entertainment (20.5)

Interactive Media & Services (23.7)

20

Movies & Entertainment (8.4)

Publishing (2.8)

15

35

30

25

20 11/23

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 2025

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

Page 5 / November 29, 2023 / S&P 500 Sectors & Industries Forward Profit Margins

Yardeni Research, Inc.



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