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@"
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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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