S&P 500 Sectors & Industries Profit Margins
S&P 500 Sectors & Industries Profit Margins (quarterly)
Yardeni Research, Inc.
November 2, 2020
Dr. Edward Yardeni
516-972-7683 eyardeni@
Joe Abbott
732-497-5306 jabbott@
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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 Operating Profit Margins
7
S&P 500 Sectors Forecasted & Actual Profit Margins
8
Communication Services
5-6
Consumer Discretionary
7-8
Consumer Staples
9
Energy
10
Health Care
11
Industrials
12
Information Technology
13
Materials
14
November 2, 2020 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
S&P 500 Profit Margin
Figure 1.
14
14
S&P 500 PROFIT MARGIN
12 (percent, quarterly)
12
10
10
Q2
8
8
6
6
4
4
2
2
0
0
-2
-2
-4
Operating (8.9)
-4
-6
Reported (5.6)
-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
Source: Standard & Poor's Corporation (revenues and reported EPS) and I/B/E/S data by Refinitiv (operating EPS).
Figure 2.
13
13
S&P 500 PROFIT MARGIN
12 (percent, trailing four-quarter average)
12
11
11
Q2
10
10
9
9
8
8
7
7
6
6
5
5
4
4
3
Operating (10.6)
3
2
Reported (7.2)
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
Source: Standard & Poor's (revenues and reported EPS) and I/B/E/S data by Refinitiv (operating EPS).
Page 3 / November 2, 2020 / 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 (8.9)
Trailing four-quarter
10
average (10.6)
5
15
10 Q2
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
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
5
15 10 Q2 5
0
0
Quarterly (5.6)
-5
Trailing four-quarter
-5
average (7.2)
-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
Source: Standard & Poor's Corporation.
Page 4 / November 2, 2020 / 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
20
21
13
22
12
12
11
10/22
11
10
10
9
9
8
Consensus Forecasts
8
Annual
52-week forward* (11.1)
7
7
6
6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* 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.
13
S&P 500 PROFIT MARGIN MEASURES (percent)
12
11
10
13
12
10/22
11
Q2
10
9
9
S&P 500 Operating Profit Margins
8
Forward*
8
Actual (trailing 4Q average)
7
7
6
6
5
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
* Forward earnings divided by forward revenues. Source: I/B/E/S data by Refinitiv and Standard & Poor's.
Page 5 / November 2, 2020 / S&P 500 Sectors & Industries Profit Margins
Yardeni Research, Inc.
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