S&P 500 Sectors & Industries Forward P/Es
S&P 500 Sectors & Industries Forward P/Es
(monthly, weekly since 1997)
Yardeni Research, Inc.
March 22, 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 Sector Forward P/Es
1-2
Communication Services Forward P/Es
3
Consumer Discretionary Forward P/Es
4-5
Consumer Staples Forward P/Es
6
Energy Forward P/Es
7
Financials Forward P/Es
8
Health Care Forward P/Es
9
Industrials Forward P/Es
10
Information Technology Forward P/Es
11
Materials Forward P/Es
12
Utilities Forward P/Es
13
March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
S&P 500 Sector Forward P/Es
Figure 1.
35
S&P 500 FORWARD P/E RATIOS*
30
S&P 500 Index (18.9)
Consumer Staples (20.5)
25
Financials (14.2) Health Care (16.0)
20
15
35
30
25
20 3/17
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Figure 2.
55
55
S&P 500 FORWARD P/E RATIOS*
50
50
45
45
40
S&P 500 Index (18.9)
40
Consumer Discretionary (25.9)
35
Information Technology (23.0)
35
30
30
25
25
20
3/17
20
15
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Page 1 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
S&P 500 Sector Forward P/Es
Figure 3.
565
565
S&P 500 FORWARD P/E RATIOS*
525
525
485
485
445
445
405
405
S&P 500 Index (18.9)
365
Energy (11.1)
365
Industrials (19.4)
325
Materials (15.1)
325
285
285
245
245
205
205
165
165
125
125
85
85
45
45
3/17
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Figure 4.
30
30
S&P 500 FORWARD P/E RATIOS*
25
25
S&P 500 Index (18.9)
Communication Services (17.4)
Utilities (20.3)
20
20
3/17
15
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Page 2 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
Communication Services Forward P/Es
Figure 5.
35
35
S&P 500 FORWARD P/E RATIOS:* COMMUNICATION SERVICES
Sector was primarily comprised of telecom companies until September 2018, then included media & entertainment companies thereafter.
30
30
25
25
20
20
3/17
15
15
10
Communication Services Sector (17.4) Alternative Carriers (8.1)
10
Integrated Telecommunication Services (8.5)
Wireless Telecommunication Services (30.0)
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 30 for all industries. Gaps in the Wireless industry are due to negative earnings or no constituents in the industry. Source: I/B/E/S data by Refinitiv.
Figure 6.
45
45
S&P 500 FORWARD P/E RATIOS:* COMMUNICATION SERVICES
Sector was primarily comprised of telecom companies until September 2018, then included media & entertainment companies thereafter.
40
40
35
35
30
30
25
25
20
20
3/17
15
15
10
10
Communication Services Sector (17.4)
Interactive Home Entertainment (19.7)
5
Advertising (12.8)
Interactive Media & Services (20.4)
5
Broadcasting (11.3)
Movies & Entertainment (29.4)
Cable & Satellite (13.6)
Publishing (21.4)
0
0
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
* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 40 for all industries. Source: I/B/E/S data by Refinitiv.
Page 3 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
Consumer Discretionary Forward P/Es
Figure 7.
45
45
S&P 500 FORWARD P/E RATIOS* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (25.9)
Automobile Manufacturers (29.6)
40
40
Advertising (12.2)
Publishing (31.9)
Auto Parts & Equipment (16.7)
35
35
30
30
3/17
25
25
20
20
15
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 7 and 35 for all industries. Source: I/B/E/S data by Refinitiv.
Figure 8.
45
S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
Consumer Discretionary Sector (25.9) 40
Casinos & Gaming (40.0)
35
45
Hotels, Resorts & Cruise Lines (33.0) 40
Movies & Entertainment (15.2) Restaurants (24.4)
35
30
30
3/17
25
25
20
20
15
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 40 for all industries. Source: I/B/E/S data by Refinitiv.
Page 4 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
Consumer Discretionary Forward P/Es
Figure 9.
55
55
S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
50
Consumer Discretionary Sector (25.9)
50
Apparel, Accessories, & Luxury Goods (12.4)
45
45
Apparel Retail (18.7)
40
Footwear (27.9)
40
Leisure Products (16.8)
35
35
30
30
25
3/17
25
20
20
15
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Figure 10.
50
50
S&P 500 FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
45
Consumer Discretionary Sector (25.9)
Homebuilding (5.6)
45
Computer & Electronics Retailers (10.7)
Household Appliances (7.2)
40
Home Improvement
40
Retailers (19.1)
35
35
30
30
25
3/17
25
20
20
15
15
10
10
5
5
0
0
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
* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 5 and 40 for all industries. Source: I/B/E/S data by Refinitiv.
Page 5 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
Consumer Staples Forward P/Es
Figure 11.
50
50
S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES
45
45
Consumer Staples Sector (20.5)
40
Household Products (23.5)
40
Packaged Foods (17.2)
Personal Products (32.4)
35
35
30
30
25
25
20
3/17
20
15
15
10
10
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Figure 12.
45
45
S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES
40
40
Consumer Staples Sector (20.5)
Brewers (12.9)
35
35
Drug Retail (9.3)
Soft Drinks (23.7)
30
30
Tobacco (12.7)
25
25
20
3/17
20
15
15
10
10
5
5
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
* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
Page 6 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es
Yardeni Research, Inc.
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